YM Lee

Interview with Terence Kwok, CEO of Humanity Protocol Solving AI Side Effects with 'Proof of Humanity' Infrastructure Utilizing Biometric Authentication Technologies like 'Palm Scan' Sharing Only Desired Data with 'zkTLS' Active Collaboration with Korean Companies and Universities "As artificial intelligence (AI) advances at a tremendous speed, side effects such as fraud, impersonation, and forgery are also increasing. Humanity Protocol aims to prevent such issues through blockchain-based 'proof of humanity' infrastructure and to build a trustworthy internet environment." Terence Kwok, CEO of Humanity Protocol (photo), stated in the interview with Bloomingbit on the 25th that Humanity Protocol will improve the increasingly chaotic internet environment caused by the proliferation of AI by building human-centric trust infrastructure. We spoke in detail with CEO Kwok about the rapidly changing future of the internet due to artificial intelligence and the blockchain-based 'proof of humanity' infrastructure envisioned by Humanity Protocol. Improving the Internet Environment with 'Proof of Humanity' Infrastructure CEO Kwok emphasized that in the age of AI, infrastructure to prove genuine 'human' identity in the digital space is becoming increasingly important. He believes that more and more companies and platforms will adopt 'proof of humanity' infrastructure to prevent cases of impersonation, fraud, and forged identities involving the misuse of AI bots. He said, "Many instances of fraud and impersonation have occurred on major platforms like Facebook and LinkedIn," and added, "Humanity Protocol has built the proof of humanity infrastructure as an Ethereum-based Layer 2 blockchain." He continued, "We are confident that our infrastructure will be used in an even wider range of fields moving forward," and explained, "With Humanity Protocol, individuals can self-verify information such as employment, education, nationality, and assets online." Humanity Protocol uses 'Palm Scan' technology as a medium for proof of humanity. Palm scanning is proven technology in payment systems in various countries such as the US, China, and Japan. It is known for its resistance to forgery, as each individual has unique palm features. CEO Kwok explained, "Palm vein and pattern recognition technology is also being used by companies such as Amazon in the US and Tencent in China, as each person's palm characteristics are different," and added, "Humanity Protocol plans to introduce more authentication methods beyond this." Verifying Only the Desired Data with 'zkTLS' Humanity Protocol differentiates itself from conventional Web2-based identity verification systems in that it enables users to verify only the data they wish to share, based on 'zkTLS' (Zero-Knowledge Transport Layer Security Protocol). This method allows data to be transmitted between servers using Zero-Knowledge Proof (ZKP) without revealing personal information. Unlike centralized companies like Google and Facebook, users only share necessary data to prove its authenticity, rather than disclosing all information. CEO Kwok said, "With Humanity Protocol, you can share your information only at the desired time, and only with the people or companies you wish," and added, "We operate a trust-based protocol that ensures users’ privacy and data ownership." He further stated, "Such a trust-based infrastructure is essential for the future and advancement of the internet, and we will create real-world use cases in diverse areas beyond Web3." Active Collaboration with Korean Companies and Universities CEO Kwok announced plans to collaborate with Korean companies and universities that require identity verification infrastructure. Recently, Humanity Protocol conducted a hackathon with Korea University and is reportedly in contact with major Korean conglomerates. He said, "We regard the Korean market as extremely important, not only because of its substantial crypto investor base," adding, "There are many excellent developers and founders in Korea, and universities are actively researching new technologies." He continued, "We are grateful that so many Web3 communities in Korea have supported us from the early days," and added, "We will continue working with key players in the Korean market to build a broader ecosystem together." Youngmin Lee, Bloomingbit Journalist 20min@bloomingbit.io

Bitmine Immersion (BMNR), a cryptocurrency mining company that promotes its strategy of reserving '5% of all Ethereum (ETH) worldwide,' is listing a common stock option product on Nasdaq. On the 23rd (local time), Bitmine announced, "This listing of a common stock option product will create various benefits, including increased stock liquidity, risk management, and the use of leveraged positions." Tom Lee of Fundstrat, chairman of Bitmine's board, emphasized, "Bitmine's NYSE option trading is a significant milestone and will serve as a foundation for achieving our goal to become the world's largest Ethereum reserve institution."

