Humanity Protocol, a blockchain-based platform, has achieved unicorn status after raising $30 million in a recent funding round. The round, led by Kingsway Capital, included investments from Animoca Brands, Blockchain.com, Hashed, Shima Capital, and others. This funding brings the valuation of Humanity Protocol to $1 billion. The company plans to use the funds to expand its product development unit ahead of the launch of its public testnet in the second half of 2024.
What sets Humanity Protocol apart is its use of palm scanning technology to secure users’ digital identities on the blockchain. By incorporating zero-knowledge technology and employing a consensus mechanism called “proof-of-humanity,” the platform aims to verify that users are human and not AI bots. This approach offers a less invasive alternative to Worldcoin, a competitor that uses iris scanning technology. Worldcoin, led by OpenAI CEO Sam Altman, has faced privacy concerns and has been banned in several countries, despite amassing a user base of 10 million individuals.
Since emerging from stealth mode just a month ago, Humanity Protocol has already attracted significant interest, with over 500,000 people signing up for its waitlist. Terence Kwok, who launched the project through the Human Institute in February 2023, has received support from notable figures such as Animoca Brands co-founder Yat Siu and Polygon Labs.
The decentralized identity market is gaining momentum as the world becomes increasingly reliant on AI and data breaches become more prevalent. Humanity Protocol aims to revolutionize the authentication process with its user-centric approach, ensuring a seamless experience and providing billions of people with access to a decentralized digital identity solution. By prioritizing genuine digital ownership, the platform aims to foster equity and inclusion, empowering every participant in the journey towards a more inclusive digital future.
In a world where data security is a growing concern, Humanity Protocol stands out by committing to store user information in a decentralized manner, giving sole ownership to the individual user. This approach aims to protect sensitive data and user privacy. China and Brazil have also recognized the potential of blockchain technology for identity verification, with China planning to use it for real-name identity verification for its vast population and Brazil set to issue digital identification documents for its citizens using blockchain technology.
The decentralized identity market is becoming increasingly competitive as the world recognizes the importance of secure and user-friendly solutions. Humanity Protocol’s unicorn status and funding success demonstrate the growing interest and support for their innovative approach to digital identity verification.