Thursday, May 30, 2024

Blockchain ID project Humanity Protocol hits unicorn status with $30M raise

Decentralized identification answer Humanity Protocol is formally a unicorn after a current $30 million elevate lifted its valuation to $1 billion.

The $30 million Seed Spherical was led by Kingsway Capital, with participation from Animoca Manufacturers,, Hashed, Shima Capital and 20 other investors, Humanity Protocol wrote in a Could 15 Medium submit.w

Humanity Protocol plans to make use of the funds to increase its product improvement unit because the agency prepares for its public testnet launch within the second half of 2024.

The mission scans person’s palms and claims to safe their digital identities on a blockchain by integrating zero-knowledge expertise and “proof-of-humanity” — a consensus mechanism used to verify the person is human and never an AI bot.

Supply: Humanity Protocol

Humanity Protocol hopes its palm scanning will probably be seen as a much less invasive various to its iris scanning rival Worldcoin by OpenAI CEO Sam Altman.

Regardless of its controversial strategy, which has seen Worldcoin banned in multiple countries over privateness issues, it has already amassed 10 million users.

Humanity Protocol’s waitlist, in the meantime, has seen over half 1,000,000 folks join because it emerged from stealth one month in the past.

Associated: How a decentralized AI movement is shaping a fairer future

Terence Kwok launched the Humanity Protocol via the Human Institute in February 2023.

Kwok is receiving assistance from Animoca Manufacturers co-founder Yat Siu and Polygon Labs, which helped Humanity Protocol construct a testnet in February this yr.

As highly effective as decentralized ID answer will be, Siu says it’s essential to make sure they’re not “too invasive, sophisticated, or cumbersome,” notably when customers join within the onboarding course of.

Competitors within the blockchain-based identification market continues to ramp up amid a surge in knowledge breaches in an more and more AI-driven world.

IT Governance knowledge shows 8.2 billion paperwork have been breached from 2,814 incidents reported in 2023.

Kwok’s agency claims person data will probably be saved in a “decentralized method” which received’t be owned by anybody however the person.

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