By
Bhushan Akolkar
May 10th, 2024
The integration of Humanity Protocol into the Polygon ecosystem coincides with the ongoing crypto bullish breakout led by Bitcoin and Ethereum.
The mass adoption of Web3 protocols and digital assets has been simplified and improved to meet the security standards of blockchain technology. With the notable entrance of crypto regulations from different jurisdictions that mandate the implementation of Know Your Customer (KYC) services, Web3 developers have come up with a noble solution. The use of zero-knowledge proofs, whereby a Web3 user can verify their identity to another user without revealing key personal details, which could be destructive if compromised through data leaks.
Humanity Protocol Prepares for Web3 Mass Adoption
Human Institute has officially launched the Humanity Protocol, a biometric-palm recognition technology for verifying Web3 identity, on the Polygon chain development kit (CDK) testnet today, February 20. According to the announcement, Humanity Protocol, which was developed in close collaboration between Animoca Labs and Polygon Labs, will offer a less invasive alternative to biometric verification methods such as iris scans.
“By leveraging the cutting-edge technology using non-invasive biometrics that lies at the core of the proof-of-humanity consensus mechanism, Humanity Protocol is building a user-centric ecosystem that can onboard millions to a verifiable digital identity solution that is truly decentralized and respects the principles of true digital ownership,” Yat Siu, the co-founder and executive chairman of Animoca Brands, noted.
The Humanity Protocol aims to become the gateway to the mass adoption of web3 smart contracts and ongoing real-world asset tokenization. Within three months of its official launch, the Humaity Protocol has ostensibly registered more than 40,000 members. The integration with the Polygon network is expected to help accelerate the adoption process.
According to Sandeep Nailwal, a co-founder of Polygon Network, the integration of Humanity Protocol with the Polygon ecosystem will help build confidence in the Web3 industry amid the ongoing mass adoption.
“As the world’s first blockchain ecosystem to not only be truly sybil-resistant but also to natively integrate verifiable credentials into a decentralized validator node network, Humanity Protocol lays the foundation for a wide variety of blockchain and real-world applications to be built on top,” Nailwal noted.
Market Implications and Bigger Picture
The integration of Humanity Protocol into the Polygon ecosystem coincides with the ongoing crypto bullish breakout led by Bitcoin (BTC) and Ethereum (ETH). According to the latest market data, MATIC price has gained more than 25 percent in the past two weeks to trade around 98 cents on Tuesday. The Polygon network remains a major Ethereum-based Layer-Two scaling solution, with more than $978 million in Total Value Locked (TVL).
Meanwhile, the Humanity Protocol will be competing for the same market with the Worldcoin (WLD) project, which is backed by OpenAI CEO Sam Altman. Nevertheless, the adoption of the web3 industry will be accelerated securely in the confirmed bull cycle.