Biometrics in the crypto space
San Francisco-based startup VeryAI has raised $10 million in a funding round led by cryptocurrency investment firm Polychain Capital to create a user identity system on the Solana blockchain.
The key feature of VeryAI's technology is the use of biometric data for user authentication. Through a smartphone app, users will be able to scan their palm, and this information will be stored on the Solana blockchain in encrypted form. This will allow crypto platforms and DeFi projects to verify user identity without revealing their personal data.
Such an approach is becoming increasingly relevant in the context of combating fake accounts, bots, and other manipulations in the cryptocurrency space. Recently, the major cryptocurrency exchange Binance reported the successful implementation of palm scanning for user authentication.
Prospects of palm-scan in the crypto world
The VeryAI solution is of interest to the Solana blockchain ecosystem, which is aimed at high scalability and energy efficiency. The integration of biometric identification can become an important step in enhancing the security and trust in the platform.
Overall, the use of palm-scan for authentication in cryptocurrency applications is a promising technology. It allows protecting users from fraud and phishing, while maintaining their privacy. As blockchain and biometrics technologies evolve, we are likely to see more such solutions that will contribute to the growth of trust and security in the cryptocurrency industry.