In the midst of a downward trend in Polygon’s (MATIC) price, the network is making strides in its development. Verida and Polygon ID have recently joined forces to bring zero-knowledge credentials to the mainstream.
Despite the recent dip in price, MATIC has remained focused on improving its platform for the future. Over the past few days, MATIC has experienced a sharp decline in price, falling from $1.0079 to its current trading price of $0.82.
It represents a drop of about 17% in just one week. In the last 24 hours, MATIC has seen a further 2% drop in price, with its trading volume decreasing by 1.17%. The token’s market cap has also seen a decline at the same level, according to CoinMarketcap’s data.
Polygon’s technical indicators suggest a bearish sentiment with extreme fear, despite some bullish signals. The past month has seen a 24.47% decrease, but a slight recovery is expected. The current trading price is below the 50-day and 200-day SMA, both signaling a sell.
However, the RSI is at a value indicating a buying position. Predictions suggest that by the end of May 2023, MATIC will increase by 117.17% to reach around $1.81, but by the end of December 2023, the price is expected to drop to $1.03, according to the 200-day SMA. The short-term 50-day SMA predicts $1.06 by December 2024.
Despite these challenges, Polygon (MATIC) has remained committed to its goal of developing a more efficient and secure blockchain platform.
Verida Wallet Becomes First to Support Polygon ID Zero-Knowledge Credentials
According to the press release, Verida has partnered with Polygon ID to integrate its zero-knowledge credentials into the Verida Wallet, making it the first mobile crypto wallet to support Polygon ID.
The move will enable Verida Wallet users to manage digital identities and access Polygon blockchain assets, all while preserving their privacy. This collaboration will enable a new generation of dApps in DeFi, DAOs, and GameFi to securely utilize personal reputation and real-world identity.
Polygon ID credentials are secured by the Verida Network, the first self-sovereign data network developed for web3. The credentials are encrypted on the user’s device and stored on region-aware storage nodes, which can only be accessed (or permanently deleted) via the user’s private key.
The Verida Wallet allows users to prove their identity or share specific information without revealing any unnecessary personal data. It also offers advanced features, such as identity management, managing encrypted data, and a secure inbox.
Sebastian Rodriguez, VP of Product at Polygon ID, said:
Polygon ID envisions a marketplace for credentials where it is easier to create trusted relationships between users and applications. Verida’s seamless user experience is essential to creating self-sovereign trusted identities, and we are very excited to have them in our ecosystem.
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