As per The Block's report, a competitor to the renowned Worldcoin (WLD) project, known for its iris scanning technology, has emerged.

Now, a similar innovation is being introduced to the TON ecosystem. TON Society and HumanCode are collaborating on a Toncoin initiative valued at over $5 million, utilizing palm scanning for identity verification.

The Toncoin ecosystem, incorporating palm scanning for identity verification, has earmarked $5 million worth of Toncoin tokens to incentivize users to authenticate their identities via palm scanning technology.

Unveiled today at the Hong Kong Web3 Festival, the initiative aims to furnish digital identities to 500 million Telegram users over the next five years.

In a statement, TON Foundation Growth Director Ekin Tuna expressed:

"A scalable, private, and decentralized identity will facilitate the integration of the first one billion users into the Web3 ecosystem on Telegram. I am eager to explore further possibilities and witness the exciting use cases it will unlock for both the community and TON developers."

Following the announcement, Toncoin has witnessed a surge of up to 10% in the last 24 hours. As of now, TON stands at 10th place with a market capitalization of $20 billion. #Altcoinseason2024 #Altcoins👀🚀 #Cryptocurrencies #web3crypto #Dapps