Tuesday, 28 May 2024
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Humanity Protocol raises $30M for palm-based digital identity

Humanity Protocol raises $30M for palm-based digital identity

  • Humanity Protocol has secured $30M for its palm scan identity verification project.
  • Palm scan tech offers secure, decentralized identity verification, disrupting traditional methods.
  • Competition intensifies in the digital identity space as Worldcoin and Humanity Protocol go head-to-head.

Humanity Protocol, a web3 digital identity startup, has secured $30 million in funding, catapulting its valuation to $1 billion.

Utilizing palm scans for online identity verification, Humanity Protocol aims to revolutionize digital identity management.

Palm scan technology in digital identity verification

Humanity Protocol’s unique approach to digital identity verification involves the use of palm scans.

Unlike traditional methods that rely on usernames and passwords, palm scans utilize infrared cameras to capture the unique vein patterns in an individual’s palm.

This biometric data is then stored using decentralized technology and zero-knowledge proofs, ensuring the security and privacy of users’ information.

Humanity Protocol’s founder, Terence Kwok, emphasized the importance of this approach, stating that palm scans offer a more secure and reliable means of identity verification.

With plans to launch its own cryptocurrency, Humanity Protocol aims to leverage its palm scan technology to streamline know-your-customer (KYC) processes and other identity verification procedures.

Humanity Protocol challenging Worldcoin in digital identity space

Humanity Protocol’s funding success comes amidst increasing competition in the digital identity space.

Projects like Worldcoin, co-founded by Sam Altman, have also sought to revolutionize identity verification using innovative technologies.

However, Worldcoin has faced criticism for its iris-scanning technology and business model targeting users in the Global South.

In response to these concerns, Worldcoin has pledged to establish new standards for data protection and has deleted previous iris-scanning data.

Despite these challenges, the growing interest in digital identity solutions underscores the importance of projects like Humanity Protocol in addressing the evolving needs of the digital economy.

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