‘Proof-of-Humanity will make decentralized finance fairer,’ says Harjyot Singh, chief technical officer at Human Protocol.
What is Proof-of-Humanity?
Most of us will probably know some consensus algorithms, for example Proof-of-Stake or Proof-of-Work. A consensus algorithm is actually an algorithm that checks the legitimacy of a blockchain. This is done in PoS by staking and in PoW by mining.
More and more we are seeing new types of consensus algorithms, including now a network that uses Proof-of-Humanity. This network is Human Protocol.
Human Protocol is a blockchain infrastructure that aims to ensure that the digital labor market is decentralized.
The platform was recently launched on the Ethereum mainnet. It can now perform the entire process of hiring someone fully automatically. The platform uses artificial intelligence and machine learning. Users of the network are rewarded in HMT, Human’s own token.
Why does PoH make DeFi fairer?
So, according to Harjyot Singh, the chief technical officer of Human Protocol, this ensures that DeFi will become more fair. He says he is proud of the developments they have made in recent times, for example in the decentralized job market.
The AI incorporated into Human Protocol will itself be able to recognize and distinguish people. This will allow it to match people to a particular job and then ensure that this whole process is successful.
Singh himself expects this to completely change the world of DeFi. This is because it can be used not only for the job market, but also for many other processes in everyday life. The system can start performing repetitive tasks and this will make people’s lives easier.