Bitcoin (BTC) mining company Mara Holdings (MARA) has announced the issuance of senior convertible bonds totaling $850 million. On the 23rd (local time), Mara Holdings announced through its official channel that it plans to issue senior convertible bonds worth $850 million, maturing in 2032. These bonds are unsecured senior notes and do not pay regular interest. Special interest for these bonds will be paid semiannually from February 1, 2026. Mara Holdings plans to use part of the net proceeds from the sale of the bonds to repay convertible preferred bonds maturing in 2026 and for Bitcoin purchases, among other purposes.

XRP has ranked 91st in the global asset market capitalization list. On the 23rd (local time), crypto-specialized media outlet Decrypt, citing Infinite Market Cap data, reported that “XRP, currently the third largest cryptocurrency by market capitalization, ranked 91st among global assets with a market cap of $20.389 billion.” According to CoinGecko data, XRP recorded a monthly growth rate of 71%, surpassing global beverage manufacturer PepsiCo, telecom company AT&T, taxi platform Uber, and global asset management firm BlackRock in market cap. The top crypto by market capitalization, Bitcoin, was placed 6th on the global asset list after Amazon, while Ethereum ranked 29th.

Recently, as the price of Ethereum (ETH) has surged, the validator node exit queue has increased sharply. According to The Block on the 23rd (local time), the sudden spike in Ethereum validator node exit withdrawals has pushed the queue out to an unprecedented 8–9 days. Currently, approximately 521,000 ETH are waiting to be withdrawn from the network. ValidatorQueue data shows that this is the first time the exit queue has reached 8–9 days since 2021. The entry queue for validators awaiting activation stands at 359,500 ETH, resulting in around 6 days of activation delay. Ethereum validators lock up and stake ETH to help secure the network. Validators propose new blocks and attest to the validity of others, earning ETH rewards in the process.

The spot Ethereum (ETH) Exchange-Traded Fund (ETF) is currently absorbing much of the liquidity in the cryptocurrency market. On the 23rd (local time), cryptocurrency-specialized media Cointelegraph, citing SoSoValue data, reported, “The spot Ethereum ETF has recorded 13 consecutive trading days of capital inflows since the 2nd, with the total inflow during this period nearing $4 billion.” Matt Hougan, Chief Investment Officer (CIO) at Bitwise, commented, “The proportion of Ethereum products in ETP investors’ portfolios is still low. While Ethereum represents 19% of Bitcoin’s market capitalization, the assets accumulated in Ethereum ETPs don’t even reach 12% of those held in Bitcoin ETPs,” forecasting continued bullish momentum. On-chain analysis platform Lookonchain also stated, “Currently, Ethereum’s short-term demand is outperforming supply, and prices are expected to remain strong going forward.” Ethereum is currently trading at $3,674 on the Binance Tether (USDT) market, up 0.81% from the previous day.

The global virtual asset (cryptocurrency) exchange Bianance announced on the 23rd that it will delist two spot virtual asset trading pairs, GPS/FDUSD and HIVE/FDUSD. Bianance explained, "To protect users and maintain high-quality trading markets, we regularly review spot trading pairs and delist those with insufficient liquidity and trading volume." Trading for the pairs to be delisted is scheduled to be suspended at 3:00 a.m. (UTC) on the 25th.

Recently, some opinions have emerged stating that the overheating trend caused by the sharp rise of the leading altcoin, Ethereum (ETH), is not yet a cause for concern. On the 23rd (local time), Dan, an analyst at the on-chain analysis platform CryptoQuant, analyzed, "Ethereum has recently shown a steep upward trend, and while there is still a risk of entering a short-term correction phase, from a broader perspective, the current buying level cannot be seen as overheating."

