Yesterday, Polygon ID was announced, allowing users to vote on DAO proposals with their identity.
Polygon ID is live
Today, we’re announcing the launch of the first Polygon ID integration: @0xPolygonID x @0xPolygonDAO!
Polygon ID is a self-sovereign identity solution powered by ZK cryptography that brings huge potential for DAO governance.
Read on!
[1/10] pic.twitter.com/XDdBpBiHxn
— Polygon – MATIC
(@0xPolygon) June 22, 2022
Polygon ID comes to life thanks to ZKP
The benefits of the new Polygon ID
This is the first integration of Polygon’s zero-knowledge proof (ZKP) identification service, activated with Polygon DAO.
The integration of Polygon ID in Polygon DAO will serve to introduce “equitable voting” in DAOs.
In fact, thanks to Polygon ID, it is possible to replace the token-based governance of DAOs with one based on identity and reputation.
Currently, governance tokens are used to vote in a DAO, but these are by no means evenly or fairly distributed. Those with the most tokens have the most voting power.
With Polygon ID, voting can no longer be done on the basis of tokens held, but on the basis of identity and reputation, ensuring that the same individual cannot vote twice.
In addition, it allows for “Proof of Personhood” (PoP), without compromising user privacy.
The benefits of Polygon ID: DAOs become fairer
Until now, it was not really possible to allow voting within the DAO based on specific attributes or the user’s reputation without directly linking it to a public wallet.
On the other hand, the dependence of voting on the possession of tokens has led to whales having an inordinate influence within DAOs, in fact also increasing centralization.
With Polygon ID, DAOs will instead be able to use a system based on “one person one vote” equivalence. It also avoids hostile takeovers of governance by whales.
All this takes place without the sharing or exchange of personal data, with users retaining complete control of their digital identity without having to disclose any personal information.
The main properties of the new Polygon implementation
Polygon ID is based on the Iden3 protocol and the Circom ZK toolkit, enabling the expression of identity attributes as attestations that can be used to generate a zkSNARK proof that enables private interaction with smart contracts, dApps and Web3 services.
In this way, DAOs can issue ecosystem-wide attestations about their members in a completely private manner, relying solely on the ZK proof and the trusted source (the issuer).
Polygon ID can already be used, for instance, to vote for Grail’s roadmap on their app, or to submit one’s project to the DAO competition “Vote for the Bounty” (votes will be cast using Polygon ID).
Try out #PolygonID today!
Use the ID App to vote on the @grailxyz roadmap (web only): https://t.co/UFeXlro5Ik
Submit your project to the DAO Vote for the Bounty contest (votes cast using Polygon ID): https://t.co/kqhXhAj2mc
Android (Live), iOS (Coming soon, days)
[9/10]
— Polygon – MATIC
(@0xPolygon) June 22, 2022
The post Polygon ID for voting in DAOs launched appeared first on cryptodailynews24.com.