Humanity Protocol, a blockchain-based platform that utilizes palm scanning technology to secure digital identities, recently achieved unicorn status following a $30 million funding round led by Kingsway Capital. This round resulted in a valuation of $1 billion for the project, with participation from investors such as Animoca Brands, Blockchain.com, and Hashed. The funding injection will enable Humanity Protocol to expand its product development unit and launch its public testnet in the latter half of 2024.
The platform distinguishes itself by utilizing zero-knowledge technology and a consensus mechanism called “proof-of-humanity” to verify that users are human rather than AI bots. This approach is seen as a less invasive alternative to competitors like Worldcoin, which uses iris scanning technology. Despite facing backlash and bans in multiple countries due to privacy concerns, Worldcoin has garnered a user base of 10 million individuals.
Since emerging from stealth mode just one month ago, Humanity Protocol has attracted significant interest, with over half a million people signing up for its waitlist. Founded by Terence Kwok in February 2023, the project has received support from notable figures such as Yat Siu, co-founder of Animoca Brands, and Polygon Labs. Decentralized identity solutions hold immense potential in a world where data breaches are prevalent, but it is crucial to ensure they are user-friendly and not overly intrusive during the onboarding process.
In a world where data breaches are rampant, the blockchain-based identity market continues to grow. Humanity Protocol aims to revolutionize the authentication process with its user-centric approach, ensuring a seamless experience for users to access a decentralized digital identity solution. By upholding the principles of digital ownership, the platform aims to empower users towards a more inclusive digital future. With 2,814 reported incidents resulting in the breach of 8.2 billion documents in 2023, the need for secure decentralized identity solutions has never been greater.
In an era marked by growing concerns about data security, Humanity Protocol’s commitment to storing user information in a decentralized manner aims to safeguard sensitive data and protect user privacy. Countries like China and Brazil have already started using blockchain technology for digital identification purposes, highlighting the importance and potential of blockchain-based identity solutions. Through its innovative approach to identity verification and commitment to user privacy, Humanity Protocol is set to play a significant role in shaping the future of decentralized digital identities.
