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Humanity Protocol, an innovative project in decentralized identity, announced a significant milestone, securing a $1 billion valuation in a recent funding round led by Kingsway Capital.
The funding round, totaling $30 million, marks a substantial investment surge following an initial $1.5 million infusion from angel investors and key opinion leaders earlier this year. Among the notable investors were Animoca Brands, Blockchain.com, and Hashed, as stated in a Medium post by the team.
Humanity Protocol sets itself apart with its zero-knowledge approach, aiming to rival Worldcoin in the decentralized identity space. Utilizing palm scans and a consensus mechanism dubbed “Proof of Humanity,” the protocol ensures unique identity verification within a decentralized framework. This approach contrasts with Worldcoin’s iris-scanning tool, raising privacy concerns among regulators in France, the U.K., and Kenya.
Founder Terence Kwok highlighted the protocol’s focus on user privacy and data ownership. He stated, “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.”
With the substantial funding secured, Humanity Protocol intends to bolster its team and advance product development. A public testnet launch is on the horizon for the second half of the year, underscoring the project’s commitment to revolutionizing decentralized identity verification.