The decentralized identity solution known as Humanity Protocol has achieved unicorn status by increasing its valuation to $1 billion through a recent $30 million funding round. This funding was led by Kingsway Capital, with additional participation from Animoca Brands, Blockchain com, Hashed, Shima Capital, and other investors.
Humanity Protocol intends to utilize the newly acquired funds to enhance its product development unit in preparation for the launch of a public test network in the second half of 2024. The platform employs palm scanning technology and incorporates zero knowledge technology and proof of humanity to safeguard users' digital identities on a blockchain.
The project team at Humanity Protocol hopes that their palm scanning feature will serve as a valuable alternative to the iris scanning method of their competitor, Worldcoin, endorsed by OpenAI CEO Sam Altman. Despite Worldcoin's controversial approach leading to privacy issues and bans in several countries, it has garnered 10 million users.
Since opening its waitlist to the public a month ago, Humanity Protocol has attracted over half a million sign-ups. Founded by Terence Kwok through the Human Institute in February 2023, the project has received support from Animoca Brands co-founder Yat Siu and the Polygon Labs team, who helped in creating a test network earlier this year.
While Humanity Protocol offers a robust decentralized identity solution, Siu stresses the importance of ensuring that the user enrollment process is not overly invasive, complicated, or burdensome. Amidst a growing market for blockchain-based identity solutions, data breaches have become more prevalent in a world increasingly reliant on artificial intelligence. Kwok's company assures that user data will be stored in a decentralized manner, granting exclusive ownership to the user.
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