Space Summary
The Twitter Space The future of decentralized identity hosted by Humanityprot. The Twitter space delved into the exciting realm of decentralized identity within the Blockchain space. Discussions revolved around the benefits of decentralized identity, blockchain's role in enhancing security, and the significance of human-centric design for user empowerment. Key takeaways included the emphasis on user privacy, the need for interoperability, and the impact of regulatory compliance on decentralized identity systems. Overall, the space shed light on how decentralized identity can revolutionize traditional identity management practices, offering users greater control, security, and privacy in the digital landscape.
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Questions
Q: How does decentralized identity enhance user privacy?
A: Decentralized identity gives users control over their data, reducing privacy risks associated with centralized databases.
Q: What role does blockchain play in decentralized identity?
A: Blockchain ensures the immutability and security of identity information, making it ideal for decentralized identity solutions.
Q: Why is human-centric design crucial in decentralized identity systems?
A: Human-centric approaches prioritize user consent and control, fostering trust and user adoption.
Q: How can decentralized identity systems improve data security?
A: By distributing data across a network, decentralized identity systems reduce the risk of single-point failures and data breaches.
Q: What challenges hinder the wide-scale adoption of decentralized identity?
A: Interoperability issues, regulatory hurdles, and standardization gaps pose challenges for decentralized identity implementation.
Q: What are the benefits of self-sovereign identity for users?
A: Self-sovereign identity empowers users to manage their digital identities independently, enhancing privacy and control over personal data.
Q: How do biometrics contribute to decentralized identity solutions?
A: Biometric authentication provides secure and convenient identity verification, bolstering the security of decentralized identity systems.
Q: Why is collaboration among industry stakeholders important in decentralized identity?
A: Collaboration fosters innovation, standardization, and addresses common challenges faced by decentralized identity projects.
Q: What are the regulatory considerations for decentralized identity systems?
A: Regulatory compliance ensures data protection, privacy, and interoperability standards in decentralized identity implementations.
Q: How can decentralized identity redefine online interactions?
A: Decentralized identity offers a more secure, user-centric approach to online interactions, enhancing trust and privacy in digital environments.
Highlights
Time: 02:12:15
Enhanced Privacy with Decentralized Identity Exploring how decentralized identity empowers users with enhanced privacy control.
Time: 02:25:40
Blockchain Security in Identity Management Understanding the role of blockchain in securing and validating decentralized identity information.
Time: 02:35:18
Human-Centric Design for User Empowerment Discussing the importance of human-centric design in decentralized identity to prioritize user autonomy.
Time: 02:45:55
Interoperability Challenges in Decentralized Identity Addressing the significance of interoperability for seamless integration of decentralized identity systems.
Time: 02:55:30
Biometrics and Authentication for Identity Verification Exploring the advancements in biometric technology for secure identity authentication in decentralized systems.
Time: 03:05:17
Collaborative Solutions for Decentralized Identity Highlighting the importance of industry collaboration in overcoming challenges and driving innovation in decentralized identity.
Time: 03:15:42
Regulatory Frameworks for Decentralized Identity Examining the role of regulations in ensuring the security, privacy, and compliance of decentralized identity implementations.
Key Takeaways
- Decentralized identity offers enhanced security and privacy for users.
- Blockchain technology is revolutionizing identity management through decentralization.
- Human-centric approaches prioritize user control and consent over identity data.
- Decentralized identity can reduce data breaches and identity theft risks.
- Interoperability among decentralized identity systems is crucial for widespread adoption.
- Self-sovereign identity empowers individuals to manage their digital identities independently.
- Regulatory compliance and standardization efforts are essential for decentralized identity systems.
- Innovations in biometrics and authentication methods are advancing decentralized identity solutions.
- Collaboration between industry stakeholders is key to addressing challenges in decentralized identity.
- Decentralized identity can pave the way for more secure and user-centric online interactions.
Behind the Mic
Initial Observations
Too old of a commercial. Oh. It's 02:00 in the morning for me right here. So it's definitely Gmdehdeh. Oh, it's 08:00 p.m. in Italy right now. It's a GM. I'm just kidding. I have no idea where it would be 02:00 a.m. in the world right now, but I think in Singapore maybe. All right, we'll say I'm in Singapore.
