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MATIC Jumps as Polygon Introduces Improved Privacy for DAOs
Identity proofs allow users to vote on governance proposals without compromising their privacy.
Updated May 11, 2023, 6:42 p.m. Published Jun 23, 2022, 11:56 a.m.
Polygon’s native MATIC tokens surged 25% in 24 hours as its development team launched a product for allowing more private voting in decentralized autonomous organizations (DAOs).
MATIC traded at more than 50 cents in European hours Thursday, up from 40 cents early Wednesday, hitting resistance at those levels. The tokens could surge to the 58-cent level if buying demand persists.
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Polygon ID, a system that verifies a user's identity while allowing the user to maintain anonymity, went live on Polygon DAO on Wednesday night.
The system differs from current systems, whereby user data is stored on centralized servers and shared with a company. Instead, Polygon ID uses zero-knowledge (ZK) proofs to make this possible. ZK proofs are an advanced cryptographic method allowing one party to prove to another that a statement is true while the prover avoids conveying additional information.
DAOs + Polygon ID 📜
— Polygon (Labs) (@0xPolygonLabs) June 22, 2022
🧾 Old blockchain based voting systems link voting behavior to public identifiers like wallets.#PolygonID lets DAOs allow only those that have received valid attestations to participate in voting. Once verified, activity is completely private.
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In a DAO, community members vote on protocol decisions using tokens and signatures from their personal wallets. Because such data exists on a blockchain, other users can trace previous transnational activity from voter wallets – thus reducing privacy.
“Old blockchain-based voting systems link voting behavior to public identifiers like wallets,” explained Polygon in a tweet. “Polygon ID lets DAOs allow only those that have received valid attestations to participate in voting.”
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