Humanity Protocol Emerges as a Worthy Competitor to Worldcoin in Biometric Digital Identity Space

Humanity Protocol, a blockchain-based digital identity system, has raised $30 million in funding led by Kingsway Capital, valuing the company at $1 billion. The protocol utilizes palm biometrics, offering an alternative to Worldcoin's iris scanning-based solution. Humanity Protocol emphasizes inclusivity, privacy, and decentralization, allowing users to maintain control over their personal data.

Humanity Protocol Emerges as a Formidable Challenger to Worldcoin in the Global Biometric Digital Identity Arena

Humanity Protocol, a burgeoning venture in the realm of blockchain-based digital identity, has recently announced a monumental seed funding round of $30 million, catapulting its valuation to an impressive $1 billion. This significant investment, led by Kingsway Capital, has garnered the attention of notable Web3 investment entities, such as Animoca Brands and Blockchain.com, as well as the venture firm Shima Capital. The infusion of funds will serve as a catalyst for Humanity Protocol's hiring and development initiatives, paving the way for a test release later in 2024.

Echoing the sentiments expressed on its website, Humanity Protocol underscores the fundamental nature of identity as a human right, emphasizing that it faces imminent threats in the contemporary era of corporate data dominance and advancements in artificial intelligence. The company's novel concept of "proof of humanity" (PoH) bears similarities to Worldcoin's "proof of personhood" (PoP) system. However, Humanity Protocol distinguishes itself by employing palm biometrics instead of iris scans. The captured palm prints are securely stored within a decentralized network, empowering individuals with self-sovereign identity (SSI). The company asserts that its palm scanning technology offers a less invasive alternative to facial recognition or iris scans.

Terence Kwok, the visionary founder of Humanity Protocol, eloquently articulates his aspirations in a Medium post, stating: "The world requires a truly self-sovereign identity framework, one that is anchored in the fundamental principles of inclusivity, privacy, and decentralization. Proof-of-personhood is an undeniably powerful concept, but current solutions have failed to gain widespread adoption due to invasive and cumbersome onboarding processes. Humanity Protocol has the solution. We are developing a decentralized identity protocol that addresses the critical aspects of verifiable uniqueness and humanity, all while safeguarding user privacy and self-ownership of data." Kwok envisions a future where individuals can seamlessly access restricted areas, check into hotels, and make purchases using their palm prints, while maintaining absolute control over their personal identity data.

Yat Siu, the esteemed executive chairman of Animoca Brands, lauds Humanity Protocol's user-centric approach, which he believes will revolutionize the authentication process. He emphasizes: "Conventional proof-of-personhood methods are often fraught with drawbacks, whether it be excessive invasiveness, undue complexity, or sheer inconvenience. Humanity Protocol is pioneering a paradigm shift in the realm of authentication. By prioritizing user experience, it is paving the way for billions to embrace a decentralized digital identity solution. By upholding the principles of genuine digital ownership, we foster equity and inclusivity, empowering every stakeholder in the journey towards a more equitable digital landscape."

Despite these optimistic claims, it is worth noting that Worldcoin and its parent company, Tools for Humanity, have also predicated their marketing strategies on themes of equity and inclusivity. Both entities appear to exhibit a degree of myopia common among tech entrepreneurs, failing to recognize the inherent contradiction in branding the concept of "integrating our physical and digital selves" - a concept that, for many members of the general public, still evokes trepidation and conjures images from the dystopian film The Matrix - as a fundamentally humanitarian endeavor. Furthermore, both companies are ultimately tethered to the realm of cryptocurrency: Worldcoin has gained notoriety for distributing free WLD tokens in exchange for iris scans, and Humanity Protocol has plans to launch its own yet-unnamed cryptocurrency token. Consequently, skepticism from governmental bodies and rights watchdogs is not unexpected.

Despite these reservations, Humanity Protocol has garnered significant public interest, evidenced by its waitlist of approximately 500,000 individuals. The initial phase of its rollout will utilize mobile phone cameras for palm print scanning, while a subsequent phase will introduce an external infrared camera that can be connected to a phone for palm vein scans. Humanity Protocol is not alone in its pursuit of palm biometrics for proof of personhood.

As Humanity Protocol continues to grow, it poses a potential threat to Worldcoin's market share in the nascent biometric digital identity sector. However, if Humanity Protocol encounters regulatory hurdles, it could inadvertently become a target of global data regulators, replacing Worldcoin as the primary antagonist in the eyes of the public.

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