Zero-knowledge identity project Humanity Protocol hits $1B valuation after latest funding round

Source: Crypto Briefing

Humanity Protocol, a zero-knowledge decentralized identity project, has achieved a valuation of $1 billion in a round led by Kingsway Capital, with significant contributions from Animoca Brands, Blockchain.com, and other key players, according to a press release shared by the team on Wednesday.

The firm said it had secured $30 million in a seed round and will use the funds to expedite the hiring process and product development, setting the stage for the public testnet launch slated for later this year.

Introduced in late February this year by the Human Institute, in collaboration with Polygon Labs and Animoca Brands, Human Protocol focuses on building a proof-of-humanity identity verification solution using palm recognition technology.

The project also unveils a Proof of Humanity consensus mechanism and a non-intrusive palm scanning app, aiming to establish Self-Sovereign Identity on its zkEVM blockchain. This approach is designed to ensure sybil resistance and user privacy, enhancing trust and credibility in decentralized networks and real-world applications.

Humanity Protocol has already attracted over half a million waitlist sign-ups in just a month after coming out of stealth mode, the team shared in the press release.

Terence Kwok, Founder of Humanity Protocol, emphasized the need for a self-sovereign identity framework that upholds inclusivity, privacy, and decentralization.

“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,” Kwok stated.

Manuel Stotz, Founder at Kingsway Capital, highlighted the investment’s significance in promoting digital inclusion, especially for the world’s most disadvantaged populations.

“In the world of AI, as Sybil attacks continue to plague our online experiences, we’re thrilled to support industry leaders, including Terence Kwok and Yat Siu, in building a solution that will uphold the integrity of our online interactions. With their expertise and our investment, we’re confident that this initiative will pave the way for a more secure and resilient technology world for all,” Stotz noted.

Yat Siu, Co-founder and Chairman of Animoca Brands, also expressed enthusiasm for the project’s potential to secure and protect users’ digital identities.

“As an advocate for true digital property rights, I’m very passionate about ensuring that users’ digital identities remain secure and protected. Traditional Proof-of-Personhood methods often come with drawbacks, whether they’re too invasive, complicated, or cumbersome,” Siu stated.

With its innovative Proof of Humanity mechanism, Humanity Protocol aims to become the world’s largest decentralized open identity graph, facilitating equitable transactions and services without compromising personal information.

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Author: Vivian Nguyen