Humanity Protocol, a pioneer in digital id verification, just lately raised $30 million and achieved unicorn standing.
This milestone comes lower than a yr after the corporate’s inception. It leverages blockchain know-how to authenticate on-line identities.
Modern Identification Verification Know-how
Humanity Protocol’s answer addresses the problem of verifying on-line identities in an period dominated by synthetic intelligence and deepfake know-how. The corporate’s makes use of palm scans, that are thought of safer and fewer invasive than conventional biometric strategies.
By analyzing the distinctive vein patterns in people’ palms, Humanity Protocol ensures excessive accuracy and safety. Certainly, founder Terence Kwok emphasised the rising significance of strong id verification techniques.
“The whole concept of identity is becoming more important. We look at artificial intelligence. We look at all the deep fake videos that are coming on,” Kwok mentioned.
The latest funding spherical was led by Kingsway Capital, with extra investments from notable entities equivalent to Animoca Manufacturers, Blockchain.com, and Shima Capital. Earlier this yr, the startup additionally secured $1.5 million from influential figures inside the cryptocurrency neighborhood.
With the contemporary capital, Humanity Protocol plans to broaden its 20-person group and forge new partnerships. The corporate goals to launch its testnet within the second quarter, with a waitlist of roughly 500,000 customers. It is going to initially characteristic a cell app able to scanning palm prints to substantiate identities.
Learn extra: What Is Worldcoin? A Information to the Iris-Scanning Crypto Challenge
Along with its biometric verification providers, Humanity Protocol plans to launch a cryptocurrency token to facilitate the cost of verification charges. The corporate’s latest funding rounds have been carried out by Easy Agreements for Future Tokens (SAFTs), a standard mechanism within the cryptocurrency business.
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