Startup VeryAI has secured $10 million in seed funds from Polychain Capital. The funds are intended to support its palm scan identity verification system. The company claims to help online platforms identify genuine users and prevent AI-generated profiles and bot networks online.
VeryAI said that its identity attestation will be stored on the Solana blockchain. The target customers for its product are crypto exchanges, fintech companies, and online platforms. The company associated its product with threats from deepfakes, synthetic identities, and botnets.
The verification process involves scanning a user’s palm using a phone’s camera. VeryAI stated that the scanned image is then used as an encrypted signature. The company claims to verify whether a user is human without storing identifiable data.
VeryAI described palm biometrics as very distinctive. The company also described palms as less exposed compared to faces. The data is then turned into irreversible features, according to VeryAI.
The company said that it does not store the original images. VeryAI also explained that it is impossible to recreate the original biometric data from the stored signature. VeryAI explained that the signature is utilized for matching and verification.
VeryAI said that it utilizes zero-knowledge proofs to ensure privacy. The company added that users can verify their status across different platforms. VeryAI explained that users don’t have to disclose personal data.
“We’re on the verge of a world where the internet is no longer able to assume that every account, every message, every video is created by a real person,” said the founder and CEO, Zach Meltzer. “That’s because AI is breaking those assumptions of trust that were built into the internet itself,” he added.
Source: WebWire
Meltzer said that crypto platforms are vulnerable to Sybil attacks during onboarding and to fake account farming incentives. He said that users are vulnerable to impersonation scams.
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He said that the aim is not only to verify that a human exists. He said that users must be aware that a real person is present and acting authentically.
VeryAI said it is working with MEXC, Colosseum, Clique, and Talus. Meltzer said that other exchanges and wallets are gearing up to integrate with the system. The company did not list those exchanges and wallets.
Other people in the crypto industry have raised similar risks with AI-generated identities. Chris Dixon, a partner at venture capital firm Andreessen Horowitz and founder of a16z crypto, said last year that there is an “ocean of AI-powered deepfakes and bots.” He said blockchain technology could be a solution through cryptographic verification.
The token associated with World rose by 40% in January after news that OpenAI was considering a social media site with no bots. That news said users would be required to verify that they are a human before they can participate.
The trade-off in privacy is a concern in the design of identities. Vitalik Buterin, the founder of Ethereum, has recommended models where users are required to prove specific characteristics, such as uniqueness and eligibility, without disclosing identity. He has also cited zero-knowledge proof.
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