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Humanity Protocol Reaches Unicorn Status with $30M

Humanity Protocol

Dispersed identity management with their latest $30 million financing, Humanity Protocol is now formally a unicorn, valued at $1 billion.

As Humanity Protocol stated in a May 15 Medium post, Kingsway Capital led the $30 million Seed Round, which also included Animoca Brands, Blockchain.com, Hashed, Shima Capital, and 20 other investors.

The money will be used by Humanity Protocol to grow its product development division in order to get ready for the second half of the 2024 public testnet launch.

By combining zero-knowledge technology with “proof-of-humanity,” a consensus technique to verify the user is human and not an AI bot, the project scans user hands and promises to safeguard their digital identities on a blockchain.

Humanity Protocol expects OpenAI CEO Sam Altman to see its palm scanning as a less intrusive substitute for its iris scanning competitor, Worldcoin.

Related: OpenAI Unveils ChatGPT’s Human-like Upgrade: GPT-4o Model

Ten million people have already joined Worldcoin despite its contentious strategy, which has resulted in its suspension in several nations due to privacy concerns.

Meanwhile, since the Humanity Protocol first surfaced in covert mode a month ago, almost half a million people have signed up.

February 2023 saw the Humanity Protocol introduced by Terence Kwok via the Human Institute.

Co-founders of Animoca Brands Yat Siu and Polygon Labs, which assisted Humanity Protocol in constructing a testnet in February of this year, are helping Kwok.

Even though decentralized ID solutions can be quite effective, Siu emphasizes that they must not be “too invasive, complicated, or cumbersome,” especially when users register during the onboarding process.

READ:  Bitcoin: A Popular Analyst's $200,000 Prediction

In a world driven more and more by artificial intelligence, competition in the blockchain-based identity industry is only growing.

Data from IT Governance indicates that out of 2,814 events recorded in 2023, 8.2 billion documents were compromised.

According to Kwok’s company, user data will be held “decentralized” and will belong to the individual alone.

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