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<ul><li><keyword id="2462624" type="General" weightage="100" keywordseo="polygon" source="Orion">Polygon</keyword> launches a new solution for web 3.0 that could help users pass identity verification without revealing personal information </li><li>Polygon ID is a digital privacy-focussed identity platform in development, based on zero-knowledge proof. </li><li>It is expected to simplify authentication on upcoming blockchain-based Web3 platforms. The complete<a href="https://polygon.technology/polygon-id/"> </a>platform is expected to be ready in the third quarter of 2022.</li></ul>It is expected to simplify authentication on upcoming blockchain-based Web3 platforms. The complete<a href="https://polygon.technology/polygon-id/"> </a>platform is expected to be ready in the third quarter of 2022. The Polygon network, a decentralized app (Dapp) layer for Ethereum, has announced that its “zero-knowledge” (ZK) digital identity platform<a href="https://blog.polygon.technology/introducing-polygon-id-zero-knowledge-own-your-identity-for-web3/"> called Polygon ID</a> will be ready before this year ends. Polygon is working on the new ZK-proof identity solution, which will help users guard their privacy on blockchain-based Web3 platforms. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> Polygon ID is expected to be used by organisations and businesses, for identity and trust management purposes, such as <keyword id="167905" type="General" weightage="50" keywordseo="kyc" source="Orion">KYC</keyword> (Know Your Customer) and digital wallet. At its essence, users can authenticate themselves to blockchain-based applications, without providing passwords or data to every such application individually. <div type="twitter" handle="MihailoBjelic" handlename="Mihailo Bjelic" image="http://pbs.twimg.com/profile_images/981717975077146624/Eo7SZLC6_normal.jpg" favoritecount="639" retweetcount="126" status="This is a big one: We are announcing Polygon ID, the first ZK-based self-sovereign identity.Polygon aims to becom… https://t.co/y9YVhLCPtp" createdat="1648578779000" id="1508874878744674309"></div> What could a Polygon ID based Web3 look like? The term “zero-knowledge proof” refers to the cryptographic proof on a blockchain, that allows for verifying a person’s identity, without needing any documents or details. Such a facility could save time for users and satisfy government-mandated KYC verification norms. Conceptually, this could be the blockchain-enabled<a href="https://en.wikipedia.org/wiki/OpenID"> OpenID equivalent</a> to the upcoming <a href="https://www.businessinsider.in/investment/news/facebook-microsoft-and-others-look-towards-the-1-trillion-dollar-metaverse-opportunity-but-that-contradicts-the-base-philosophy-behind-web-3-0/articleshow/87959802.cms">Web3</a>. <keyword id="2223395" type="General" weightage="50" keywordseo="openid" source="Orion">OpenID</keyword> on today’s Web2 functions as a way to login to a new website/service without specifically signing up for it, by using an existing Microsoft/Google account. Today’s OpenID shares some data about the user, such as name, email, age-range, etc. The upcoming Polygon ID however, claims to offer more privacy, when authenticating a user on a third-party service. According to<a href="https://blog.polygon.technology/introducing-polygon-id-zero-knowledge-own-your-identity-for-web3/"> their blog</a>, Polygon ID could be one way to verify user claims when logging into Web3 services; such as identity, date of birth, <keyword id="786882" type="General" weightage="50" keywordseo="dao" source="Orion">DAO</keyword> membership, available services, and more. Today you need to individually create a login and upload KYC documents to each crypto service – an exchange, a game, an <a href="https://www.businessinsider.in/investment/news/the-most-valuable-nft-projects-of-2021/slidelist/88592907.cms">NFT marketplace</a>, a DeFi facility, an auctioner or meeting service in a <a href="https://www.businessinsider.in/investment/news/the-metaverse-may-change-the-way-you-earn-money-shop-or-even-chill-with-friends-in-the-future/slidelist/86677906.cms">metaverse</a>, and so on. Polygon ID broadly asks you to imagine a single login service that lets you login to your <a href="https://www.businessinsider.in/investment/news/choosing-the-best-cryptocurrency-exchange-your-options-and-how-to-pick-between-them/articleshow/87539690.cms">crypto exchange</a>, verify your age on <a href="https://www.businessinsider.in/investment/news/facebook-microsoft-and-others-look-towards-the-1-trillion-dollar-metaverse-opportunity-but-that-contradicts-the-base-philosophy-behind-web-3-0/articleshow/87959802.cms">Web3</a> social media, prove ownership of an <keyword id="4668945" type="General" weightage="50" keywordseo="nft" source="Orion">NFT</keyword>, establish credit-worthiness for DeFi borrowing, and easily enter a corporate all-hands meeting. <div type="image" title="Representative image" msid="90544319" hostid="261" caption="&amp;lt;p&amp;gt;Representative image&amp;lt;/p&amp;gt;"></div> Polygon ID claims some crypto-age benefits <ul><li>Private by default, meaning users choose when and what data is shared.</li><li>Zero-knowledge protocols based on<a href="https://docs.iden3.io/"> Iden3</a>, for additional user privacy.</li><li>On-chain verification, enabling scalability as usage grows to more decentralised apps and decentralised finance.</li><li>Blockchain-based ID, enabling decentralised and “self-sovereign” principles, that put users in control of their personal data.</li><li>Advanced privacy and app-access with appropriate anonymity.</li><li>User interaction with services, without depending on an intermediary.</li><li>User validation and attestation services, for DAO/DeFi/Web3 purposes. </li></ul>According to the company’s stated timeline on their blog, today’s announcement is about the proof-of-concept (PoC) being ready. The complete<a href="https://polygon.technology/polygon-id/"> Polygon ID</a> platform is scheduled to be ready in the third quarter of 2022. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/axie-infinitys-ronin-bridge-halted-after-a-massive-600-million-hack/articleshow/90539665.cms">Axie Infinity’s Ronin bridge halted after a massive $600 million hack</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/ex-paytm-employees-join-crypto-focused-transak-as-it-doubles-down-on-its-india-expansion-plans/articleshow/90542349.cms">Ex-Paytm employees join crypto-focused Transak as it doubles down on its India expansion plans</a>

