Decentralized identity platform Humanity Protocol has raised $20 million in venture funding to compete with companies like World Network, which is pushing blockchain-based identity solutions.
Humanity's funding round was backed by venture capitalists Pantera Capital and Jump Crypto, with a fully diluted valuation of $1.1 billion. The funds will be used to further develop the so-called Proof of Humanity protocol, which links a user's palm to their digital identity on the
#Web3 .
the funds will also support the launch of the protocol on the mainnet, which has not yet been announced. According to
Humanity Protocol, the platform will issue tokens in partnership with
#OKX Wallet.
Humanity Protocol is the first
#blockchain project to combine biometrics and Web3 financial services. Humanity Protocol is not the first: in 2023, Sam Altman of OpenAI co-founded the Worldcoin project (later renamed World Network), which used Orb technology to scan a user's
#iris and create a separate digital identity.
Project World has been criticized. Brazilian data protection authorities recently banned the company from offering its services to locals. In December, German data protection authorities reprimanded World Network for mishandling biometric data. Humanity Protocol founder Terence Kwok told Cointelegraph that palm scans on the company's platform are less invasive than iris scans on the World Network, without compromising security.
Users can use iris codes than palm and fingerprint biometric authentication, Kwok said.
Despite the controversy, biometric authentication is seen as important for web3 adoption and integration with financial services and healthcare.
In a September podcast on Cointelegraph, Privado ID Chief Product Officer Sebastian Rodriquez said biometric authentication doesn't have to be a privacy nightmare. He also cautioned against equating privacy and anonymity because they are not the same thing.
We shouldn't fight for anonymity. We should be fighting for consent. Privacy is not anonymity.
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