Do you remember World Coin? This privacy project created a massive buzz a few months ago. Riding the hype, its token pumped 1200% in 5-6 months.
But, the hype phased away sooner than expected. Why? We will get into that in some other video. But what I want to tell you is that investors are pouring millions of dollars into privacy-focused Web3 projects. Today, I’m going to be talking about one such project.
Here’s the catch: this project is already backed by top investors in Web3. I’m talking about Polygon Labs and Animoca Brands. Secondly, this project is out to rival World Coin. This project has a huge edge over World Coin. Let’s dive in.
What is the Humanity Protocol?
I’m talking about the Humanity Protocol. The Humanity Protocol is the brainchild of the Human Institute. The Humanity Protocol is a zero-knowledge-powered Layer 2 chain. As I said earlier, the project has serious backers like Polygon Labs and Animoca Brands.
In an age where we’re never quite sure if a piece of information came from a human being or AI, it can be difficult to trust anything or anyone we come across online. 🤖🔍
Here’s why we think #ProofOfHumanity is going to be crucial in the coming months: https://t.co/SuZaXZrODo
— Humanity Protocol (@Humanityprot) April 11, 2024
It is also powered by the Polygon CDK. Humanity has a lot of similarities with the Worldcoin project. For example, the Humanity Protocol is tagged as the Human Layer of Web3. Its core focus is to enable users to create verifiable digital identities. This means no more fake online identities.
They’re all about making a way for Web3 apps to check if someone’s a human without being too nosy. How? Well, they leverage strong palm recognition technology. And they’re big on privacy.
The integration of palm scanning with Web3 has the potential to redefine digital interactions. From accessing DeFi platforms to participating in tokenized economies, palm scanning via a personal device will make Web3 more accessible, secure, and user-friendly. #Web3 #PalmScanning… pic.twitter.com/ZeZU4b9LRl
— Humanity Protocol (@Humanityprot) April 15, 2024
The team behind the palm technology is super experienced. Some of them have been involved in machine learning, artificial intelligence, etc. One of the perks of this project is that it offers you complete ownership of your data and privacy. Humanity’s palm recognition is less invasive. The project is also boosted with several security features.
For example, it is Sybil resistance. The Humanity Protocol has strong potential. As bots and AI deepfakes continue to grow, projects like Humanity will grow in demand. Humanity already has a strong community. Lots of developers have joined the train. And several top Web3 projects have signed on as partners. We are talking about Cypher Capital, CMCC Global, LongHash Ventures, Shima Capital, and Alex Krugal. Now, let’s talk about how it compares with World Coin.
Humanity Protocol Vs. World Coin
Both the Humanity Protocol and Worldcoin are out to change digital identity. But, Humanity Protocol has a huge edge. It preserves your privacy. Meanwhile, Worldcoin is currently battling ethical and privacy concerns. Now, Worldcoin is out to create a “Global ID” network. It uses its WLD token to reward users who consent to having their rises scanned by its Orb devices. With Worldcoin, you sign up your eyes to something called a WorldID. Here’s how it goes down:
First off, you get this WorldID using their app. Then, you head to a special website where they scan your eye and connect it to a QR code on the app. There’s been a lot of questions about Worldcoin’s ethics. People like Vitalik Buterin have raised eyebrows about Worldcoin’s eye-scanning gadgets. Buterin believes these devices might have sneaky back doors. He believes there could be a risk of users being forced to link their codes with other users’ iris.
👁 While iris scanning is touted as a highly secure biometric authentication method, it's not without its security faults. One major concern is the risk of biometric data theft. Unlike passwords or PINs, iris patterns cannot be changed if compromised, making them a lucrative… pic.twitter.com/LFDAw6sEWC
— Humanity Protocol (@Humanityprot) April 22, 2024
Governments from places like Argentina, Kenya, France, and Germany are investigating Worldcoin. Some have expressed concerns about the company’s privacy policies. Developers claim that Humanity’s “Proof of Humanity (PoH)” consensus model is a better approach to privacy. As I said, it uses palm recognition and ZK proofs. This way, it is easy to use and preserves your privacy.
More About Humanity Protocol Vs. World Coin
The Humanity Protocol will play a huge role as Web3’s human identity layer. The project will issue verifiable credentials. And place a strong focus on protecting your personal information with zero-knowledge proofs. Here’s how it works. There’s an ecosystem of authorized validators. They confirm your credentials, such as compliance records or education. However, they do not have to share identity details or wallets. This opens up new use cases for Dapps.
While iris scans can be a secure way to access information and prove our identity in the digital age, those with ocular diseases, making up nearly 10% of those in the U.S. alone, may face issues with this method, making it difficult to roll out as scale. 👁️
— Humanity Protocol (@Humanityprot) April 22, 2024
Let’s talk about their palm recognition feature. The Humanity app converts palm prints into encrypted biometric signatures. It then sends a Verifiable Credential (VC) to the user’s protocol address. This ensures that the palm images are not stored. The Humanity Protocol is pretty useful to both developers and users. Projects can now easily verify users’ identities on their devices.
Web3 technology promises a decentralized and user-centric internet experience, and palm scanning tech will play a pivotal role in shaping this vision. With palm scans, we'll change how we prove our identities online. pic.twitter.com/tODlH9bpXf
— Humanity Protocol (@Humanityprot) April 15, 2024
The Humanity Protocol is currently in its testnet. This project is one to have on your radar.
Disclaimer
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