Polygon launches web3 user IDs that keep personal details anonymous

<ul><li><keyword id="10936775" type="General" weightage="80" keywordseo="transak" source="Orion">Transak</keyword> has hired two ex-Paytm employees to help with the company’s mission to boost crypto adoption in <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>.</li><li>Rajat Mehrotra and Sharad Agarwal, both of whom worked with <keyword id="6357120" type="General" weightage="20" keywordseo="Paytm" source="Orion">Paytm</keyword> Money, will be heading the engineering and product design teams at Transak respectively.</li><li>Transak currently has 50 employees based out of India and plans to triple that number this year by hiring across all verticals.</li></ul>Transak, a company that’s making it easier for customers of decentralised applications (dApps) to turn their conventional currency into crypto tokens, is doubling down on its expansion in India. The global team has added two ex-Paytm employees — Rajat Mehrotra, who used to be the AVP of Engineering at Paytm Money, and Sharad Agarwal, who used to be AVP of Product within the same vertical — to their payroll in an endeavour to make India one of its key markets. <div type="ExtQuote" text="The Indian market has incredible opportunities. Sharad and Rajat will go a long way in fast-tracking the future of web3 developments in India by way of mass adoption." auname="Yeshu Agarwal, co-founder of Transak."></div> Mehrotra, an IIT Kanpur alumnus, has nearly two decades of experience building tech products for fintech and e-commerce companies. At Transak, he'll be at the helm of the company’s engineering team to build out the company’s product even further. Agarwal, who is also an IIT Kanpur alumnus, will be heading the product, design and data team to boost customer adoption across the globe. In his 14 years of experience, Agarwal’s built game-changing products for not just Paytm, but also Flipkart, Intuit and <keyword id="136478" type="General" weightage="50" keywordseo="synopsys" source="Orion">Synopsys</keyword>. <cmsannotation type="cmsannotation" annotationid="The ‘Razorpay of crypto’ is looking to build an India team" comment="subhead" text="The ‘Razorpay of crypto’ is looking to build an India team">The ‘<keyword id="2777173" type="General" weightage="50" keywordseo="razorpay" source="Orion">Razorpay</keyword> of crypto’ is looking to build an India team</cmsannotation> Transak, also referred to as the ‘<a href="https://inc42.com/features/30-startups-to-watch-the-startups-that-caught-our-eye-in-march-2021/">Razorpay of Cryptocurrency</a>’ with operations expanding across more than 100 countries, is looking at India as the next driver of crypto mass adoption. “We see the Indian market becoming one of our top three markets in the world,” Sami Start, Transak’s second co-founder, told <a href="https://www.youtube.com/watch?v=o_nLHImLLb0">CNBC</a> in an interview. The company already has around 50 employees based out of India and is planning to triple that number before the year comes to an end. Unlike other tech companies that hire in India, Transak’s focus on India is not because it’s a place to source cheap talent. “We see India as a place to get the best talent, full stop,” said Start. <cmsannotation type="cmsannotation" annotationid="Driving mass adoption of crypto in India" comment="subhead" text="Driving mass adoption of crypto in India">Driving mass adoption of crypto in India</cmsannotation> Last month, Transak introduced unified payments interface (UPI) integration to make the onboarding process of customers as simple as possible for web3 developers trying to acquire new users — basically a way for people to buy cryptocurrency from within a dApp. The company already has Polygon, a major player within India’s decentralised finance (DeFi) ecosystem, on board as a partner. DApps hosted on Polygon expand from business solutions to non-fungible token (NFT) projects to cryptocurrency-powered blockchain games, like Hike’s Rush Gaming Universe. <div type="Article" hostid="261" msid="89109609" title="EXCLUSIVE: Kavin Bharti Mittal dives into what Hike’s version of the metaverse is going to look like" mstype="2" mssubtype="0"></div> According to a <a href="https://www.medianama.com/wp-content/uploads/2021/02/KCO-CREBACO-India-Crypto-Representation.pdf">report</a> by law firm Khaitan and intelligence company CREBACO, India’s crypto asset market is worth over $15 billion. As of 2021, India’s crypto community consisted of over 6 million users, which is less than one percent of India’s eligible population. Transak aims to serve as the bridge to bring more Indians to crypto by simplifying the process of buying crypto tokens with a single point of contact to convert rupees into crypto tokens. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/axie-infinitys-ronin-bridge-halted-after-a-massive-600-million-hack/articleshow/90539665.cms">Axie Infinity’s Ronin bridge halted after a massive $600 million hack</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/microstrategys-subsidiary-takes-on-a-205-million-loan-to-buy-more-bitcoin/articleshow/90538962.cms">MicroStrategy’s subsidiary takes on a $205 million loan to buy more Bitcoin</a>

