Humanity Protocol, a blockchain-based identity verification project, has achieved unicorn status with 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 others. This funding injection will allow Humanity Protocol to expand its product development unit in preparation for the launch of its public testnet later this year.
What sets Humanity Protocol apart is its use of 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. This approach presents itself as a less invasive alternative to its competitor, Worldcoin, which uses iris scanning technology. However, Worldcoin has faced backlash and has been banned in multiple countries due to privacy concerns, despite already amassing a user base of 10 million individuals.
Since emerging from stealth mode just one month ago, Humanity Protocol has garnered significant interest, with over half a million people signing up for its waitlist. Terence Kwok, who launched the project through the Human Institute, has received support from notable figures such as Animoca Brands co-founder Yat Siu and Polygon Labs. 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.
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 aims to revolutionize the authentication process by providing a user-centric approach that ensures a seamless experience and allows billions to access a decentralized digital identity solution. By upholding the principles of genuine digital ownership, the project aims to foster equity, inclusion, and empower every participant in the journey towards a more inclusive digital future.
In 2023, there were 2,814 reported incidents resulting in the breach of 8.2 billion documents, highlighting the need for better data security. Humanity Protocol distinguishes itself by storing user information in a decentralized manner, ensuring ownership remains solely with the individual user. This approach aims to safeguard sensitive data and protect user privacy. Other countries, such as China and Brazil, are also exploring the use of blockchain technology for identity verification purposes.
