Humanity Protocol Teases Several Major Partnerships Following $1 Billion Valuation

Humanity Protocol, the artificial intelligence startup behind the new “Proof of Humanity (PoH)” identity verification technology, teased “several major partnerships” in a Monday interview with Cryptonews.

Humanity Protocol’s Proof of Humanity (PoH) System

Founded only last year, Humanity Protocol’s rapid ascent has spread across the A.I. and blockchain sectors for its novel approach slated to radicalize identity verification.

The company’s blockchain-focused Proof of Humanity (PoH) system verifies an individual’s identity via palm scanning technology. It is ready to give OpenAI founder Sam Altman’s Worldcoin a run for its money ahead of its testnet launch, which is scheduled to take place in the months ahead.

“During the testnet, mainnet and for five years beyond that, a portion of our tokens will be set aside for incentivizing new user participation and humanity verification,” Kwok told Cryptonews. “Unlike projects that offer single token rewards, Humanity Protocol aims to offer HP holders and our node operators a diverse range of token rewards from ecosystem projects, such as L3s and dApps.”

Set to announce “several major partnerships in the coming weeks,” the yet-to-be-revealed partnerships will serve as “Verifier Nodes” designed to maintain the system’s integrity as it onboards users later this year.

Does Terence Kwok Have The Solution To Countering Deepfakes?

Just last week, the project announced a $30 million seed funding round that saw the company valued at $1 billion with key Web3 players such as Shima Capital, Animoca Brands, and Kingsway Capital participating.

How do we navigate a world where reality is increasingly blurred by the threat of deepfakes, and where truth and authenticity hang in the balance? #DeepfakeDilemma

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— Humanity Protocol (@Humanityprot) May 20, 2024

“Centralized systems have long been the de-facto when it comes to storing and verifying our personal data and this often leads to privacy invasion, data exploitation, and unequal access,” Kwok says. “Our vision was to create a decentralized solution that empowers individuals with control over their own identities while ensuring fairness and security.”

Kwok’s organization may provide a much-needed solution to adequately identify individuals amid a boom in identity manipulation, with deepfakes nearly doubling across North America from 2022 to 2023.

“Centralized data storage is vulnerable to breaches and data leaks. Personal information held by a central authority is a prime target for hackers and can be misused by those with access to it,” Kwok said. “In contrast, leveraging decentralized storage and zero-knowledge proofs allows us to verify identities and authenticate users without ever exposing their actual biometric data or any other personal information.”

With over 500,000 users on its test network waitlist, Humanity Protocol’s testnet might be the crypto-friendly way forward for those looking for an identity verification solution.

The post Humanity Protocol Teases Several Major Partnerships Following $1 Billion Valuation appeared first on Cryptonews.

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