Ex-Paytm employees join crypto-focused Transak as it doubles down on its India expansion plans

<ul class="summary-list"><li>A cryptocurrency trader lost nearly $70 million in an "address-poisoning" scam.</li><li>Scammers made spoof accounts to trick the victim into sending funds to the fake address.</li></ul>A cryptocurrency trader reportedly lost tens of millions of dollars in a so-called "address-poisoning" scam.Address-poisoning scams are carried out by thieves who make spoof accounts of their victim's online crypto address, which they use to send a small amount of currency to the victim in hopes they will accidentally send money to the fake address later, according to <a target="_blank" href="https://transak.com/blog/what-are-address-poisoning-attacks">Transak</a>, a crypto-trading platform.Because blockchains are public, it's easy for scammers to find people's crypto addresses and send out spoof transactions to phish for victims.CertiK, a blockchain security firm, confirmed in a <a target="_blank" href="https://twitter.com/CertiKAlert/status/1786378165050306774">post on X</a> that it had detected a transfer of $69.3 million worth of bitcoin to an address "linked with address poisoning."The victim's <a target="_blank" href="https://coinstats.app/address/0x1E227979f0b5BC691a70DEAed2e0F39a6F538FD5/">crypto wallet now shows</a> a total loss of around 97% of its assets on Coinbase. The account is now worth just more than $1.6 million.PeckShield, another security firm, wrote <a target="_blank" href="https://x.com/PeckShieldAlert/status/1786447590042779855">on X</a> that the scammers traded the stolen bitcoin for 23,000 ethereum and then transferred the funds. Ethereum is trading at $3,116 a coin, <a target="_blank" href="https://dailyhodl.com/2024/05/04/wrapped-bitcoin-wbtc-wallet-loses-69300000-worth-of-crypto-in-apparent-address-poisoning-scam/">The Daily Hodl</a> said.<a target="_blank" href="https://trezor.io/support/a/address-poisoning-attacks">Trezor</a>, another crypto-trading platform, recommends double-checking every address before sending a transaction and never copying an address from transaction history when transferring funds to avoid address scams.Sending a small test transaction before making a large transfer is also an effective method of verifying the address, the company says.Cryptocurrency-related scams are on the rise, according to the FBI's 2023 <a target="_blank" href="https://www.ic3.gov/Media/PDF/AnnualReport/2023_IC3Report.pdf">internet crime report</a>. Crypto-related fraud <a target="_blank" href="https://www.businessinsider.com/millennials-investment-crypto-scams-boomers-fraud-fbi-report-2024-3">cost investors $3.94 billion last year</a>, the report says, making up more than three-quarters of the year's investment scam losses.One study <a target="_blank" href="https://markets.businessinsider.com/news/currencies/crypto-crime-pig-butchering-scam-bitcoing-trafficking-fraud-cryptocurrency-2024-2">found that crypto "pig butchering" scams cost investors $75 million</a> from 2020 to 2024. The fraud starts with criminals sending a wrong-number text that they use as a way to build trust with victims.Scammers send small payments to a victim and lure them into making fake crypto investments, then cut off contact once the victim has sent a large amount of money to the thief.The scam's name refers to fattening a pig up before the slaughter.Most cryptocurrency fraud involves scammers trying to get victims in unrelated scams to pay them in bitcoin so that their crimes cannot be traced, according to the Federal Trade Commission.The best way to spot a crypto scam is to never trust someone who will only accept payment in crypto or who's promising big profit returns on a fishy investment, the agency says."Investment scams are one of the top ways scammers trick you into buying cryptocurrency and sending it on to scammers," the FTC says. "But scammers are also impersonating businesses, government agencies, and a love interest, among other tactics."

Bitcoin trader loses almost $70 million after sending crypto to wrong online account address

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Polygon launches web3 user IDs that keep personal details anonymous

BI India Bureau

Ex-Paytm employees join crypto-focused Transak as it doubles down on its India expansion plans

BI India Bureau

Bitcoin trader loses almost $70 million after sending crypto to wrong online account address

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