Billions Network has introduced a digital identity system that allows users to avoid sharing their biometric details, an action they claim upholds privacy and contrasts with similar initiatives such as Sam Altman’s project, The World.
As per a statement made on February 28th, the Billions Network has developed a universal validation platform for both humans and artificial intelligence entities, utilizing Circom, their zero-knowledge verification technology. The company asserts that this validation system has already undergone testing by well-known financial institutions such as Deutsche Bank and HSBC.
Approximately 9,000 different projects, among which are TikTok and World, have utilized Circom technology according to Billions Network.
The platform was introduced as a solution to the increasing difficulty users encounter when confirming their online traces, given the escalating instances of AI-generated deepfakes, Sybil attacks, and frauds.
Billions Network unveiled its platform, mirroring the increasing apprehension towards initiatives similar to World (formerly Worldcoin). The company’s use of iris scans has ignited significant debates over privacy issues and cast doubts on extensive biometric data accumulation.
To address these worries, the Brazilian data privacy authority has imposed restrictions on the methods by which Company gathers biometric data.
Digital identity taking newfound importance
At present, platforms such as Billions Network and World are experiencing increased popularity, coinciding with an influx of bots and artificial intelligence producing substandard content and misinformation across the internet. This issue poses a significant risk to genuine user interaction.
According to CryptoMoon’s report, approximately 5-15% of accounts on social media platform X could be automated or fake. Simultaneously, Facebook regularly removes over a million fraudulent user accounts each quarter.
As a researcher exploring the realm of artificial intelligence (AI), I’ve observed an unsettling trend: while AI undeniably brings numerous advantages, it also seems to be enhancing the scalability and profitability of cryptocurrency scams.
According to a report from Chainalysis in February, it’s predicted that the year 2025 might witness an increase in cryptocurrency frauds, largely driven by the expansion of Generative Artificial Intelligence technology.
According to Elad Fouks from Chainalysis, GenAI poses a significant risk to financial institutions by boosting scams through advanced, cost-effective, and widely scalable fraud techniques that capitalize on human weaknesses.
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2025-02-28 23:44