Introduction of the Speakers
Well, hello, everyone. GMGM. This is Brad McFaul, community lead with humanity protocol. I want to introduce some of our people here and get us started. This is the future of decentralized identity. We're waiting for a couple more people to come on board, and we want to wait as all the people are coming in and get everybody up. But we've got some of our very illustrious Kols with us today from all different parts of the world. So we'd like to introduce all of them. Let them say hello and hi. So those of you who are speakers who are Kols and like to speak up and introduce yourself to say a little bit about your background and your relevance to the in the blockchain industry, I guess. Go ahead. Whoever would like to speak first can go ahead and get started.
Speaker Introductions
Hey, everyone. I'm Lena Moore. I'm from Paris. Been in London for more than over than ten years. Started my career in the corporate finance industry. I was a manage banker then working private equity, but I've been in the crypto interest in crypto since 2017. I recently founded Get Rich, which is a decentralized engagement rewarding protocol. And I'm very honored to be. To be a guest of the space today. Thank you so much. Welcome, welcome. And who'd like to go next? So my name is Harrow, and that's actually my real name. I have key opinions and I lead on those key opinions. I'm pretty good at round tripping everything. I put that as my bio because that's probably what I'm most known for, doing that and drawing triangles. I've been here since 2015 or 16, and I don't know why I'm still here. I enjoy it, though. Hey, triangles are great. That's wonderful.
More Speaker Contributions
And I believe Alex or who else is here. That coin wonders. Neat. Would you like to speak? Yes, of course. Hi, coin man. You know english meaning coin engineers and. Yes, sure. And what is your relevance to the blockchain industry? Firstly, I want to say I am honored to be invited to this event. And also thank you to Terence. I want to say about coin engineers, you know, coin engineer, VRKH, largest crypto community and the largest crypto YouTube channel, Twitter. We also in telegram, we are the biggest one. And we are also major partner of the world's biggest crypto events. Like for example, token 24 to nine or Korea blockchain week or Binance blockchain week. We can say. And then lastly, I want to say we have received many awards globally in the crypto. For example, Binance selected as a crypto personality of this year. Maybe you saw in binance. I don't know, like that.
Further Introductions
Wonderful. Great. And I believe we have one other person. Go ahead. Yeah. Morning, everyone. Alex Kruger. Let's say I've been in crypto for eleven years. Before that spent 15 years doing effects and commodities and what else? I'm just a trailer. I don't know what else to say. Yeah, that's what we all are in a way, for all that we do. So, Terrence, I see you're in the audience. Are you able to speak and to join in with the conversation here? Yeah. Can you guys hear me? Absolutely, go ahead. The floor is yours. Awesome. Thanks for having me. You know, it's great to have, you know, Alex Harrow, everybody, to be on for tonight. Justin. You know, I am coin engineer. I think the, you know, it's 02:00 a.m. and where I am right now, I'm currently in Hong Kong, so I had a couple of drinks earlier, so might not be the most eloquent, but glad to have everybody here.
Foundation and Vision of Humanity Protocol
I'm the founder and CEO for Humanity Protocol. As everybody who's on here probably knows, we're building an identity focused blockchain, starting with proof of humanity, leveraging palm based biometrics. You know, I think it's really appreciate having all the guys here who are joining us to speak. All of them are keen supporters of Humanity protocol. Some I have met in person and have had multiple meals and drinks and conversations. Some I've only actually connected online and haven't had the chance to meet in person yet, but definitely appreciate everybody's support. You know, I think we have some really exciting stuff that we're planning to announce over the coming days and weeks, and some of which we'll probably talk a little bit here on this Twitter space, but yeah, so I think for me, the.
Discussion on Decentralized Identity
I'd rather be sort of. I wouldn't say I want to be the host. I'd rather be a sort of participant for this discussion. So, Brian, maybe you can. You can sort of take it over. Sure. Well, we have a few introductory questions, and I think I can ask you some, to give some information to help our kols get situated here. Can, can you? And you can, of course, can ask them these questions, too. But we have some other specific questions for the kols. But in general, we'd like talk about decentralized identity and the future of decentralized identity.
