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Breaking News: Polymarket Set To Go Live In The US Following CFTC Approval, Says CEO
Polygon

Polygon Deploys Palm Recognition Technology In AI Battlefront; Key Details Inside

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Polygon
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

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. 

Related Reading: Altcoins Sink Into “Danger Zone”, Is A Correction Incoming?

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.

Related Reading: Is Edward Snowden Bitcoin Creator Satoshi Nakamoto? Here’s His Response

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.

Polygon
MATIC’s price correction in the past 24 hours on the daily chart. Source: MATICUSD on TradingView.com

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

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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