Humanity Protocol Raises $30M, Aims to Revolutionize Decentralized Identity
Humanity Protocol, a decentralized identity project, recently secured a $30 million Seed Round, propelling its valuation to $1 billion. Spearheaded by Kingsway Capital and supported by prominent investors like Animoca Brands and Blockchain.com, the funding is earmarked for enhancing product development and scaling operations in anticipation of its public testnet launch later this year.
The protocol, founded by Terence Kwok, introduces a novel Proof of Humanity (PoH) consensus mechanism, bolstered by a minimally invasive palm scanning app, to establish Self-Sovereign Identity on its zkEVM blockchain. This innovative approach ensures the uniqueness of users’ identities within a decentralized framework, thwarting identity fraud and sybil attacks while fostering trust and credibility in online interactions.
Humanity Protocol’s solution has garnered widespread acclaim, attracting over half a million waitlist sign-ups within a month of emerging from stealth. Unlike traditional identity verification methods, which often entail invasive procedures, Humanity Protocol’s palm scanning offers a seamless and user-centric experience, aligning with principles of inclusivity, privacy, and decentralization.
With the looming threat of data breaches and deepfake technology, the need for robust identity solutions has never been more pressing. Humanity Protocol’s vision extends beyond mere authentication, aiming to empower users to assert ownership of real-world assets, access restricted services, and validate educational and employment credentials without compromising personal data to third parties.
In contrast to Worldcoin’s controversial iris-scanning approach, Humanity Protocol’s palm scanning presents a less intrusive alternative, promising greater user acceptance and regulatory compliance. While Worldcoin has encountered regulatory hurdles and user backlash, Humanity Protocol’s emphasis on privacy and user sovereignty positions it as a formidable contender in the decentralized identity space.
As the digital identity landscape evolves, the significance of secure and user-centric solutions cannot be overstated. With blockchain-based identity projects gaining traction, Humanity Protocol’s innovative approach promises to redefine digital identity paradigms, paving the way for a more inclusive and secure digital future.