The Evolution of Decentralized Identity Management
So how is decentralized identity management evolving to address the current challenges in the digital industry and in digital industry management in general? I think here's the thing, right? Like, when we look at, you know, I think I've spoken about this a couple of times in, you know, previous spaces or in podcasts or even in sort of public speaking engagements, I think decentralized identity is something that a lot of, like, it's since, you know, I think the ICO days in 2017, it's been billed as one of the sort of key use cases for crypto, for web three, for blockchain technology. And there is, there's been a number of projects and companies that have been trying to do that for a while. Nobody has been really all that successful, per se. You know, I think we're hopefully trying to change that. And I think ultimately it's down to a couple things. Number one is that I think some of the projects in the past, it's a little bit too early.
Challenges and Future of Decentralized Identity
I think now is sort of perfect timing where we actually have an engaged ecosystem where there's many millions of people who are part of this community. And then the other thing is, I think in a very idealized world, people think about sort of technology changing the world. And everybody wants to sort of build this technology and be part of this technology for the sake of making the world a better place, which, unfortunately, is not necessarily true. I wish it were true. But I think one of the key things is, as with all sort of web three projects, one of the key things is it's about how do we design sort of an incentive mechanism that actually makes sense so that we can actually bootstrap a network, get people to participate in ways that we would want them to because of human nature.
Practical Considerations for Decentralized Identity
Right? If we think about sort of decentralized identity, I think one of the key things that people have always thought about and, you know, is, hey, you know what? Technologically, this makes a lot of sense, but ultimately, when it comes to implementation, it sort of generally flops. Because why? Why do I need it? Why do I want it? Why would I ever want to put my information on the blockchain? Why would I want my identity in a decentralized manner? When I already have my driver's license issued by the government, I have my birth certificate issued by the government, I have my educational. My college transcript issued by my university, I have my KYC, I have my various different things that are already out there.
Building Utility in Decentralized Identity
So it's how do you actually build something that is better than what exists? And ultimately, more importantly, it's how can we make sure it actually has more utility than what exists? And I think for us, with humanity protocol, from the ground up, we're thinking about how do we create the incentives mechanisms? How do we create the technological architecture so that we can enable this? And just my last point is, ultimately, for us, humanity protocol is about building out an open identity blockchain where different sort of identity validators can issue verifiable credentials and attestations for different sort of attributes for human beings, right?
Demonstrating Identity Verification
A university saying that you actually went to that school, your hospital saying that you actually did your body checkup, and this is your health status. A government issuing a national id saying that you're 25 years old, you're french, and you're born in this place, and you're male. But I think one of the key things that we're starting with, and I think it's been sort of the thing that has captured most people's imagination, is the proof of humanity. Piece through biometrics with that, we actually think we're abstracting out a lot of the more higher bar applications and sticking with something that everybody here, whether it's my other speakers on the space or even a lot of you guys who have tuned in, have experienced.
Challenges of Proving Humanity Online
How do we actually prove that somebody is a human being, whether it's in the web three space or web two space in the web two space. I'm sure you guys have probably logged onto website, tried to sign in, sign up for some sort of service, and you're getting Captcha after CaptchA trying to solve this puzzle, do this mathematical equation just to prove that you're a human being. And you're sitting there, you're like, what the fuck? I know. I am a human being. Why are you still asking me all this stupid stuff?
Challenges in Web 3.0
Which is pretty complicated to solve sometimes? And then when it comes to the web three, world, we're experiencing a lot of problems because obviously a lot of projects have tokens. Tokens have potentially monetary value. And networks generally, networks or projects or applications generally, want to incentivize people with tokens as an airdrop or as an incentive mechanism to get people on board and if there is no good way to check whether somebody is human being or not, then what we're getting and what we're seeing in the past is a lot of these rewards and airdrops are going to bots or even what we call farms, like people who are running multiple Android devices or computer programs to simulate tens of thousands if not millions of wallet addresses, simulating different sort of transaction types, just to claim that reward or airdrop from a project.
Consequences of Token Airdrop Abuse
And it's problematic because, number one, they add very little value. These are people who are claiming an airdropper reward and then dumping it and causing troubles for the project themselves or the market. And then it's unfair. It's unfair to real people who are really trying to build a community around a project and help it grow and make it sustainable, make it valuable. So I think that's something that we're trying to solve. And I think the way we look at it is that obviously, I think one of the key things that people have historically looked at in the blockchain space as a challenge or a deterrent to mass adoption is user experience. Everybody talks about user experience. It's clunky to use wallets, this and that.
