Advertisement
Toncoin (TON) Sets New Records: Surpasses Cardano in Market Cap and Revolutionises Identity Verification with $5M Palm Scanning Initiative
- Cryptocurrency project Toncoin is working together with HumanCode AI to develop an efficient and secure identity verification solution.
- Unlike Sam Altman’s Worldcoin, which relies on eye-scanning, the new product will use palms to verify identity.
- Participants will receive rewards for contributing their data via smartphone from a pool of USD $1M TON tokens.
- The necessity for proof-of-human technology grows as powerful bots continue to ravage the modern internet.
Blockchain-based identity verification has become the talk of the town in recent times, with the controversial project Worldcoin dominating headlines after an explosive start to 2024. But OpenAI darling Sam Altman isn’t the only one working toward new means to prove identity. With Bitcoin’s push back to USD $70K (AUD $105K) bringing several altcoins with it, Toncoin was one of the biggest beneficiaries. So what exactly does Toncoin do, and what’s behind its rapid rise?
Related: Grayscale Drops Cardano, Cosmos From Fund – Charles Hoskinson Reacts to FUD
Toncoin Now “Top Ten” Crypto, Up Nearly 20% In One Day of Trading
Toncoin had 24 hours to remember overnight, pumping 17% to sit at an impressive USD $6.36 (AUD $9.63) at the time of writing. The massive growth catapulted the project inside the crypto world’s top ten by market cap, surpassing popular projects like Cardano and Avalanche along the way.
Toncoin’s surge can be boiled down to its new USD $5M (AUD $7.5M) initiative to introduce a new “Proof of Person” mechanism to securely verify identity without compromising privacy. Unlike Worldcoin, which uses retina scanners to prove identity, Toncoin has partnered with HumanCode AI to provide the infrastructure for their “palm-based verification technology”. As the testing phase for the new product gets underway, participants will be rewarded from a pool of $1M TON for their help in building a decentralised database.
According to the developers, there are already over 900 million monthly users in the HumanCode AI ecosystem – many of which are likely to help build the palm scanner from the ground up.
Identity verification has become a hot topic of late, largely due to the influx of artificial intelligence tools. These have allowed extremely realistic bots to take over every corner of the internet, from message boards to video games to scam websites. The ability for websites and businesses to efficiently determine if customers/users are humans is becoming more important as AI advances. So the need for a product like Toncoin/HumanCode AI’s palm scanner is there.
Get the most important crypto news delivered to your inbox by subscribing to the CNA newsletter
But the question that has been repeatedly asked of WorldCoin still remains – how do you gain the public’s trust? A collation of unique biometric data getting in the wrong hands is a very scary thought. So does Toncoin have what it takes?
Well, if the market is any indicator, they’re off to a good start.
Author
Ben Knight
Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.
