Humanity Protocol, a decentralized identity solution, has officially attained unicorn status following a recent $30 million funding boost, elevating its valuation to $1 billion. As reported in a Medium post on May 15, the funding round was spearheaded by Kingsway Capital and saw participation from notable investors such as Animoca Brands, Blockchain.com, Hashed, Shima Capital, and 20 others.
Humanity Protocol’s Security Measures
The newly acquired funds will enable Humanity Protocol to expand its product development team in preparation for the public test network launch set for the latter half of 2024. The project’s security system, which involves scanning users’ palms, integrates zero-knowledge technology and proof of humanity to ensure that digital identities on the blockchain are secure.
How Will Humanity Protocol Compete?
Humanity Protocol aims to position its palm-scanning technology as a significant alternative to Worldcoin, an iris-scanning system by OpenAI CEO Sam Altman. Although Worldcoin has faced privacy issues and bans in several countries, it has managed to attract 10 million users. Humanity Protocol, on the other hand, announced that it had surpassed half a million sign-ups since opening its waitlist a month ago. The initiative was launched by Terence Kwok through the Human Institute in February 2023.
Key figures like Animoca Brands co-founder Yat Siu and the Polygon Labs team have been instrumental in developing Humanity Protocol’s test network, which was completed in February. Despite the robustness of the decentralized identity solution, Siu stresses the need for a user-friendly enrollment process that isn’t invasive or overly complex.
Important Takeaways
– Humanity Protocol uses advanced technology to secure digital identities.
– The project is targeting a public test network launch in late 2024.
– There is significant competition in the blockchain identity market, driven by data breaches and AI advancements.
– The firm promises that user data will remain decentralized and user-owned.
As data breaches become more common in an AI-driven world, the blockchain-based identity market is increasingly competitive. According to IT Governance, 8.2 billion records were compromised in 2023 alone. Humanity Protocol asserts that its decentralized approach will ensure that only users have control over their personal information.