In the evolving landscape of blockchain technology, Humanity Protocol has successfully secured financial support from leading figures in the cryptocurrency sector. Animoca Brands, a prominent player in the digital space, along with significant entities such as Polygon, have contributed to the protocol’s recent investment round. The initiative announced that key venture capital firms have shown confidence in its vision, although the specifics of the total funds raised remain undisclosed.
Expanding the Web3 Vision
Over 20 specialized crypto venture capital funds, including prominent ones like Hashed and Mechanism Capital, have expressed their commitment to Humanity Protocol’s mission. The protocol has opted to keep the details of these investments under wraps, focusing instead on the development of their project. This project, which is a collaboration between Animoca Brands and Polygon Labs, aims to reinvent digital identity within the Web3 paradigm.
The ambitious endeavor by Humanity Protocol seeks to integrate cutting-edge zero-knowledge proof technology from Polygon with palm recognition systems, offering a less intrusive method of identity verification compared to other biometric solutions, such as iris scans. This innovative approach positions the protocol as a direct competitor to Worldcoin, a project that has sparked global privacy concerns.
Terence Kwok, the founder of Humanity Protocol, emphasizes that the technology they are developing should empower human potential, not encroach upon it. He underlines their dedication to crafting blockchain solutions that prioritize human values and user-centric design.
Global Scrutiny of Rival Project Worldcoin
Meanwhile, Worldcoin, which operates on a similar premise of biometric-based digital identity, has attracted the attention of regulatory bodies across the globe. In France, Germany, and Kenya, concerns have been raised about the project’s data collection practices, leading to investigations and suspensions. Most recently, Hong Kong’s privacy authorities have launched an inquiry into Worldcoin, conducting searches and scrutinizing its adherence to local data protection laws.