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The palm scanning Humanity protocol emerges as a newcomer to the blockchain
World currency has been the highest profile project pursuing biometric digital identity on a global scale so far, but its status is questioned by Humanity Protocol, a new venture that relies on handheld biometrics for its blockchain-based digital identity system. The company announced a valuation of $1 billion in a $30 million seed funding round led by Kingsway Capital. Web3 investment firms Animoca Brands and Blockchain.com and venture capital firm Shima Capital also participated. The funds will support hiring and development costs ahead of a test release later in 2024.
“Identity is a fundamental right,” states the text of the Humanity Protocol website. “And in the current era of data dominance among a handful of companies and artificial intelligence, it is in danger.” The company’s Proof of Humanity (PoH) concept is similar to Wordcoin’s World ID personality test (PoP), except instead of scanning irises with a sphere, Humanity Protocol scans palms and stores them in a decentralized system, enabling self-sovereign identity (SSI). It claims its palm scanning system is less invasive than facial biometrics or iris scans.
“The world needs a truly self-sovereign identity structure, built on the first principles of inclusiveness, privacy and decentralization,” writes Terence Kwok, founder of Humanity Protocol, in a post on medium. “Personality testing is a powerful concept, but the solutions that exist today have not seen adoption because onboarding is invasive and high-friction. The Humanity Protocol solves this problem. We are creating a decentralized identity protocol that addresses verifiable uniqueness and humanity in a way that protects user privacy and data self-ownership.” Kwok wants users to be able to do this check into hotelsaccess reserved areas and pay for purchases with the palm of your hand, maintaining maximum control over your personal identity data.
Yat Siu, executive president of Animoca Brands, says that “traditional personality testing methods often have drawbacks, whether they are too invasive, complicated or cumbersome. Humanity Protocol is revolutionizing the authentication process with its user-centric approach that ensures a seamless experience, enabling billions to access decentralized digital identity solution. By supporting the principles of true digital ownership, we are promoting equity and inclusion, empowering every participant on the journey to a more inclusive digital future.”
These are familiar statements. Worldcoin and its parent company, Tools for humanity, they also anchored their position on issues such as equity and inclusion. Both companies suffer from the myopia of tech entrepreneurs unable to see the contradiction in considering the idea of “integrating our physical and digital selves” – still, for many in the general public, a conceptual bogeyman conjuring images of the Matrix – as a thing fundamentally human. project. And both, ultimately, are anchored to the world of cryptocurrency: Worldcoin famously gave away free WLD tokens in exchange for iris scans, and Humanity Protocol is planning to launch an as-yet-unnamed crypto token. Skepticism from governments and rights observers is to be expected.
Yet there is public consensus. The Humanity Protocol already has a waiting list of around 500,000 people. The first phase will use mobile phone cameras to collect palmprint scans, while a second phase will deploy an external infrared camera that can be connected to a phone to take palm vein scans. (It’s also not the only company pursuing palm biometrics personality test.)
Ultimately, a direct competitor to Worldcoin could end up reducing its market share. But if Humanity Protocol finds itself on the wrong side of compliance, it could create a villain to replace Worldcoin as public enemy number one in the eyes of global data regulators.
Article topics
biometric | blockchain | digital identity | financing | Humanity Protocol | palm biometry | personality test | self-sovereign identity | World currency
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