Humanity Protocol, a decentralized identity solution, has achieved unicorn status following a successful $30 million funding round that propelled its valuation to $1 billion.<\/p>\n\n\n\n
The investment round, led by Kingsway Capital, included contributions from prominent entities such as Animoca Brands, Blockchain.com, Hashed, Shima Capital, and 20 other investors, as detailed in a May 15 Medium post by Humanity Protocol.<\/p>\n\n\n\n
This capital injection will be used to enhance product development efforts in anticipation of the public testnet scheduled for the latter half of 2024.<\/p>\n\n\n\n
The protocol utilizes palm scanning technology combined with zero-knowledge proof technology and a “proof-of-humanity” consensus mechanism to secure users’ digital identities on the blockchain. This method is designed to verify that a user is human and not an AI bot, positioning itself as a potentially less invasive alternative to iris scanning technologies like those used by Worldcoin, spearheaded by OpenAI CEO Sam Altman.<\/p>\n\n\n\n
While Worldcoin has garnered significant attention and amassed 10 million users, it has faced privacy concerns leading to bans in several countries. In contrast, Humanity Protocol has attracted over half a million people to its waitlist just one month after emerging from stealth mode.<\/p>\n\n\n\n
The project was initiated by Terence Kwok through the Human Institute in February 2023, with support from figures such as Yat Siu, co-founder of Animoca Brands, and Polygon Labs, which assisted in building a testnet in February of this year.<\/p>\n\n\n\n
Yat Siu emphasizes the importance of ensuring decentralized identity solutions are not overly invasive, complex, or cumbersome, especially during the user onboarding process.<\/p>\n\n\n\n
The competition in the blockchain-based identity sector is intensifying, particularly as data breaches continue to rise in an AI-driven world. According to IT Governance, 8.2 billion documents were compromised in 2,814 reported incidents in 2023 alone.<\/p>\n\n\n\n
Humanity Protocol promises that user information will be stored in a decentralized manner, ensuring that the data remains solely under the user’s control.<\/p>","protected":false},"excerpt":{"rendered":"
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