Humanity Protocol, a decentralized identity solution, has achieved unicorn status with a valuation of $1 billion following a recent $30 million raise. The Seed Round was led by Kingsway Capital and included participation from Animoca Brands, Blockchain.com, Hashed, Shima Capital, and 20 other investors. Humanity Protocol intends to utilize the funds to expand its product development unit in preparation for the public testnet launch in the second half of 2024.
The project utilizes palm scanning technology to safeguard users’ digital identities on a blockchain. By integrating zero-knowledge technology and “proof-of-humanity,” a consensus mechanism that verifies users as human rather than AI bots, Humanity Protocol ensures secure identity verification.
Despite its controversial nature, as it has faced bans in various countries due to privacy concerns, Humanity Protocol’s palm scanning is considered a less intrusive alternative to Worldcoin’s iris scanning, a rival project led by OpenAI CEO Sam Altman. Worldcoin has already amassed 10 million users, while Humanity Protocol’s waitlist has reached over half a million sign-ups since its emergence from stealth mode one month ago.
Terence Kwok launched the Humanity Protocol through the Human Institute in February 2023, receiving support from Animoca Brands co-founder Yat Siu and Polygon Labs to develop a testnet. Siu emphasizes the importance of ensuring decentralized ID solutions are user-friendly and not overly invasive or complex during the onboarding process.
The blockchain-based identity market is witnessing increased competition as data breaches surge in an AI-driven world. According to IT Governance data, there were 2,814 reported incidents resulting in the breach of 8.2 billion documents in 2023. Humanity Protocol aims to store user information in a decentralized manner, where ownership remains with the user rather than any centralized authority.