The battle for decentralized identity (DID) heats up! Humanity Protocol, a project utilizing palm scans for verification, has secured $30 million in funding at a staggering $1 billion valuation. This move positions them as a major competitor to Worldcoin, which relies on iris scans.
Humanity Protocol: Privacy-Focused DID with Palm Power
Humanity Protocol aims to offer a unique and privacy-conscious DID solution. Their system leverages palm scans alongside a "Proof of Humanity" consensus mechanism to verify user identities within a decentralized network.
Worldcoin: A Precedent with Privacy Concerns
Worldcoin, co-founded by tech mogul Sam Altman, launched last year using specialized iris-scanning tools. However, their approach raised eyebrows – particularly among privacy regulators in France, the UK, and Kenya.
Humanity Protocol: Addressing Friction and Privacy
"Proof-of-Personhood is a powerful idea, but existing solutions suffer from low adoption due to intrusive and inconvenient onboarding processes," stated Humanity Protocol founder Terence Kwok. "We're building a DID protocol that ensures verifiable uniqueness and humanity while prioritizing user privacy and data ownership."
Related: https://www.meowdini.news/post/ethereum-staking-a-growing-opportunity-with-room-for-expansion
Looking Ahead: Funding Fuels Development and Testing
Humanity Protocol plans to utilize the raised funds for staff expansion and product development. A public test net launch is scheduled for the latter half of this year.
#DecentralizedIdentity #DID #HumanityProtocol #Worldcoin #Privacy #Blockchain #Cryptocurrency #meowdininews #mdinicoin
Disclaimer: This article is for informational purposes only and should not be considered financial advice. Please consult with a qualified financial professional before making any investment decisions.
Source: CoinDesk
Comments