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.”
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A new Ethereum meme coin, Pochita ($POCHITA), has made headlines after skyrocketing in value shortly after its launch. According to on-chain data, one trader turned an initial investment of $3,000 into $150,000 in under three hours, reflecting a near-5000% profit. This rapid surge has drawn comparisons to other meme coins like Bonk ($BONK), which gained significant attention in the Solana ecosystem.
Pochita launched on October 2, 2024, quickly reaching a $20 million market cap within 9 hours, despite the broader crypto market contracting by 2.9% over the past 24 hours. The meme coin sector also dipped 3.2%, now valued at $47.5 billion. Despite the falling prices, Pochita’s rapid rise suggests strong investor sentiment around meme coins remains, especially following recent Federal Reserve interest rate cuts.
Though meme coins are known for their volatility and lack of clear fundamentals, they can provide quick gains for traders. Pochita is being discussed as a potential successor to Bonk, and if it continues its growth, it could join the ranks of other top meme coins like Dogecoin, Shiba Inu, and Pepe Coin.
At the same time, other projects such as Crypto All-Stars ($STARS) are providing new avenues for meme coin holders by offering a unified staking platform where users can stake various meme coins and earn rewards. Crypto All-Stars has already raised over $1.9 million in its presale, indicating strong interest in platforms that provide utility and passive income opportunities for meme coin enthusiasts.
Source: cryptonews.com
The post Mysterious Trader Makes $150,000 Profit in 3 Hours From Just $2,956: Blockchain Analysis appeared first on HIPTHER Alerts.
A recent Binance report highlights critical risks in the cryptocurrency market, warning of the dangers posed by inflated valuations and centralized token ownership. The report cautions that if these issues remain unaddressed, they could destabilize the long-term stability and growth of the crypto industry.
Valuation Concerns: The report emphasizes that overvaluation, particularly in newly launched tokens with low circulating supply, could lead to market bubbles and poor performance. Venture capital funds, which once aggressively invested in crypto, are now scaling back and shifting focus to sectors with more sustainable valuations. As the market becomes saturated with new tokens, the circulating supply could increase exponentially, further straining performance.
Centralization of Token Ownership: Binance also flags the risks of centralization, where large tokenholders dominate ownership. This concentration of power can result in governance issues, market manipulation, and potential crashes caused by sudden sell-offs. The report stresses the need for decentralized control and broad participation to maintain the integrity and resilience of crypto projects.
Transparency and Trust: To mitigate these risks, the report underscores the importance of transparency in fund management. A lack of clear disclosures can erode stakeholder trust and harm project sustainability. Binance notes that greater transparency, like the adoption of proof-of-reserves by platforms such as Coinbase, is crucial for fostering responsible financial management and building long-term trust in the market.
In conclusion, the report urges the crypto industry to prioritize decentralized governance and transparency to ensure sustainable growth and maintain market confidence.
Source: cointelegraph.com
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The Cryptocurrency Open Patent Alliance (COPA) has teamed up with Unified Patents to launch the Blockchain Zone initiative, aimed at combating “patent trolls” in the crypto industry. Patent trolls, or non-practicing entities (NPEs), are known for exploiting patent rights through litigation rather than developing new technologies. COPA and Unified Patents aim to prevent such entities from hindering blockchain innovation by making costly and baseless patent assertions.
The initiative is designed to safeguard blockchain and related technologies from these unwarranted patent claims, fostering an environment where developers and companies can innovate freely without fear of legal threats. Key figures in the partnership, such as Paul Grewal from Coinbase and Steve Lee from Spiral, emphasize that patent trolls create significant barriers to technological progress, especially in the fast-evolving crypto space.
By aligning with over 300 companies through Unified Patents, COPA’s effort strengthens its mission to protect the blockchain community and the broader crypto-economy from the disruptive impact of NPEs, ensuring that blockchain innovation remains open and accessible.
Source: news.bitcoin.com
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