Polygon shares 23% in 11 days following zero-knowledge security

Polygon MATIC has gone up 23% over the last 24 hours, spiking as high as $0.51 to mark an 11 day high.

MATIC is the top 100 s biggest gainer, followed by Cosmos and the Sandbox, which are up 14% and 13% over the same period.

A new identity solution, incorporating zero-knowledge technology, claims to revolutionize the internet's trust model, is one of the drivers behind MATIC's surge. The current model of identity verification relies on users giving data directly to entities. Polygon ID enables users to verify their identity without divulging personal information via zero-knowledge proof technology, thanks to zkSNARK-proof technology.

The zkSNARK-proof, or Zero-Knowledge Non-Interactive Argument of Knowledge, refers to a situation where the user demonstrates, using mathematical proof, that they are who they say they are without handing over identity documents. The entity is satisfied with the user's identity via zk proof without needing to see actual documents.

Polygon ID represents a step forward in the vision of Polygon for a Web 3 governance structure. Polygon said this technology puts users fully in control of their own data, in line with the primary tenet of Web 3. On Wednesday, luxury car maker Bentley Motors announced that there would be a NFT drop on the Carbon neutral Polygon network. The collection consists of 208 NFTs with artwork from Bentley Design, offering the holder unique access and exclusive rewards. The automaker said this marks the first step into the Web 3 space, and other ventures, including NFCs non-fungible chips online gaming, Metaverse applications, andBlockchain technology, will follow.

The collaboration with Polygon CEO Ryan Wyatt said Polygon is well placed to help Bentley achieve its carbon-neutral goals while helping the brand achieve its Web 3 future.