Humanity Protocol Raises $30M at $1B for Decentralized Identification to Rival Worldcoin
Summary
Humanity Protocol, a decentralized identity project, has been valued at $1 billion following a $30 million seed funding round led by Kingsway Capital. This follows a $1.5 million investment from angel investors and key opinion leaders in March. Other investors include Animoca Brands, Blockchain.com, and Hashed. The protocol uses palm scans and a consensus mechanism known as Proof of Humanity to verify a user's identity within a decentralized system. This is similar to Worldcoin, which uses an iris-scanning tool. The funds raised will be used for hiring and product development, with a public testnet launch planned for the second half of the year.
