Connect with us

Hi, what are you looking for?

Oracle of  Omaha SaysOracle of  Omaha Says

Editor's Pick

Humanity Protocol Achieves Unicorn Status with $30 Million Funding, Valuation Reaches $1 Billion

Humanity Protocol has achieved unicorn status following a recent funding round that raised $30 million, resulting in a valuation of $1 billion.

The Seed Round, led by Kingsway Capital, saw participation from prominent investors such as Animoca Brands, Blockchain.com, Hashed, Shima Capital, and several others, the firm said in a recent Medium post.

Per the announcement, the funding injection will enable Humanity Protocol to expand its product development unit as it gears up for the launch of its public testnet in the latter half of 2024.

Humanity Protocol Uses Palm Scanning to Secure Digital Identities


The project sets itself apart by utilizing palm scanning technology to secure users’ digital identities on a blockchain.

By integrating zero-knowledge technology and employing a consensus mechanism known as “proof-of-humanity,” the platform aims to verify that users are human and not AI bots.

Humanity Protocol’s approach to identity verification presents itself as a less invasive alternative to its competitor, Worldcoin, which utilizes iris scanning technology.

Worldcoin, led by OpenAI CEO Sam Altman, has faced significant backlash and been banned in multiple countries due to privacy concerns.

Nevertheless, Worldcoin has already amassed an impressive user base of 10 million individuals.

Since emerging from stealth mode just one month ago, Humanity Protocol has garnered substantial interest, with over half a million people signing up for its waitlist.

Terence Kwok, who launched the Humanity Protocol through the Human Institute in February 2023, has received support from notable figures such as Animoca Brands co-founder Yat Siu and Polygon Labs, who assisted in building a testnet earlier this year.

While decentralized identity solutions hold immense potential, Yat Siu emphasizes the importance of ensuring they are user-friendly and not overly intrusive during the onboarding process.

“Traditional Proof-of-Personhood methods often come with drawbacks, whether they’re too invasive, complicated, or cumbersome.”

Decentralized Identity Market Finds Momentum


As the world becomes increasingly reliant on AI and data breaches become more prevalent, competition in the blockchain-based identity market continues to intensify.

“Humanity Protocol is revolutionizing the authentication process with its user-centric approach which ensures a seamless experience, allowing billions to access a decentralized digital identity solution,” Yat Siu said.

“By upholding the principles of genuine digital ownership, we’re fostering equity and inclusion, empowering every participant in the journey towards a more inclusive digital future.”

According to IT Governance data, there were 2,814 reported incidents resulting in the breach of 8.2 billion documents in 2023.

Humanity Protocol distinguishes itself by committing to store user information in a decentralized manner, ensuring that ownership remains solely with the individual user.

This approach aims to safeguard sensitive data and protect user privacy in an era marked by growing concerns about data security.

Last year, China unveiled plans to use blockchain technology for the verification of real-name identities of its vast population of 1.4 billion people. 

Likewise, Brazil has announced it is set to issue digital identification documents for its more than 214 million citizens using blockchain technology.

The post Humanity Protocol Achieves Unicorn Status with $30 Million Funding, Valuation Reaches $1 Billion appeared first on Cryptonews.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.






    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.
    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Latest News

    A former Republican legislative candidate who traveled to Washington for former President Donald Trump’s ‘Stop the Steal’ rally was arrested Friday and charged with...

    Latest News

    Abbe Lowell, Hunter Biden’s attorney, filed an ethics complaint Friday against Georgia Rep. Marjorie Taylor Green after she displayed censured nude photos of the president’s...

    Stock

    Even as U.S. inflation broadly cools, frozen vegetable prices are hot. The average shelf price for frozen veggies rose by 18% in the past year...

    Latest News

    President Biden has overruled the Pentagon and chosen Adm. Lisa Franchetti to lead the Navy, making her the first woman, if she’s confirmed, to...

    Disclaimer: Oracleofomahasays.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 Oracleofomahasays.com