Humanity Protocol has achieved unicorn status following a recent funding round that raised $30 million, resulting in a valuation of $1 billion.
The Seed Round, led by Kingsway Capital, saw participation from prominent investors such as Animoca Brands, Blockchain.com, Hashed, Shima Capital, and several others, the firm said in a recent Medium post.
Per the announcement, the funding injection will enable Humanity Protocol to expand its product development unit as it gears up for the launch of its public testnet in the latter half of 2024.
Humanity Protocol Uses Palm Scanning to Secure Digital Identities
The project sets itself apart by utilizing palm scanning technology to secure users’ digital identities on a blockchain.
By integrating zero-knowledge technology and employing a consensus mechanism known as “proof-of-humanity,” the platform aims to verify that users are human and not AI bots.
Humanity Protocol’s approach to identity verification presents itself as a less invasive alternative to its competitor, Worldcoin, which utilizes iris scanning technology.
Worldcoin, led by OpenAI CEO Sam Altman, has faced significant backlash and been banned in multiple countries due to privacy concerns.
Nevertheless, Worldcoin has already amassed an impressive user base of 10 million individuals.
Since emerging from stealth mode just one month ago, Humanity Protocol has garnered substantial interest, with over half a million people signing up for its waitlist.
Terence Kwok, who launched the Humanity Protocol through the Human Institute in February 2023, has received support from notable figures such as Animoca Brands co-founder Yat Siu and Polygon Labs, who assisted in building a testnet earlier this year.
While decentralized identity solutions hold immense potential, Yat Siu emphasizes the importance of ensuring they are user-friendly and not overly 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
As the world becomes increasingly reliant on AI and data breaches become more prevalent, competition in the blockchain-based identity market continues to intensify.
“Humanity Protocol is revolutionizing the authentication process with its user-centric approach which ensures a seamless experience, allowing billions to access a decentralized digital identity solution,” Yat Siu said.
“By upholding the principles of genuine digital ownership, we’re fostering equity and inclusion, empowering every participant in the journey towards a more inclusive digital future.”
According to IT Governance data, there were 2,814 reported incidents resulting in the breach of 8.2 billion documents in 2023.
Humanity Protocol distinguishes itself by committing to store user information in a decentralized manner, ensuring that ownership remains solely with the individual user.
This approach aims to safeguard sensitive data and protect user privacy in an era marked by growing concerns about data security.
Last year, China unveiled plans to use blockchain technology for the verification of real-name identities of its vast population of 1.4 billion people.
Likewise, Brazil has announced it is set to issue digital identification documents for its more than 214 million citizens using blockchain technology.
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