Web3 And The Metaverse Embrace Trust And Privacy With Liquid Avatar's 'Proof of Humanity' Technology

Jim Gordon

Hi, I am Jim Gordon and you're watching Market One Minute. Joining us is David Lucatch, CEO, President and Chair of Liquid Avatar Technologies. David, welcome.

David Lucatch

Thank you for having me here today as well!

Jim Gordon

Great to have you, sir! Okay. What is Proof of Humanity and why is it important to the evolution of the internet?

David Lucatch

Well, Proof of Humanity is the ability to prove that I'm a real person. So what does that really mean at the end of the day? Well, we know that online, we're usually anonymous and we have no data. We use a username and a password to get in and we could have 50 accounts, we could be good we could be bad, we could be fake, there's so many opportunities when we think about no identity. 

Then at the other end of the spectrum there is what we call KYC, Know Your Client or Customer, which is a bank rate verification which proves I am exactly who I am, and that usually means that I have to give up my driver's license or passport. And in many cases, that's too much information to either give out or to put in someone's hands. 

Proof of Humanity is in the middle. It allows me to verify that I'm a real person using biometrics verifying my device and self-attesting, giving my age. That creates a verifiable credential. It creates a piece of encrypted data that you can use at your discretion to pass to websites and organizations when you want to prove that you're a real person. The benefit of it is that you can use that Proof of Humanity instead of a username or password when signing onto a website or any type of online platform. This creates value for the user and for the system because they know only real people are inside their platform.

Jim Gordon

And can you explain to us how digital footprints support online economic growth?

David Lucatch

Well, when you think about digital footprints or Proof of Humanity and economic growth, many sites today are plagued by fake accounts, duplicate accounts, and even bad actors. People who presume to be someone else and do potentially nefarious things. 

Proof of Humanity puts everybody on the same level playing field. It creates the ability for me as a user to share information when I choose to do so and still remain anonymous. That allows websites and other organizations and other platforms to really create new and engaging services based on having real people on their platform, which has great economic value because I'm not servicing or managing bad accounts or fake accounts and I'm able to grow my business with real users and real data.

Jim Gordon

Okay David, you've explained to us how digital footprints support online economic growth. How is Liquid Avatar Technologies helping to make this happen?

David Lucatch

Well, at Liquid Avatar, we really focus it on three things. We focus on digital footprints, avatars, and digital goods and the Metaverse. And if we really look at the beginning digital footprints, digital footprints help us assure, create high levels of assurance that all the users in our platforms are real people. We can also take that those credentials are transportable, so users from our platform can take them to other platforms that are enabled with Proof of Humanity and the Liquid Avatar mobile app that is now available in over a hundred countries, and regions around the world. This allows us to support the economic growth of the emerging Web 3.0 environment as we move from Web 2.0.

Jim Gordon

And what will be the key revenue drivers for the company?

David Lucatch

So when we look at the key revenue drivers behind digital footprint, we look at the credential itself that a company may want to have. So if you work for an organization and you're online they may want you to have a credential that proves that you're a real person and may also prove who you are. And so, creating those credentials initially has a start-up cost which creates economic value for Liquid Avatar. Plus, the use of those credentials will have small micro charges that are transactional. And there's lots of different types of credentials, not only proof of humanity and full digital identity, but we look at marketing credentials and access credentials and validation credentials for a whole load of different opportunities in the emerging Web 3.0 ecosphere.

Jim Gordon

And lastly, what do you believe is the main catalyst for this next evolution?

David Lucatch

Well, I think as we move from Web 2.0 to Web 3.0, and I know that a lot of people are thinking,

well, what's Web 2.0? And what's Web 3.0? Web 1.0 was the informational age, Web 2.0, it was the social media age. And as we go to Web 3.0, which includes immersive technologies like the Metaverse virtualization, augmented reality, extended reality, all the new types of things that will really create immersive environments.

I think it behooves ourselves to ensure that we have only real people in our platforms. But because there's been no type of identity verification, that's allowed bad accounts, fake accounts, duplicate accounts, to permeate the ecosphere, and as such, really creates a lesser value for both individuals and online sites. I think by driving forward with Proof of Humanity and digital credentials and the digital footprint, we're going to see great economic growth.

Jim Gordon

David, thank you for joining us.

David Lucatch

Thank you very much.

 

ABOUT LIQUID AVATAR TECHNOLOGIES INC:  

Liquid Avatar Technologies Inc. LQID LQAVF 4T focuses on the verification, management and monetization of Self Sovereign Identity, empowering users to control and benefit from the use of their online identity.

 

This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice.

Featured photo by Tyler Prahm on Unsplash

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