Humanity Protocol has reached unicorn status after a successful funding round that secured $30 million, leading to a valuation of $1 billion.
The Seed Round, spearheaded by Kingsway Capital, attracted notable investors including Animoca Brands, Blockchain.com, Hashed, Shima Capital, among others, according to a recent Medium post by the company.
The funding infusion, as per the announcement, will empower Humanity Protocol to bolster its product development team in preparation for the rollout of its public testnet in the latter part of 2024.
Humanity Protocol Uses Palm Scanning to Secure Digital Identities
Distinguishing itself, the project utilizes palm scanning tech to safeguard users’ digital identities on a blockchain. Incorporating zero-knowledge technology and employing the “proof-of-humanity” consensus mechanism, the platform verifies users as human, not AI bots.
Humanity Protocol’s identity verification stands as a less intrusive option compared to its competitor, Worldcoin, which relies on iris scanning technology. Led by OpenAI CEO Sam Altman, Worldcoin has encountered backlash and bans in multiple countries over privacy worries. Despite this, Worldcoin boasts an impressive user base of 10 million individuals.
Since emerging from stealth mode just a month ago, Humanity Protocol has garnered significant interest, with over half a million individuals joining its waitlist.
Terence Kwok, who initiated Humanity Protocol via the Human Institute in February 2023, has garnered support from prominent figures like Animoca Brands co-founder Yat Siu and Polygon Labs, which aided in constructing a testnet earlier this year.
While decentralized identity solutions hold immense potential, Yat Siu underscores the importance of ensuring they remain user-friendly and minimally intrusive during the onboarding process.
“Traditional Proof-of-Personhood methods often come with drawbacks, whether they’re too invasive, complicated, or cumbersome.”
Decentralized Identity Market Finds Momentum
With the world’s growing dependence on AI and the rise in data breaches, competition in the blockchain-based identity sector is escalating.
“Humanity Protocol is transforming authentication with its user-centric approach, ensuring a smooth experience that enables billions to embrace a decentralized digital identity solution,” remarked Yat Siu.
“By championing the ideals of authentic digital ownership, we’re promoting fairness and inclusivity, empowering all stakeholders in the quest for a more equitable digital tomorrow.”
According to IT Governance data, there were 2,814 reported incidents in 2023, leading to the breach of 8.2 billion documents.
Humanity Protocol sets itself apart by pledging to store user information in a decentralized fashion, guaranteeing sole ownership remains with the individual user.
This strategy is designed to shield sensitive data and uphold user privacy in an era characterized by mounting apprehensions about data security.
Last year, China revealed intentions to leverage blockchain technology for verifying real-name identities within its extensive population of 1.4 billion people.
Similarly, Brazil has disclosed plans to issue digital identification documents for its over 214 million citizens using blockchain technology.
