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Humanity Protocol Raises $30M at $1B for Decentralized Identification to Rival Worldcoin
While Worldcoin's technology is based on iris scans, Humanity Protocol uses palm prints.
- Humanity Protocol, which uses palm scans for identify verification, raised $30 million and was valued at $1 billion.
- The cash will fund hiring and development costs, with a testnet release planned for the second half.
Humanity Protocol, a zero-knowledge decentralized identity project looking to compete with Worldcoin, said it was valued at $1 billion in a seed funding round led by Kingsway Capital.
The $30 million round, which follows a $1.5 million investment from a combination of angel investors and key opinion leaders in early March, included Animoca Brands, Blockchain.com and Hashed among others, the team said in a post on Medium.
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The protocol uses palm scans and a consensus mechanism it calls Proof of Humanity to uniquely verify a user's identity within a decentralized system. Worldcoin, co-founded by Sam Altman, has similar aims and went live last July using a specialized iris-scanning tool. That piqued the interest of several privacy regulators, including those of France, the U.K. and Kenya.
"Proof-of-Personhood is a powerful concept but the solutions that exist today haven't seen adoption because onboarding is invasive and high friction." founder Terence Kwok said in the post. "We're creating a decentralized identity protocol that solves verifiable uniqueness and humanity in a way that protects user privacy and self-ownership of data.”
The team at Humanity Protocol plans to use the funds for hiring and product development. A public testnet launch is planned for the second half.
Sheldon Reback
Sheldon Reback is CoinDesk editorial's Regional Head of Europe. Before joining the company, he spent 26 years as an editor at Bloomberg News, where he worked on beats as diverse as stock markets and the retail industry as well as covering the dot-com bubble of 2000-2002. He managed the Bloomberg Terminal's main news page and also worked on a global project to produce short, chart-based stories across the newsroom. He previously worked as a journalist for a number of technology magazines in Hong Kong. Sheldon has a degree in industrial chemistry and an MBA. He owns ether and bitcoin below CoinDesk's notifiable limit.
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