The Humanity Protocol, a blockchain identity platform, recently hit a valuation of $1.1 billion after raising $20 million in venture funding. This funding is crucial as it aims to enhance decentralized identity solutions, which are becoming essential for safeguarding users' digital identities in the Web3 space.
Major venture capital firms, including Pantera Capital and Jump Crypto, backed this funding round. The money will help develop the Proof of Humanity protocol, linking users' palm biometrics to their digital identities across various Web3 platforms. Additionally, it will support the upcoming launch of the protocol's mainnet, details of which are yet to be revealed.
Humanity Protocol plans to conduct a token airdrop in partnership with OKX Wallet. This move aligns with a growing trend among blockchain projects that aim to integrate biometric identification with financial services in Web3. For instance, World Network, co-founded by Sam Altman of OpenAI and previously known as Worldcoin, uses Orb technology to scan users' irises and create unique digital identities. However, World Network has faced scrutiny, including a recent prohibition from Brazil’s data protection authority and a reprimand from Germany’s data protection agency over its handling of biometric data.
Terence Kwok, the founder of Humanity Protocol, mentioned that their palm scanning technology is “less invasive” than iris scanning. He noted that users are generally more familiar with biometric authentication involving their palms and fingerprints compared to iris recognition.
In a recent podcast, Sebastian Rodriquez, chief product officer at Privado ID, emphasized that biometric verification can be done without sacrificing privacy. He clarified the difference between privacy and anonymity, urging a focus on consent rather than anonymity. While he praised World Network’s technology, he raised concerns about its business model. He warned that if World Network becomes the main way to verify uniqueness online, it could limit other forms of identity verification, leading to significant ethical issues.
Rodriguez cautioned that if World Network succeeds, it could establish a monopoly on online uniqueness verification. This scenario raises serious concerns about user autonomy and the risk of permanent exclusion from the platform.