Blockchain identity platform Humanity Protocol valued at $1.1B after fundraise

Decentralized identity platform Humanity Protocol has secured $20 million in venture funding to compete with the likes of World Network in the push for onchain identity solutions. 

Humanity’s funding round was backed by venture capital firms Pantera Capital and Jump Crypto at 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 users’ palms to their digital identity across Web3 platforms. 

The funds will also facilitate the protocol’s yet-to-be-announced mainnet launch.

According to Humanity Protocol’s website, the platform is planning a token airdrop in partnership with OKX Wallet. 

Humanity Protocol isn’t the first blockchain project seeking to integrate biometric identification with Web3 financial services. In 2023, OpenAI’s Sam Altman co-launched Worldcoin (since rebranded to World Network), which uses Orb technology to scan users’ iris and generate a distinct digital identity.

The World project has faced its fair share of scrutiny, with Brazil’s data protection watchdog recently barring the company from servicing locals. 

In December, Germany’s data protection authority reprimanded World Network for its alleged mishandling of biometric data.

Related: ZK-proofs are too complicated for decentralized ID — KILT CEO

Less invasive than iris scans

Earlier this month, Humanity Protocol founder Terence Kwok told Cointelegraph that his platform’s palm scans are “less invasive” than World’s iris scans without sacrificing security.

“Users are far more familiar with biometric authentication involving their palm and fingerprints than their iris code,” said Kwok.

Despite its controversy, biometric verification is considered an important driver of Web3 adoption and integration with financial services and healthcare. 

In a September podcast with Cointelegraph, Privado ID’s chief product officer, Sebastian Rodriquez, said biometric verification doesn’t have to be a privacy nightmare. He also cautioned against equating privacy with anonymity because they’re not the same thing.

“We shouldn’t fight to be anonymous. We should fight for consent. Privacy is not about anonymity. Privacy is about consent,” said Rodriguez. 

Rodriquez praised World’s technology but questioned its business model. 

“The Worldcoin model assumes that they will be a monopoly,” he said, adding:

The scary part is the business model behind it. It’s not the technology. If they succeed in doing what they are doing, and they become the de facto way to prove your uniqueness in internet, that means that no other source of uniqueness is relevant. And if I ban you, I will ban you forever.”

Related: Get identity right to get interoperability right in Web3 gaming

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