Humanity Protocol Launches Foundation Ahead of Token Generation Event

On January 14, the Humanity Foundation was officially unveiled, bringing Humanity Protocol one step closer to its highly anticipated Token Generation Event (TGE). Humanity Protocol is quickly becoming a major competitor to the digital identity project World, offering privacy-focused decentralized identity (DID) solutions with the introduction of palm scan technology.

Unlike World’s iris scanning technology, which raises concerns about invasiveness and privacy, Humanity Protocol’s palm scans are designed to be more user-friendly while ensuring a high level of security, according to Humanity Protocol’s founder, Terence Kwok. The Humanity Protocol launch introduces a fresh approach to biometric verification in Web3, offering a system where users can retain full control over their personal data without it being stored on centralized servers.

Humanity Protocol Launch and Decentralized Identity Solutions

The Humanity Protocol launch is backed by key industry figures, including Animoca Brands chairman Yat Siu. The newly established Humanity Foundation will serve as the key driving force behind the ecosystem, focusing on providing decentralized identity solutions and zero-knowledge proofs (zk-proofs). These technologies allow users to verify their unique identities securely without revealing any personal data to others, including the Humanity Protocol itself.

By using biometric technology, Humanity Protocol enables individuals to verify their identity with added credentials, such as educational and employment history, as well as social reputation. However, in contrast to World’s iris recognition system, Humanity Protocol emphasizes the privacy and security of palm recognition technology, which is less intrusive and more familiar to users than iris scans.

“We believe biometrics provide the ideal starting point for building a secure, decentralized identity system,” said Yeewai Chong, interim CEO of the Humanity Foundation. Chong also noted that Humanity Protocol’s approach, anchored in biometric verification, integrates various human attributes into a privacy-first identity framework.

One of the key selling points of Humanity Protocol is its commitment to ensuring biometric data is never stored on centralized servers. Founder Terence Kwok reassured Cointelegraph, saying, “Humanity ensures that identity attestations, such as biometrics, aren’t stored on any centralized server.” Instead, the Humanity Protocol launch introduces encrypted biometric data storage through distributed nodes in its second testnet phase, ensuring that individuals maintain full ownership and control over their information.

Humanity vs. World: A Comparison of Biometric Technologies

The key difference between Humanity Protocol and its competitor World lies in the biometric technology each project uses. World, launched in July 2023 by Tools for Humanity, utilizes iris recognition to verify identities using mathematical pattern recognition from an individual’s iris. On the other hand, Humanity Protocol launch focuses on palm recognition, which has proven to be a less invasive and more accessible solution for identity verification.

Kwok argues that Humanity Protocol’s palm scan technology offers robust privacy protection and a more user-friendly approach to biometric authentication. Unlike iris scans, which can feel intrusive and raise additional privacy concerns, palm scans are far less invasive. According to Kwok, users are far more familiar with palm and fingerprint biometrics, making this technology more approachable and likely to gain wider adoption.

“Palm scans are more user-friendly while maintaining a high level of security,” Kwok emphasized. This approach also has the potential to scale across industries, from payments to building access, making it a practical solution for real-world applications.

Humanity Protocol Launches Its Ecosystem with Key Partners

The Humanity Protocol launch is guided by a diverse team of founding directors, including Mario Nawfal, the founder of International Blockchain Consulting, and Yeewai Chong, who has a background in investment management at Morgan Stanley and Ortus Capital. Together, these figures will help lead Humanity Protocol’s vision to provide a more secure and private solution for identity verification in Web3.

The Humanity Protocol launch also comes after the company’s roadmap was unveiled, showcasing the next phases of its development, including the upcoming token generation event (TGE), although the exact date has not yet been disclosed.

Future Plans and the Road Ahead for Humanity Protocol

As the Humanity Protocol launch gains traction, all eyes are on the upcoming TGE, which is expected to further solidify its position as a significant player in the decentralized identity space. The team is committed to rolling out more features to enhance privacy-first biometric authentication in Web3 and beyond. The technology will enable users to interact with decentralized applications (dApps) while maintaining complete control over their personal data.

Unlike World, which is focused on iris scans, Humanity Protocol offers a more accessible and privacy-centric solution with palm scans. With an emphasis on scalability and security, the Humanity Protocol launch positions the project as a key competitor in the rapidly growing field of decentralized identity. Stay updated with the latest developments in the cryptocurrency industry through The BIT Gazette, offering comprehensive insights into current events shaping the sector.