Decentralized identity project Humanity Protocol has successfully closed a significant funding round, raising $20 million and elevating its valuation to an impressive $1.1 billion. This round was co-led by notable players Pantera Capital and Jump Crypto, marking a critical moment in the project’s growth trajectory.
Earlier this year, Humanity Protocol raised $30 million at a $1 billion valuation in May 2024, highlighting the ongoing investor confidence in its innovative approach to decentralized identity verification.
The newly acquired capital will be instrumental in accelerating the development of the project’s unique Proof of Humanity consensus mechanism, with plans to seamlessly integrate this technology into leading Web3 platforms. By doing so, Humanity Protocol aims to enhance user identity verification while ensuring privacy and security.
A key feature of Humanity Protocol is its use of palm scans for identity verification, positioning it as a direct competitor to the Worldcoin project led by OpenAI founder Sam Altman, which revolves around iris scanning technology. This technological differentiation underscores the protocol’s commitment to providing diverse solutions for user identity verification in an increasingly digital world.
For those interested in further developments in the decentralized identity arena, there are ongoing discussions about competing initiatives, including insights into the plans of Lido co-founders who are reportedly plotting their move against Altman’s World network.
As the realm of decentralized identity continues to evolve, Humanity Protocol’s advancements and investment influx signify a robust commitment to redefining how we manage and validate our identities online.