User Experience and Transaction Challenges
And then obviously transaction cost and transaction speed, right? When you compare a sort of blockchains interacting on ethereum is much more expensive interacting on a centralized service. Obviously, Solana and some of these other chains are trying to solve this problem. You look at transaction throughput, TPS, some of the blockchains are trying to get to the same levels as what centralized services would be at. But one of the key things that's really interesting, because I was actually having a conversation, a meeting with base, the guys who actually run base out of Coinbase, literally just yesterday. And the head of base and I, we both agreed, is that, you know, if blockchains are able to solve this problem of transaction cost and throughput, another problem would actually come out, which is the bot problem.
Addressing the Bot Problem
Because if there is very little cost to create bots, and it's largely a pseudonymous network where you can just whip up wallet address after wallet address, essentially every single blockchain would get bought it to shits. Because it's great that Solana or whatever blockchain can do 50,000 transactions per second. So what if I actually go, if it's cheap enough and everybody's trying to make blockchains cheaper, if it's cheap enough, I can just go whip up 100,000 wallet addresses and actually send through a transaction every single second, in which case I would have actually just completely jammed the chain. So I think for us, proof of humanity is about humanity protocol, our own blockchain.
Humanity Protocol Introduction
But it's also about providing an attestation service for other blockchains and other ecosystems to help them understand what transactions originating from who or what sort of wallet addresses are actually human transactions. In which case potentially there could be prioritization or certain types of incentivization or discounting for these transactions to go through. I think I've spoken enough so I think I'll hand it back to somebody else. Yep, you've definitely hit all of the questions I had planned to ask without me having to ask them. So that's been wonderful. I just wanted to give you a chance to either let everybody know about the testnet before we start asking the Kolstone question and or about, you know, how they can join the waitlist and.
Marketing and Updates
Yeah, so I think I'm just going to do a little bit of marketing. Obviously there's a waitlist on humanity.org. I think it's like 8900,000 people at this point. Feel free to please do join it. Tell your friends about it. Let me see, where are we right now? I think it's probably somewhere around that number. Please do help us get to a million. Sure. Yeah, we're at 876,000 right now so we're 100 something thousand shy. So please do help us get there. The second thing is we haven't announced this yet but I'm going to just announce it here. We are actually planning to launch the testnet sometime in September, early September.
Testnet Launch Plans
I'm not going to give an exact date even though I kind of know what the target date is. But shit tends to get delayed. So I'm not going to give it out in case people and my team starts bitching at me for that. But the intention is for us to actually launch testnet sometime in early September. There is a conference that I'm speaking at called Webex in Japan next week. And then I'm also speaking at Token 2049 in Singapore. I think the second week of September it's going to be sometime in between those two dates. And then I think for Testnet what we're actually going to do is we're going to start allowing some people to leverage the software to go scan their pumps.
Features of the Testnet
The first thing is people will start being able to, essentially everybody's going to be able to come on to the testnet and actually start reserving their dids. So your did is going to be something like I don't know, Terence Human where it's unique to you and it could tie into one or multiple addresses that you have. For now it's going to be EVM, but down the road, the idea is that it's going to be other ecosystems also. But you can reserve your did on the humanity protocol, Testnet or Zke EVM layer two. We're going to start opening up some people to be able to actually scan their palms to prove that they are a unique human being.
Engagement at Token 2049
So that's going to be a great experience. But what's going to be really interesting is leading up token 2049, we are actually going to have a physical space there. It's going to be a small, cozy, nice physical booth where people can actually scan their palm through our palm print and palm vein biometrics technology to be able to prove that they are a unique human being. And as part of that, they will actually be able to start earning and claiming testnet reward tokens. And there's going to be a referral mechanism. You can refer friends. If they're also in Singapore, they can also do it.
Future Prospects and Conclusion
And those testnet reward tokens down the road will translate into hopefully something pretty valuable. So that's sort of the plans over the coming couple weeks. So everybody's really busy at work trying to get this launched and so. Well, yeah, great. Fabulous. And so while you've been busy getting all of that going, you've had people that have been supporting you for quite a long time, these kols who are the backers of humanity protocol. So unless you have something else, we're going to. Would you like to say something else, Terrence? I didn't mean to cut you off.
