Humanity Protocol, a blockchain-based identity verification startup, achieved a significant milestone by raising $20 million in its latest funding round. Led by Pantera Capital and Jump Crypto, this achievement brought the company’s valuation to an impressive $1.1 billion. This reflects the growing need for innovative solutions in digital identity.
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Humanity Protocol Tackles Bots and Online Fraud
At its core, the Humanity Protocol focuses on solving issues such as fake accounts, bots, and cyber fraud. By using palm scans, the system ensures that online accounts belong to real people while keeping user data private. Instead of exposing personal details, it verifies identities in a secure way. Founder Terence Kwok emphasized the importance of this technology, noting its role in building safer online communities.
Why Biometrics Are Key in Identity Verification
As artificial intelligence (AI) evolves, concerns about deepfakes and fabricated identities are rising. The Humanity Protocol addresses these concerns by integrating biometrics with blockchain technology. This combination not only ensures secure identity verification but also protects against growing cybersecurity threats.
Other companies, such as World Network, are following this trend. Co-founded by OpenAI CEO Sam Altman, World Network uses facial and eye scans to create verified IDs. These efforts highlight the increasing relevance of biometrics in combating digital identity challenges.
Plans for Crypto Token Launch
Humanity Protocol is preparing to launch its own cryptocurrency token. This token will enhance the platform by providing additional features and benefits for users. Kwok revealed that the team is in the final stages of preparation to guarantee a smooth release.
A Supportive Climate for Blockchain Growth
The blockchain industry anticipates a boost from President Donald Trump’s return to office. With a focus on reducing regulations, his administration aims to encourage innovation in blockchain technologies. Kwok shared his excitement, stating, “This pro-business environment will speed up the development of blockchain solutions and attract more investment.”
This political shift aligns perfectly with the Humanity Protocol’s plans for expansion and growth, paving the way for more blockchain-based advancements.
Shaping the Future of Digital Identity
As fraud and online threats grow, Humanity Protocol is stepping up to offer effective solutions. By combining blockchain and biometrics, the company ensures secure, user-friendly identity verification. With its $1.1 billion valuation and strategic plans, the Humanity Protocol is poised to redefine how we approach online security and digital identity.
