Humanity Protocol has achieved unicorn status after a recent funding round that raised $30 million, bringing the valuation to $1 billion.
The seed round led by Kingsway Capital included prominent investors such as Animoca Brands, Blockchain.com, Hashed, Shima Capital and several others, the company reported in a recent post on Medium.
According to the announcement, the funding injection will enable Humanity Protocol to expand its product development unit in preparation for a public test network launch in the second half of 2024.
Humanity Protocol uses palm scanning to secure digital identities
The project is distinguished by its use of palm-scanning technology to secure users’ digital identities on the blockchain. Integrating zero-knowledge technology and using 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 appears to be a less invasive alternative to its competitor, Worldcoin, which uses iris scanning technology. Worldcoin, led by OpenAI CEO Sam Altman, has faced a serious backlash and has been banned in many countries due to privacy concerns.
Nevertheless, Worldcoin has already amassed an impressive user base of 10 million people.
Since coming out of stealth mode just a month ago, Humanity Protocol has enjoyed a high profile, with more than half a million people signed up for the waiting list.
Terence Kwok, who launched the Humanity Protocol through the Human Institute in February 2023, received support from well-known figures such as Animoca Brands co-founder Yat Siu and Polygon Labs, who helped build the test network earlier this year.
While decentralized identity solutions have great potential, Yat Siu stresses that they are user-friendly and not too intrusive during the implementation process. “Traditional identity proofing methods often have drawbacks, whether they are too invasive, complicated or cumbersome.”
Decentralized identity market gains momentum
As the world becomes more reliant on artificial intelligence and data security breaches become more frequent, competition in the blockchain-based identity market continues to intensify.
“Humanity Protocol is revolutionizing the authentication process with a user-centered approach that provides a seamless user experience, enabling billions to access a decentralized digital identity solution,” – Yat Siu said.
“By adhering to the principles of true digital ownership, we are promoting equality and inclusion, empowering everyone on the journey toward a more inclusive digital future.” According to IT Governance , 2814 incidents involving 8.2 billion documents were reported in 2023.
Humanity Protocol stands out for its commitment to storing user information in a decentralized manner, ensuring that ownership remains solely in the hands of the individual user.
The approach is designed to protect sensitive data and safeguard user privacy in an era marked by growing concerns about data security.
Last year, China unveiled plans to use blockchain technology to verify the true identities of its vast population of 1.4 billion people. Similarly, Brazil announced, it intends to issue digital identification documents to more than 214 million citizens using blockchain technology.