Contextualizing the Humanity Protocol
So before humanity protocol, let's put it with in context. The humanity protocol is a play within the AI space in crypto, right? So we start from AI. Right now it's where markets and humanity in general, we are undergoing the largest technological revolution in history, pretty much. So there is basically one thing or two things to invest in which are basically AI and crypto. For me, within AI is we start with stocks. That's pretty much mainly Nvidia. But if you want to be more specific, you can be investing in. It's basically cloud computing, warehousing, machine learning and things, basically covering both AI software and hardware.
Exploring Crypto and Its Categories
Then we go into crypto. And crypto basically has, the way I see it has within crypto AI there is five categories. It starts. Basically, we have open source LLMs, so large language models and LLM governance. We have open source smart agents, we have train to earn and data processing protocols. We have decentralized compute. And the fifth is pretty much proof of humanity. Here I think it's important to discuss briefly, to mention briefly, what proof of humanity is. It basically is a system or mechanism used to verify that someone or an entity or a thing, an account, to be more precise, is indeed human and not a bot.
Importance of Proof of Humanity
And this is very important for two reasons. It's again going down a tree, like in branches. We have the web two aspect and the web three aspect. The web two aspect is pretty much KYC. We can think of basically Twitter having a requirement or an unmet need to prove that everybody on the platform is a human. Or you could actually spin around and say, actually, we actually welcome bots, but let's know who is a bot and who is a human. You can think the same way for exchanges. I mean, okay, it's like we could even have bots trading with their own accounts, but exchanges need to run KYC. KYC now relies heavily on video that I think we are months away to actually, the video proofs that crypto exchanges use to basically be gamed by bots using AI technology.
Challenges of Bots in Protocols
Then on the crypto side, is pretty much what Terrence was talking about is civil attacks and pretty much people running bot farms for gaming pretty much anything. I usually assume that any protocol I am trading, investing, or looking at in general is 90% bots, their metrics. So this is very bad for anybody launching protocols, because even though you, one hand, you welcome bots, because they beef up your metrics, you know that anybody running bots is what we call value extractive. So it's pretty hard to understand where you're standing if most of your users are bots and you're not even sure how many of those are bots, how many are real people.
The Role of Humanity Protocol
And that's where proof of humanity, and specifically humanity protocol kick in, I think, which is a way to verify with an extremely high degree of confidence that the account you're interacting with is a real person. On web two, they use captchas for this, they use email verification, they use all sorts of things that they don't really work that well. And they're going to start working and working, getting worse and worse through time. I think the way I see it is humanity protocol works on both ends, helping both web two businesses and web three protocols know who they're dealing with. And then finally, why humanity protocol?
Why Humanity Protocol? A Comparison
Well, you can. There's two things. One is comparables. You look at world coin, which is the leader in the category, it's FDB, is up in the multi billions. So from a comparables perspective is a very good play, I think. And then, well, there is actually nobody else, and there is no major competitors outside of worldcoin. And my last comment is, anything on the proof of humanity field? Sorry for taking so long, but anything on the proof of humanity space is very heavily dependent on very high level business development. So you need a very strong team for delivering on that.
Use Cases and Opportunities
And I know Terrence, so I'm bullish on Terence, pretty much, so I think he can deliver on the mission. That's great. Yeah, absolutely. 100%. So you all have just spoke a little bit about why you were interested in humanity protocol, or are there any other specific use cases that you might want to call out that humanity protocol is super good at solving? And if not, I'd like to ask Terence a question about his favorite use cases, which might be the fare drops.
Airdrops and Proof of Humanity
So I think, you know, for us, you know, we see the solution, especially when we look at sort of an open identity blockchain to be useful for all facets of web three and sort of crypto. I think in the future, right now we have web two, web three. In the past, there's like web one and web two. Right. At some point, I think the Internet, everything's going to be abstracted away, and even my grandmother might be interacting with something that's being hosted on a blockchain without knowing it. So I'm not going to necessarily try to make that differentiation.
Airdrops and Identity Challenges
But I think when we sort of look at the crypto space, airdrops is a big thing. Everybody launches, you know, everybody that's tied to, you know, sort of crypto, whether it's infrastructure or applications or games, there is a token component. Generally, you do want to sort of reward people who participated early as the network is being built. Biggest problem with airdrops, as we've seen before, is, you know, farming and civil attacks. Right? So we actually ultimately want to make proof of humanity a sort of market. Standard for airdrop claiming.
