- In an interview with Cryptonews on Monday, Humanity Protocol, the artificial intelligence business that created the new “Proof of Humanity (PoH)” identity verification technology, hinted at “several major partnerships.”
The Proof of Humanity (PoH) System of the Humanity Protocol
Humanity Protocol was founded just a year ago, but since then, its unique technique that aims to revolutionize identity verification has proliferated throughout the blockchain and artificial intelligence industries.
The company’s Proof of Humanity (PoH) system, which is blockchain-focused, uses palm scanning technology to confirm an individual’s identification. It is prepared to compete with Worldcoin, founded by OpenAI founder Sam Altman, before its testnet debut, which is expected to happen in the next months.
A portion of our tokens will be put aside for rewarding new user involvement and human verification during the testnet, mainnet, and for an additional five years after that, Kwok informed Cryptonews. Humanity Protocol seeks to provide HP holders and our node operators with a wide variety of token incentives from ecosystem projects, like L3s and dApps, in contrast to projects that offer single token returns.
The company plans to unveil a number of significant alliances in the upcoming weeks. These alliances will function as “Verifier Nodes,” preserving the integrity of the system while onboarding users later in the year.
The initiative just announced last week that it had raised $30 million in seed capital, valued at $1 billion, with participation from important Web3 companies like Shima Capital, Animoca Brands, and Kingsway Capital.
According to Kwok, centralized systems have long been the standard for collecting and authenticating our personal information, and this frequently results in data exploitation, invasions of privacy, and unequal access.
Our goal was to develop a decentralized system that guarantees security and fairness while giving people autonomy over their own identities.
With identity manipulation on the rise and deepfakes almost doubling in North America between 2022 and 2023, Kwok’s company might offer a much-needed way to properly identify people in the midst of this boom.
Data leaks and breaches are a possibility with centralized data storage. According to Kwok, personal data stored by a central authority is a popular target for hackers and can be abused by those who have access to it.
On the other hand, we may authenticate users and confirm their identities by using decentralized storage and zero-knowledge proofs, all without disclosing the users’ true biometric data or any other personal information.
For those seeking an identity verification solution, Humanity Protocol’s testnet, which has over 500,000 members on its queue, may be the crypto-friendly way to go.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
