Key Takeaways:
- Humanity Protocol has raised $30 million in seed funding, elevating its valuation to $1 billion. This funding supports its unique identity verification approach using palm prints, aiming to revolutionize the space with its “Proof of Humanity” decentralized system.
- Distinguished from competitors like Worldcoin, Humanity Protocol employs palm prints rather than iris scans, focusing on user privacy and data ownership through a zero-knowledge system.
- The recent funding round includes investments from Kingsway Capital, Animoca Brands, Blockchain.com, and Hashed, with plans to expand the team and further product development, leading up to a public testnet launch later in the year.
Humanity Protocol has recently secured a substantial $30 million in seed funding, which has placed the valuation of the identity-focused blockchain project at a remarkable $1 billion.
The protocol distinguishes itself from competitors like Worldcoin by utilizing palm prints for identity verification, rather than iris scans.
Humanity Protocol is looking to challenge other crypto identity projects like Sam Altman's Worldcoin. https://t.co/4rfgWrlJGl
— Bloomberg Crypto (@crypto) May 15, 2024
The initiative aims to revolutionize identity verification through a zero-knowledge decentralized system named “Proof of Humanity“.
This system promises to verify the uniqueness of an individual’s identity within a decentralized framework while ensuring privacy and data ownership remain in the hands of users.
This funding round, led by Kingsway Capital, also saw contributions from notable entities such as Animoca Brands, Blockchain.com, and Hashed.
The initial capital boost for Humanity Protocol came from a $1.5 million investment received in early March, supported by a mix of angel investors and influential figures in the tech space.
The company’s founder, Terence Kwok, emphasized the innovative approach of the protocol, stating, “Proof-of-Personhood is a powerful concept but the solutions that exist today haven’t seen adoption because onboarding is invasive and high friction.” founder Terence Kwok said in the post. “We’re creating a decentralized identity protocol that solves verifiable uniqueness and humanity in a way that protects user privacy and self-ownership of data.”
Humanity Protocol is gearing up to utilize the newly acquired funds to expand its team and further its product development.
Excited to announce our latest funding round led by Kingsway Capital! We're incredibly grateful for our key supporters from @animocabrands, @0xPolygon, @blockchain, @IDG_Blockchain. Your belief in our vision is driving us forward!
— Humanity Protocol 🖐️ (@Humanityprot) May 15, 2024
Read more: https://t.co/GcWrV4GQhE pic.twitter.com/5s7Moibkyd
A public testnet of the protocol is scheduled for launch in the latter half of the year, which is part of the company’s roadmap to refine and expand its technological offerings.
As the world of digital identity continues to evolve, Humanity Protocol’s innovative use of palm scans for identification sets a new standard in the realm of decentralized technologies, directly challenging the methods employed by established players like Worldcoin.
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