Establishing Clear Identity for Airdrop Claims
Right. At the very least, it might be the case that, hey, you know what? If you control a number of different addresses and they've interacted with a project and you deserve an airdrop, maybe you. Get it or maybe not. But, you know, if you prove that you're a human being and this is your, these are you addresses, it's a unique address. Then you get to claim your share, right? So I think that is one key thing for us. But then, you know, the other thing that we look at is beyond sort of the just a proof of humanity piece.
Expanding Beyond Airdrop Verification
And we go into sort of, and we go into sort of the identity side, right? And with the identity piece, we actually think there are a lot of use cases that are not currently solved. You know, like in the sense that there is no central repository, there's no centralized service where people can prove where they went to school, prove their medical records, prove where they've worked before, or even their KYC, right? So what we actually want to do is allow sort of these credentials to be issued on humanity protocol once and for all.
Incentive Models for Identity Validation
And then, you know, different sort of applications and developers who might want to curry the sort of information will need permission from the user. But then ultimately what we're trying to drive also is an incentive model so that ZK proofers get paid a little bit. The identity validators that are issuing the credential gets paid a little bit. The network also gets paid a little bit for providing this service. And we think this important because it's akin to sort of the physical world where, you know, a lot of us, all of us probably have a passport and the passport issued by the government, right?
Trust in Identity Validation
So think of the government as an issuer, an identity validator that has issued this passport. And so when you want to go to a bar and prove that you're over the age of 18 or 21, in the case of the US, you. Know, you sort of trust it. But imagine a world where there is actually no government. And historically, a lot of identity projects or companies in the blockchain space have been focusing on creating a fully decentralized system where essentially anybody can be issuing these sort of IDs and anybody can be consuming these IDs.
Credentials, Gatekeeping, and Ecosystem Creation
But what you end up creating is a world where essentially I could go and say, hey, you know what, Alex Kruger is actually a 15 year old girl, which is in all likelihood not true, but we, anybody could be issuing any sort of information about anybody, in which case none of the information or none of these credentials become useful at all. So what we're trying to do is essentially create a network where the credentials are issued by somebody that is, that has the ability to do so and then issue it on humanity protocol where there's some sort of gatekeeping on this information and ultimately create the widest ecosystem for this open identity network.
Key Use Cases and Applications of the Protocol
Wow. So, you know, I think for us there is the proof of humanity piece where we think one of the key use cases is actually in sort of airdrops and, you know, like games. You don't really want to be playing against bots, all that sort of stuff, you know, or even in the web two world, Twitter. Like, you really, you know, you kind of want to know that the person you're reading about or that influencer or that, you know, that account is. Actually controlled by a human being rather.
The Importance of Human Verification
Than necessarily a bot that's just generating chachi pt content. Right? But then the other thing is also then, you know, in a world where actually web three is sort of abstracted into different sort of applications and people can easily engage with them, we ultimately also want a world where there is easy ability for people to verify truth. Right. It's like, imagine like, I actually just made some new hires recently in the management level and also, like, more junior engineering levels.
Verification Processes in Identity
And my HR team had to go do background checks, reference checks, check with, okay, this person said that he went to the school and then on top of that, actually worked in these four companies. Then what I ended up having to do is actually go and check that. Well, literally call up the university, call up, you know, call up the university, call up the. The companies and say, hey, you know what? Did this guy actually work for you? How was his performance? Etc.
Creating a Reliable Verification Network
Etc. Etc. Whereas imagine a world where, hey, you know what? This guy could literally present a certificate on humanity protocol that says, yes, this person did work for this company from this year to this year in this role. And he was not fired. He left on his own. Right. This person did go to this university from this year to this year, and he had a 3.9 GPA and he studied computer science. So what we're trying to create is, you know, an open network where this could be enabled.
Conclusion and Final Thoughts
Absolutely. 100%. Wow, that's really cool. And you've actually set up the perfect segue for me to talk about some other, the marketing initiatives so that people can imagine that world that you've just set so eloquently before us. But before we do, I just want to reach back to the backers and ask them, ask you all, do you have any last things you'd like to say before I conclude? And then we're going to open some questions that might come your way or to Terrence, do you have any other things that, based on anything we've been talking about that you wanted to say before we move on?