Recently, although Bitcoin (BTC) has reached an all-time high (ATH) and the market remains bullish, some experts believe that signs of overheating in the virtual asset market have not even started to appear yet. On the 16th (local time), Dan, an analyst at the on-chain analysis platform CryptoQuant, explained, "While Bitcoin has reached new all-time highs and entered a new phase, on-chain data indicating market overheating has shown only a slight uptrend." He added, "Unlike March and December of 2024, the market still does not show signs of overheating. Although the price has risen, there has been less overheating compared to previous short-term peaks. This suggests that in the second half of 2025, Bitcoin is highly likely to continue setting new all-time highs."

According to Token Mindshare—a metric from the AI-powered web3 search platform Kaito that quantitatively measures the influence of specific tokens in the virtual asset market—the top trending virtual asset-related keywords as of the 15th are Ethereum (ETH), Solana (SOL), and BONK (BONK). Ethereum (ETH) has drawn investor attention due to recent accumulation buying by publicly listed companies. Multiple listed companies, including Sharplink Gaming, have adopted Ethereum as a strategic reserve asset and have been continually accumulating it. Solana (SOL) has seen a rise in mentions as interest in Pump.fun—a meme coin issuance platform based on Solana—increased. Pump.fun attracted investor interest following listings on major exchanges such as Coinbase. BONK (BONK) gained attention on the 15th (local time) after being added to Grayscale’s virtual asset portfolio. There is ongoing anticipation of further institutional investment inflow through Grayscale. In addition, excitement is rising over the plan to burn 1 trillion BONK if the number of holders, currently around 950,000, exceeds 1 million. Other virtual assets at the top of the investor interest rankings include Avalanche (AVAX), Tether (USDT), and Pepe (PEPE).

SharpLink Gaming, a strategic Ethereum (ETH) holding company, has acquired an additional 6,377 ETH. On the 16th (local time), the on-chain data analysis platform Lookonchain announced through its official X (formerly Twitter), "SharpLink purchased an additional 6,733 ETH. With this latest purchase, SharpLink's total purchases over the past 7 days have neared 91,330 ETH."

Thanks to the recent market uptrend, there has been a net inflow of funds into the Ethereum (ETH) spot exchange-traded funds (ETF). According to Farside Investors data on the 16th (local time), Ethereum spot ETFs saw an inflow of $192.3 million. The product with the largest inflow was BlackRock’s ETHA, which attracted a total of $171.5 million.

There has been a net capital inflow into Bitcoin (BTC) spot Exchange-Traded Fund (ETF) products for nine consecutive trading days. According to data from Farside Investors on the 16th (local time), there was a net capital inflow of $430 million into Bitcoin spot ETFs on the 15th. The product with the largest capital inflow was BlackRock’s IBIT, receiving $416.3 million. On the other hand, Fidelity’s FBTC saw an outflow of $22.9 million, and Grayscale’s GBTC experienced an outflow of $41.2 million.

There is an opinion that the likelihood of Bitcoin (BTC) entering a prolonged correction phase is very low. According to a report by Cointelegraph on the 16th (local time), Matt Mena, a digital asset research strategist at 21Shares, explained, "There is a structural imbalance reflected in the Bitcoin chart between surging demand and a quickly dwindling supply base. Since there are far more positive factors than negative ones, a long-term correction is impossible." He added, "Although the amount of Bitcoin held by exchanges and over-the-counter desks is at a historic low, demand continues to increase." Bitcoin, riding momentum from optimism over 'Crypto Week'—in which votes on three major digital asset bills in the United States took place last Monday—hit an all-time high of $123,000 before declining to its current level of around $117,000. He also noted that the role of the Bitcoin ETF should not be overlooked. Mena stated, "The Bitcoin ETFs listed in the United States absorbed several times the amount of Bitcoin to be mined this year in just the first half of the year."

Peter Thiel, a well-known venture capitalist and PayPal co-founder, has reportedly acquired a stake in BitMine Immersion Technologies. On the 16th (local time), CryptoBriefing cited documents submitted to the Securities and Exchange Commission (SEC), reporting that "Peter Thiel reported joint voting and disposal rights for a total 9.1% stake in BitMine Immersion Technologies, corresponding to 5,094,000 shares." BitMine, a cryptocurrency mining company, has recently reinvented itself as a leading holder of Ethereum. Currently, BitMine holds 163,000 ETH in Ethereum, valued at about $500 million.