Blockchain ID project Humanity Protocol has achieved a unicorn status following a recent $30 million raise that brought its valuation to $1 billion. According to a May 15 Medium post by the company, the $30 million seed round was led by Kingsway Capital, and also saw investment from Animoca Brands, Shima Capital, Hashed, Blockchain.com, as well as 20 other participants.
Humanity Protocol to Use Fund for Expansion and Gain Competitive Advantage
Per the decentralized identity solution, it wants to focus the fund majorly on expanding its product development unit. That is, as the project gets set to launch its public testnet in the second half of 2024.
There's no Call To Action with the ID #3.For what it’s worth, Humanity Protocol operates in a different manner from its iris scanning rival Worldcoin. The project claims to scan user’s palms, storing their digital identities on a blockchain using zero-knowledge technology and “proof-of-humanity.” That is a consensus mechanism that is able to distinguish between a human user and an AI bot.
Humanity Protocol believes that it offers a less invasive alternative to what Worldcoin by OpenAI CEO Sam Altman currently does.
Besides, Worldcoin has had its fair share of controversy. It continues to see its services banned in several countries over privacy concerns. Despite the concerns, though, it has a user base of no less than 10 million individuals, which is still growing.
Meanwhile, Humanity Protocol is also showing signs of bringing on the heat to Worldcoin. Its waitlist already boasts over 500,000 signups in just a month.
There's no Call To Action with the ID #3.Notably, Humanity Protocol’s founder Terence Kwok has been working with Animoca Brands co-founder Yat Siu and Polygon Labs, which helped Humanity Protocol build a testnet in February. In a recent statement, Siu highlighted the need to keep decentralized ID solutions as not “too invasive, complicated, or cumbersome,” as possible. He hammered particularly on making onboarding processes seamless for users who want to sign up.
Blockchain-Based Identity Market and Its Growing Competition
It is worth noting that competition in the blockchain-based identity market has recently gathered momentum. However, this might not be unrelated to the rising cases of data breaches.
For better perspective, IT Governance data suggests that 8.2 billion documents or thereabout were breached from 2,814 incidents reported last year.