Exploring Microfinance Opportunities
Yeah, go ahead. Yeah, for, man, I just wanted to say, because I was running something from my project, get rich for the ones who knows the code is humanity lowercase, but also wanted touch on something else that goes back also to what Terrence was saying. But I think probably the largest opportunity and one of the largest use case is most likely micro finance or micro lending, where you have countries like India or a lot of countries and in Africa, where even you don't even know who is. You know, you don't even know what some people don't even know cannot even prove how old they are.
Transforming Financial Accessibility
Like, the whole identity still haven't been digitalized. So if you think of microfinance and can you imagine the scope and the scale of what it could be where you could potentially, you know, all those unbanked people that never got access to anything, they could have, like, on chain, over time, create sort of a on chain credit score that would be, you know, linked to their, like, track record. They would, you know, it's. It's, you know, it's incredible what it could. It could, you know, literally save those people from never get, like, alone, never get even being able to.
Potential Impact on the Financial Industry
To show what they could have as a collateral. So I truly believe that it could. It could destroy the entire financial industry. Yep. For sure. Yeah. I think, you know, that. That's. That's interesting, because I think one of the things I actually spoke to a friend recently about is, you know, if we look at sort of defi in crypto, all of Defi is over collateralized lending, right? Because you have no clue who anybody is. In fact, you know, obviously, you have, like, you know, you have, like, flash loans, you have all sorts of stuff on in the crypto space, and, you know, you can hold people accountable, right?
Redefining Lending Practices
And let alone that, you don't even know who's. Who's bot and who's. Who's actually a human being, right? So. But when you look at sort of how finance has developed in the. In the traditional world, it gets down to always, it's under collateralized lending, or even, like, no collateral lending, as you mentioned, in the microfinancing space, right? So I think one of the key things is how do we build up some sort of identity network so that lenders can get comfortable with under collateralized lending or down the road, actually, no collateral.
Decentralized Lending and Trust
No collateral, zero collateral lending, so that finance could truly be decentralized and enable a lot of people. One thing I want to say there, I think it's a very interesting point. It's the trust component in the borrowing lending space. The more trustworthy your counterparty is, the lower the collateral you're going to require, and therefore, the higher the returns and the more efficient the system is in trading. If you don't trust your counterparty, if you're a market maker, you're going to spread it out. You're basically going to spread the bid ask spread, because you don't know who is on the other side or you actually don't trust that person. They may be bringing toxic flow, etcetera. Overall, I think the trust component in business is pretty much almost everything. If there is trust, the risk premium you require to invest in something is going to be lower and so on.
Importance of Trust in Business Relationships
So I think this is a very important angle, how something like humanity protocol can help business counterparts feel more, feel safer about their counterparty and therefore making extracting lower fees and everybody wins. I don't know if that was clear enough, but just an idea. It's very clear, and it fits it right into the humans on humans versus humans and bots. So we need to be cognizant of both sides. Our counterparties are, whether it's a bot or if it's a human. So you need to be secure and trustworthy on both of those angles as well.
Community Engagement and Marketing
Hero, coin engineer, do you have any last things to say, or shall we open the channel for some questions and see people like to ask you all? Yeah, I'm good with just questions. Okay. All right. All right, great. And before we do, though, I just wanted to let everybody know in the community that you all have been super supportive of us. You may not have seen it just from here, but we have got a lot of people on this space here that are new. And we wanted to tell you that if you come on over to discord, we have a really cool campaign that's been going on. Humanity protocol is now partnered with wide worlds to help shape proof of humanity's brand marketing.
Decentralized Marketing Campaign
So we talked a little bit about marketing, but this is now going to be a way to decentralize our marketing so that the whole community is actually helping us to create the brand and the market as we go along. And they have a very cool AI generated avatar system, or actually for all different kinds of images. We've started it with AI generated avatars, and we're going to be starting with villain bots immediately following this, spaces. So come on over to the Discord channel, able to submit them. You play around and regenerate them using a variety of prompts. And we've already had a couple hundred people starting to participate in that, but we want to open this up.
