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HomeCrypto NewsMarketDecentralized Web3 Passport Network Initiative Coming to Polygon (Matic)

Decentralized Web3 Passport Network Initiative Coming to Polygon (Matic)

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In a recent partnership, Polygon (Matic) is looking to welcome a Web3 Passport initiative to its doorsteps.



Blockchain technology has revolutionized the way the world views certain aspects of production. The introduction of DeFi, Web3, and dApps has brought several benefits to factors of production, especially in the areas of speed and transparency. 

Despite the already-established initiatives, subsequent blockchain innovative ideas keep surfacing. Layer-2 Ethereum scaling solution, Polygon will be introducing a passport initiative to its ecosystem as an attempt to assist dApps in identity solutions.

Decentralized passport network Quadrata will be facilitating Polygon’s passport integration initiative. The California-based firm revealed the move on Thursday through an official announcement.

Per information from the announcement, Quadrata will facilitate the integration of its passport technology into the Polygon network’s blockchain. Consequently, dApps building on the Polygon network will have access to Quadrata’s decentralized passport solution. This access will allow dApps on Polygon to utilize Quadrata’s technology for identity and compliance purposes.

The anonymity that blockchain brings has been its major selling point and its major shortcoming when critics seek to swipe at it. Bad players have leveraged this feature to engage in unscrupulous activities as easily covering their tracks becomes seamless.

Consequently, the need to enforce identity verification and compliance measures on dApps and DeFi has never been more pressing. Polygon’s idea of a decentralized passport initiative will assist in such identity verification measures.

“The passport identity network is a key infrastructure that is needed and will enable dApps on Polygon to innovate and broaden their product offerings,” Hamzah Khan, Polygon’s Head of DeFi & Labs, said on the development.

Since its inception, Polygon has been relentless in its efforts to introduce innovative blockchain applications. Sometime this month, The Crypto Basic reported Polygon’s partnership with Starbucks. The partnership would enable the American coffeehouse firm to launch its “Starbucks Odyssey” Web3 program on Polygon.

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Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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