Humanity Protocol Hits $1B Valuation, Unveils Palm Scan Tech

Key Takeaway

• Humanity Protocol raises $30 million at a $1 billion valuation, becoming a unicorn with its blockchain-based digital identity system.
• The startup's innovative use of palm scans for identity verification aims to combat AI deepfakes and enhance online security.
• Plans include launching an app for palm recognition, expanding security features, and introducing a crypto token for verification fees.

Humanity Protocol Achieves Unicorn Status

Humanity Protocol, a pioneering startup in the realm of online identity verification, has recently secured a significant funding round, propelling it to unicorn status with a valuation of $1 billion. This achievement comes in less than a year since its inception, highlighting the rapid growth and investor confidence in its innovative approach to combating the challenges posed by artificial intelligence and deepfake technologies. The company's blockchain-based identity system, which uniquely identifies individuals through palm scans, has attracted a $30 million investment led by Kingsway Capital, with notable contributions from Animoca Brands, Blockchain.com, and Shima Capital.

Expanding Team and Partnerships

With the fresh influx of capital, Humanity Protocol is set to expand its team beyond the current 20 members and forge new partnerships. The startup is at the forefront of addressing the increasingly critical issue of verifying real human identities online amidst the proliferation of AI-generated content. Founder Terence Kwok emphasizes the growing importance of identity in the digital age and outlines plans to launch a test network in the second quarter. The company has already garnered significant interest, with a waitlist of about 500,000 for its technology.

Innovative Biometric Solutions

Humanity Protocol's roadmap includes the launch of an app capable of scanning palm prints using a phone camera, marking the initial phase of its technology rollout. A subsequent phase will introduce a more advanced security layer that analyzes the unique network of veins in a person's palm, requiring an infrared camera attachment for smartphones. This technology has the potential to revolutionize know-your-customer (KYC) processes for financial platforms and provide secure access to physical locations. Kwok envisions a future where palm scans could facilitate everyday activities, such as hotel check-ins or office building access.

Crypto Token and Biometric Data Use

The startup also plans to introduce a crypto token for paying verification fees, with both of its recent funding rounds conducted through simple agreements for future tokens (SAFTs). Humanity Protocol's approach to biometric data, focusing on palm scans, positions it as a less invasive alternative to facial recognition or eye scans. This method aligns with the broader industry trend towards integrating biometric verification with blockchain technology, despite the regulatory and security challenges faced by similar projects like Worldcoin.

Management Quotes

• Terence Kwok, Founder of Humanity Protocol:

  "The whole concept of identity is starting to become more important... We look at artificial intelligence. We look at all the deepfake videos that are coming on."
  "You can check into hotel through a palm scan. You can access your office building through a palm scan."