Humanity Protocol, a privacy-preserving biometric palm recognition technology for Web3 identity verification, has secured strategic investment from more than 20 prominent crypto native venture capital funds. Among the notable backers are Hashed, CMCC, Cypher Capital, Foresight Ventures, and Mechanism Capital, according to a press release shared with AlexaBlockchain.
Notably, the fundraising round also saw personal investments from Founding Humans Yat Siu and Sandeep Nailwal, further bolstering the project’s momentum.
Catch up quick: The initiative, launched by Human Institute, unveiled its Humanity Protocol on the Polygon chain development kit (CDK) testnet on Feb. 20. Developed collaboratively with Animoca Brands and Polygon Labs, this groundbreaking technology marks a significant stride in leveraging blockchain for secure digital identity verification and financial inclusion.
Details: At its core, Humanity Protocol utilizes cutting-edge palm recognition technology coupled with zero-knowledge proofs, ensuring stringent user privacy and security standards. The protocol aims to provide a seamless and non-intrusive method for establishing Proof of Humanity within Web3 applications, setting a new standard for digital identity verification.
- Positioned as the human layer for Web3, Humanity Protocol sets its sights on onboarding the first 1 billion individuals onto a sybil-resistant network of blockchains.
- Through the fusion of sybil resistance and verifiable credentials within a decentralized validator node network, Humanity Protocol aims to facilitate a broad spectrum of applications, spanning from decentralized social media to enterprise-level DeFi solutions.
The funding from top crypto VCs serves as a resounding vote of confidence in Humanity Protocol’s innovative approach, affirming its potential to reshape how individuals engage with digital services in an era dominated by artificial intelligence. Emphasizing user privacy and data security, the project underscores a commitment to empowering individuals within the digital landscape.
- Founder of Humanity Protocol, Terence Kwok, expressed the ethos underpinning the project, stating, “In the heart of Humanity Protocol lies a profound belief that technology should amplify human potential, not compromise it.”
- Kwok emphasized the project’s mission to foster a secure and inclusive digital future, driven by a global movement towards user-controlled digital identities.
The future plans: Humanity Protocol says that the raised funds will be instrumental in accelerating the development and deployment, with a focus on enhancing scalability, efficiency, and user accessibility.
As the protocol prepares for its imminent testnet launch, users worldwide will have the opportunity to experience its unique features firsthand.
Participating venture capital firms, deeply aligned with Humanity Protocol’s mission, bring a wealth of experience and a globally diversified network to the table. Their strategic investment underscores a collective commitment to fostering a more inclusive and equitable digital economy.
As Humanity Protocol continues to advance its vision of a privacy-centric digital ecosystem, the strategic investment represents a pivotal moment in its journey, paving the way for a future where individuals have greater control over their digital identities and interactions online.
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