Polygon (MATIC), in collaboration with Hong Kong-based game software company Animoca Brands and The Human Institute, has taken advantage of the current artificial intelligence (AI) trend by launching a new technology.
Announced on Tuesday, Humanity Protocol on Polygon chain Development Kit (CDK) aims to establish Proof of Humanity in Web3 applications using “cutting-edge” palm recognition technology as a less invasive alternative to identity verification methods such as iris scans.
Humanity Protocol Leverages Polygon CDK
The Humanity Protocol, led by tech entrepreneur Terence Kwok, operates under the guidance of a council of Founding Humans, including Yat Siu, Co-founder and Executive Chairman of Animoca Brands, and Sandeep Nailwal, Co-founder of Polygon Labs.
According to the announcement, the protocol integrates seamlessly with blockchain technology and can be easily accessed through smartphones, providing a user-centric approach to identity verification.
The protocol leverages the power of Polygon CDK and incorporates the Proof of Humanity (PoH) consensus mechanism, fortified by zero-knowledge cryptographic proofs, to ensure network security and identity validation.
By integrating native, verifiable credentials into its network of decentralized validator nodes, Humanity Protocol aims to achieve “true sybil resistance” and become a top player in the blockchain ecosystem.
This opens the door to a wide range of applications, including on-chain games, Decentralized Social Media (DeSO), enterprise decentralized finance (DeFi) solutions, Faridrops, Network States, Real World Assets (RWA), and Decentralized Physical Infrastructure (DePIN) systems.
Decentralized Identity And Rewards
Yat Siu, Co-founder and Executive Chairman of Animoca Brands highlighted Humanity Protocol’s user-centric approach, stating that existing Proof-of-Personhood technologies can be “invasive and burdensome.” At the same time, Humanity Protocol aims to provide a decentralized and inclusive ecosystem that respects the principles of true digital ownership.
Sandeep Nailwal, Co-founder of Polygon, emphasized the significance of Humanity Protocol becoming the world’s first blockchain ecosystem to be “truly” Sybil-resistant and natively integrate verifiable credentials into a decentralized validator node network, paving the way for various blockchain and real-world applications.
Ultimately, with the upcoming launch of the Humanity Protocol Testnet, users can join the ecosystem and start earning rewards.
Claiming to be the human layer for Web3, Humanity Protocol aims to onboard the first billion humans onto the blockchain as Web3 approaches the milestone of one billion wallets created.
After reaching the $1 price milestone on Tuesday, Polygon’s native token, MATIC, has experienced a retracement and is currently trading at $0.952, representing a decrease of over 2.3% in the past 24 hours.
However, when examining longer time frames such as seven, fourteen, and thirty days, MATIC has shown significant gains of 11%, 20%, and 21%, respectively. This indicates a positive trend in the token’s performance over the past weeks.
Featured image from Shutterstock, chart from TradingView.com