Blockchain
Humanity Protocol Raises $30M at a $1 Billion Valuation to Build Zero-Knowledge Worldcoin Competitor
Humanity Protocol, the rapidly growing zero-knowledge (ZK) decentralized identity project, today announced a $30 million Seed Round led by Kingsway Capital with participation from Animoca Brands, Blockchain.com, Hashed, Shima Capital and 20 other industry-leading investors. The team at Humanity Protocol plans to use the funds to accelerate hiring and product development ahead of their public testnet launch in the second half of 2024. As the project closes its most recent funding round, its latest private valuation has hit $1 billion.
Sybil-resistant at both the network and application levels, Humanity Protocol’s Proof of Humanity (PoH) consensus mechanism ensures the uniqueness of users’ identities within a decentralized system. This maintains the integrity of both online and offline environments by mitigating the risk of identity fraud and sybil attacks. As a result, the protocol fosters trust and credibility within decentralized networks and in the real world.
With the ambition to become the world’s largest decentralized open identity graph, PoH allows users to perform various transactions, such as asserting their ownership of real-world assets, accessing restricted services, or proving their education and employment history, without having to disclose their personal information to third parties. Activities, such as the distribution of Universal Basic Income, can also become more equitable as these transactions are tied to real human beings, not bots or AI agents.
The project has garnered significant public support, with over half a million waitlist sign-ups within one month of emerging from stealth. The protocol maintains efficiency and interoperability as its user base grows over time through its zkEVM Layer 2 blockchain.
Terence Kwok, Founder of Humanity Protocol, said: “The world needs a truly self-sovereign identity framework that is built on first principles of inclusivity, privacy, and decentralization. Proof-of-Personhood is a powerful concept but the solutions that exist today haven’t seen adoption because onboarding is invasive and high friction.”
“Humanity Protocol fixes this. We’re creating a decentralized identity protocol that solves verifiable uniqueness and humanity in a way that protects user privacy and self-ownership of data.”
Manuel Stotz, Founder at Kingsway Capital, said: “Supporting innovative ventures that champion the human identity online isn’t merely an investment in technology, but a commitment to breaking down the barriers blocking financial and broader digital inclusion in particular for the world’s bottom billions.”
“In the world of AI, as Sybil attacks continue to plague our online experiences, we’re thrilled to support industry leaders, including Terence Kwok and Yat Siu, in building a solution that will uphold the integrity of our online interactions. With their expertise and our investment, we’re confident that this initiative will pave the way for a more secure and resilient technology world for all.”
Yat Siu, Co-founder and Chairman at Animoca Brands, said: “As an advocate for true digital property rights, I’m very passionate about ensuring that users’ digital identities remain secure and protected. Traditional Proof-of-Personhood methods often come with drawbacks, whether they’re too invasive, complicated, or cumbersome.”
“Humanity Protocol is revolutionizing the authentication process with its user-centric approach which ensures a seamless experience, allowing billions to access a decentralized digital identity solution. By upholding the principles of genuine digital ownership, we’re fostering equity and inclusion, empowering every participant in the journey towards a more inclusive digital future.”
The post Humanity Protocol Raises $30M at a $1 Billion Valuation to Build Zero-Knowledge Worldcoin Competitor appeared first on HIPTHER Alerts.
With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.
The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.
- Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few. - Cardinal Health announces two strategic additions to its portfolio
Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash. - BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems. - Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
“I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands. - Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately. - PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
- Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
- Finaya Unveils Nationwide Homeownership Platform
From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient. - GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too. - GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics. - Most US shoppers are encountering generative AI while shopping without realizing it
A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.
For more news like this, check out all of the latest finance-related releases from PR Newswire.
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