An ambitious blockchain project has turned to FaceTec for biometric technology that will prove to be critical to its platform, delivering one of the most notable testaments yet to the sophistication of FaceTec’s technology.
The project, dubbed “Humanode”, aims to build a distributed financial network that takes an alternative approach to transaction validation. Essentially, the aim is to make each human end user a node on the network.
‘Proof of Existence’
This is a distinct approach in comparison to the dominant means of transaction validation on other blockchain platforms. Bitcoin, for example, is known for the ‘Proof of Work’ approach, in which nodes are incentivized to support the blockchain by the opportunity to ‘mine’ cryptocurrency through elaborate computations. Ethereum, on the other hand, has been moving toward a ‘Proof of Stake’ model in which nodes can support the platform by investing a cryptocurrency stake on which they essentially earn interest.
The Humanode team want to base their blockchain on a network of nodes in which each node is irrefutably tied to a single human being. This, as Humanode explains in its pitch deck, is a model based not on Proof of Work or Proof of Stake, but upon ‘Proof of Uniqueness’ and ‘Proof of Existence’.
The advantage of this particular model is that it would give each