Emre Yumlu 
Blockchain identity platform Humanity Protocol reaches $1.1 billion valuation after fundraising. With the advent of Web3, decentralized identity solutions (DIDs) are considered essential for securing users’ digital footprints.
Humanity Protocol Secures $20 Million for Web3 Identity Solutions
Decentralized identity platform Humanity Protocol has secured $20 million in venture funding to compete with rivals like World Network in the push for on-chain identity solutions.
This funding round was backed by major venture capital firms such as Pantera Capital and Jump Crypto, reaching a valuation of $1.1 billion. The funds will be used to further develop the Proof of Humanity protocol, which links users’ digital identities to their palm prints across Web3 platforms.
The funds will also support the preparation for the protocol’s yet-to-be-announced mainnet launch.
According to Humanity Protocol’s official website, the platform plans to conduct a token airdrop in collaboration with OKX Wallet.
Humanity Protocol is not the first blockchain project attempting to integrate biometric authentication with Web3 financial services. In 2023, OpenAI’s Sam Altman co-launched Worldcoin (now rebranded as World Network), which uses Orb technology to scan users’ irises and create a unique digital identity.
World Network has faced criticism recently, with Brazil’s data protection regulator barring the company from serving locals. Additionally, in December, Germany’s data protection authority issued a warning to World Network for allegedly mishandling biometric data.
Humanity Protocol Offers Less Invasive Method Than Iris Scans
Humanity Protocol founder Terence Kwok stated that the platform’s palm scans are “less invasive” compared to Worldcoin’s iris scans, without compromising security.
“Palm and fingerprint biometric verification is a method users are far more familiar with than their iris code,” Kwok said, emphasizing the importance of user experience.
Despite the controversy, biometric verification is considered a critical component in the adoption of Web3 and its integration with financial services and healthcare sectors.
Sebastian Rodriguez, Chief Product Officer at Privado ID, stated that biometric verification doesn’t have to pose a privacy threat. He also pointed out that privacy and anonymity should not be confused, as they are different concepts.
Rodriguez: “We shouldn’t confuse privacy with anonymity. Instead of aiming for anonymity, we should fight for consent. Privacy is not about anonymity, it’s about the right to consent.”
While Rodriguez praised Worldcoin’s technology, he criticized its business model.
“Worldcoin’s business model aims for monopolization,” he said, adding:
“The danger lies in the business model. There’s no issue with the technology. If they succeed and become the only way to prove your uniqueness online, then no other source of uniqueness will matter. And once you’re banned, that ban will be permanent.”
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