Humanity Protocol recently achieved unicorn status after a successful funding round that raised $30 million, resulting in a valuation of $1 billion. The Seed Round was led by Kingsway Capital and saw participation from investors like Animoca Brands, Blockchain.com, and Hashed. The funding will be used to expand the product development unit and prepare for the launch of the public testnet in the latter half of 2024. The platform stands out by utilizing palm scanning technology to secure users’ digital identities on a blockchain, with a focus on verifying that users are human and not AI bots.
Humanity Protocol’s approach to identity verification offers a less invasive solution compared to competitors like Worldcoin, which uses iris scanning technology and has faced privacy concerns and bans in multiple countries. Despite this, Worldcoin has already amassed a user base of 10 million individuals. Since emerging from stealth mode, Humanity Protocol has garnered substantial interest, with over half a million people signing up for its waitlist. The project was launched by Terence Kwok through the Human Institute in February 2023 and has received support from prominent figures in the industry.
Decentralized identity solutions hold significant potential, but it is crucial to ensure they are user-friendly and not overly intrusive during the onboarding process. Yat Siu, co-founder of Animoca Brands, emphasizes the importance of a user-centric approach to authentication that delivers a seamless experience. With data breaches on the rise and increased reliance on AI, the competition in the blockchain-based identity market continues to intensify. Humanity Protocol aims to revolutionize the authentication process with its approach, enabling billions to access a decentralized digital identity solution.
According to IT Governance data, there were thousands of reported incidents resulting in the breach of billions of documents in 2023. Humanity Protocol differentiates itself by storing user information in a decentralized manner, ensuring that ownership remains with the individual user. This strategy aims to protect sensitive data and user privacy in an era marked by growing concerns about data security. China and Brazil have also announced plans to use blockchain technology for digital identification purposes, with China aiming to verify real-name identities of its 1.4 billion citizens and Brazil set to issue digital identification documents for its more than 214 million citizens using blockchain technology.
By upholding the principles of genuine digital ownership, Humanity Protocol aims to foster equity and inclusion, empowering every participant towards a more inclusive digital future. Yat Siu believes that the platform’s user-centric approach will provide a seamless experience while ensuring the security and privacy of user data. As the world becomes increasingly reliant on AI and data breaches become more prevalent, the importance of decentralized identity solutions continues to grow. The intense competition in the blockchain-based identity market underscores the need for innovative and user-friendly solutions like Humanity Protocol.