Interactive Community Activities
We're going to start now. You can create your own avatars. And this week, we're going to be working on creating bots. And then in the next week's four, we're going to have this sort of thing where we have the bots versus the humans. And you'll be able to create more images and things around that. You'll then be able to come here onto x, post information about what you're, your bots are and get people to vote for you. And those are the higher voted images. And it will be used to create the narration that we'll be going forward with as we develop the proof of humanity and we humans start to take control both of the bots and of those other humans that we need to take control of.
Exciting Proposals and Future Discussions
So, so I'm really excited about that. And with that, I'd like to ask our background engineers to see if we can call up some people. If you want to ask a question, raise your hand and we'll bring you up and see what questions you have. And let's see if we have some questions coming up. Checking. I don't see anybody yet. We do have someone, so just hold on, everyone. We'll get it. We have a question coming our way. And the Renegades, oh, and also you'll be able to see, while we're waiting for them to come up, you can see some of the images that have been created out on x that have been posted.
Community Contributions and Individual Ideas
Here's one about our renegade squadron from the Philippines, our Tagalong squad. They've actually labeled themselves as various individuals there. Let's see if we have our caller up yet. Wonderlust. Oh, yes. Go ahead. Go ahead and. Go ahead. What's your question? Wanderlust. Yeah, or wanderlust. Sorry? Wander. Yeah, that's fine. That's fine. Thanks a lot, dude. Thanks a lot for giving me the mic, giving me the opportunity. All these things being said, all the things been, have been thought and giving the future of decentralized identity.
Exploring Future Concepts
That's what I have been interested in that thing. But, dude, can I propose one thing? If you permit me? I have a question. Definitely. I got a question. Yeah, go ahead. That's. That's what you're here for. Yeah. Yeah. Thank you. Thank you. See, yesterday, me and my friend, were debating and the friend said, key friends said that we have seen everything. We have seen from the pages, we have seen the scene from the facts. We have seen the smss, we have seen the WhatsApp, we have seen the evolution of identity.
Visions for the Future
Technology, that's fine. So my friend got a newborn baby now, and he is saying that what if my child can dream of travel to the mass. Dream of what? I'm sorry, missed what you said. What if the child can dream of what? Dream. Dream to. To travel to the mass. Mars. The planet the. Oh, to Mars. Yeah. Yeah. Okay. Yeah. So what? Yeah, it is going to happen. It is going to happen in real time. We don't know what will happen in 20, 30, 50 years down the line.
Question on Decentralized Identity
Yeah. And I wish everybody should be there. So what's your question? So question is, my question is the future of decentralized identity. Dude, please don't take me wrong. Please, please. I would love to. I would like to humbly put it. The identity, it's itself is in the crisis. And what do we protocols here to solve? Yep. And humanity protocols here to solve that crisis that we're in. So thanks. Thanks so much for that question. Yeah, that's sort of the reason for humanity protocol's existence.
Humanity Protocol's Purpose
So I thank you for putting it out there because that's exactly what humanity protocol is here for. I think we have one other caller. Zik, you want to go ahead and ask your question? Go ahead. If you're able to speak, go ahead. Sorry, I guess jek hasn't made it. So that will, I guess, bring us to a conclusion here on x. For now. I'd like to throw it back to Terence if he wants to have a closing remark or something like that, and then we'll meet everybody over on discord.
Closing Remarks and Future Engagement
But Terrence, the floor continues to be yours. Please let us know the good word. Yeah, I mean, thanks for joining us. Thank you guys. You know, Alex here, Gwen engineer, everybody for participating, you know, and thanks for the question. You know, I do think we're all going to Mars, you know, as I mentioned before, you know, some exciting stuff in terms of the launch of the testnet. There's also going to be, we're going to do a bunch of stuff at token 24 nine in Singapore. So please do look out for announcements.
Future Developments and Community Participation
You know, we'll be physically there and you'll actually be able to join Testnet, participate early, hopefully the reward component in terms of how we think about air drops and fair drops and whatnot. We do think this just should become the market standard for web three industry. So glad to have you guys on board and be part of the community so early on. Thank you so much, Terrence. Thank you for all of our guests. Thank you. Alex Coin engineer Hiro Elimar. We'll have to do this again some other times. It's been great.
Community Excitement and Future Talks
And just everybody stay tuned for humanity protocol and what in humanity with a lower age? Talk to you all later. Bye bye. Thank you, guys.
