- Polygon (MATIC) has witnessed a massive surge as the development team launches a new product in its ecosystem.
- Polygon ID went live recently that verifies the user identity while allowing them to stay anonymous.
- Polygon (MATIC) is currently exchanging hands at $0.5935 and is up by approximately 17% in the last twenty-four hours.
MATIC, Polygon’s native token, witnessed a surge of 25% within twenty-four hours as its development team rolled out a product for enabling more private voting in decentralized autonomous organizations (DAOs).
If we talk about Thursday, MATIC traded at over 50 cents in European hours and was up from 40 cents early Wednesday. The token can even hit the 58-cent mark if the buying demands remain prevalent.
On Wednesday, a system that verifies the identity of the user while allowing the user to stay anonymous, Polygon ID, went live on Polygon Decentralised Autonomous Organisation (DAO).
The system is different from the current systems, where the data of the user is stored on centralized servers and shared with a company. Rather, the Polygon ID uses zero-knowledge (Zk) proofs to make this possible.
Zero-knowledge (Zk) proofs are basically an advanced cryptographic method enabling one party to prove to another that a statement is true, whereas the prover avoids the conveyance of further information. The Polygon team explained the new product via a lengthy Twitter thread.
What happens with a DAO is that the community members vote on protocol decisions utilizing signatures and tokens from their wallets. And because such data exists on the blockchain technology, other users can keep a check on the previous activity of the transactions from voter wallets, hence decreasing privacy.
According to a Tweet by Polygon, old blockchain-based voting systems link voting behavior with public identifiers such as wallets. And that Polygon ID lets the DAOs allow only those with valid attestations to take part in the voting.
As of writing, Polygon (MATIC) is exchanging hands at $0.5935 with a market cap of $4,748,758,871 and is up by approximately 17% in the last twenty-four hours.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.