Humanity Protocol Raises $30M at $1B for Decentralized Identification to Rival Worldcoin

As a seasoned crypto investor, I’m always on the lookout for projects that have the potential to disrupt traditional systems and provide real value to users. The recent news about Humanity Protocol’s $30 million seed funding round caught my attention, especially since it values the project at an impressive $1 billion.

According to Humanity Protocol, a decentralized identity initiative aiming to challenge Worldcoin, they secured a valuation of $1 billion during their seed funding, which was spearheaded by Kingsway Capital.

In a recent update on Medium, the team announced the completion of a $30 million investment round. This funding event came after an earlier $1.5 million investment in early March from angel investors and influential figures in the industry. Notable participants in this round included Animoca Brands, Blockchain.com, and Hashed, among others.

In simpler terms, within this decentralized system, the protocol relies on palm scans and a method called “Proof of Humanity” for distinct identity verification. Worldcoin, established by Sam Altman last July, follows a comparable objective employing a specialized iris-scanning tool instead. This innovation has attracted attention from privacy regulators in France, the U.K., and Kenya.

Founder Terence Kwok expressed that the idea of Proof-of-Personhood holds great potential, yet existing solutions have failed to gain widespread use due to intrusive and complex onboarding processes. Our team is developing a decentralized identity protocol that addresses the need for verifiable uniqueness and proof of humanity while safeguarding user privacy and empowering individuals with control over their data.

As a member of the Humanity Protocol team, I can share that we are eagerly preparing to utilize the raised funds for two primary objectives: hiring additional talent and advancing our product development. We anticipate initiating a public testnet launch in the latter part of this year.