Humanity Protocol Joins Unicorn Club after $30M Raise, Prepares for Public Testnet Launch
Summary:
Decentralized identity solution provider, Humanity Protocol, becomes a unicorn after raising $30 million, boosting its valuation to $1 billion. The proceeds will be used to enhance its product development unit ahead of its public testnet launch in late 2024. The company's technology uses palm scanning and zero-knowledge technology for secure blockchain-based digital identities. Despite strong competition in the market, including iris scanning rival Worldcoin, Humanity Protocol has gained over 500,000 sign-ups since its launch a month ago.
Following a recent boost of $30 million in funds, decentralized identity solution provider, Humanity Protocol, has become a recognized unicorn with a valuation of $1 billion. This significant Seed Round was spearheaded by Kingsway Capital, alongside contributions from Animoca Brands, Blockchain.com, Hashed, Shima Capital among 20 other investors, as disclosed in a Medium article by Humanity Protocol on May 15. The company intends to utilize the funds for enhancing their product development division in anticipation of their public testnet launch scheduled for the latter half of 2024. The venture employs palm scanning of users and asserts the secure storage of their digital identities on a blockchain through the integration of zero-knowledge technology and a "proof-of-humanity" mechanism, a tool for ensuring the user is a human, not an AI bot.
Humanity Protocol is optimistic about its palm scanning technology being perceived as a less intrusive option compared to its iris scanning counterpart Worldcoin, created by Sam Altman, the CEO of OpenAI. Despite the disapproval and subsequent ban in several countries owing to privacy issues, Worldcoin has managed to accumulate 10 million users. On the other hand, the waitlist of Humanity Protocol has gained over 500,000 sign ups since it was launched one month prior.
Humanity Protocol was introduced to the world by Terence Kwok under the aegis of the Human Institute in February 2023. In leading the venture, Kwok has enlisted support from Yat Siu, co-founder of Animoca Brands, and Polygon Labs, who aided in developing a testnet for Humanity Protocol earlier this year. Siu stresses the importance of decentralized ID solutions being user-friendly and not "overly invasive, complicated or cumbersome", particularly during the user onboarding phase.
With an upswing in data breaches amid an increasing AI dependent world, the competition within the blockchain-based identity market is intensifying. Data from IT Governance demonstrated that around 8.2 billion documents were involved in 2,814 reported data breach incidents in 2023. Kwok's company insists that the user data will be stored decentralized, where ownership of the information remains solely with the user.
Published At
5/16/2024 7:13:06 AM
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