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Humanity Protocol Secures Strategic Investment from Multiple VCs to Scale Its Human Layer for Web3

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Humanity Protocol Secures Strategic Investment from Multiple VCs to Scale Its Human Layer for Web3

Humanity Protocol has received a significant vote of confidence based on the recent successful investment funding. The protocol announced on Medium that it secured a strategic investment from multiple venture capital (VC) funds, including Foresight  Ventures, Mechanism Capital, Hashed, CMCC, and Cypher Capital.

The Humanity Protocol is a new entrant in the global DID (Decentralized Identity) market. It leverages palm recognition and zero-knowledge proofs to ensure Web3 user privacy and security. The funds will be used to scale the protocol development and deployment. Additionally, it will cater to a testnet launch with a worldwide invitation for users to try its features.

With the rise of bots and advanced artificial intelligence (AI) capabilities, Humanity Protocol believes that its cutting-edge and non-invasive approach will provide accessible Proof of Humanity in Web3. As such, the protocol equates remarkable strategic funding as investor confidence in the protocol’s approach.

Humanity Competitors and Market Outlook

Humanity Protocol, founded by Terence Kwok, was developed and launched on Polygon CDK by Human Institute in collaboration with Animoca Brands and Polygon Labs. Animoca Brands guided the team in growth, Web3 best practices, and digital property rights.

On the other hand, Polygon CDK helped the protocol foster scalability, efficiency, and security. Interestingly, the protocol is guided by a council that comprises co-founders of the mentioned partners. Yat Siu, co-founder of Animoca Brands, and Sandeep Nailwal, co-founder of Polygon Labs, are part of the guiding team called the “Council of Founding Humans”.

However, the global DID space is heating up. It’s safe to say that Humanity Protocol’s “non-invasive approach” to Web3 user identity and privacy preservation sufficed after  Worldcoin’s regulatory woes following its invasive iris scanning technique.

Besides Worldcoin, other key players in the field include Civic, DIDConnect, Polygon ID, and Sovrin. Each of the Web3 ID solutions fronted by the players uses a different approach.

Humanity Protocol’s palm recognition technology is targeting a wide array of applications, from Decentralized Social Media (DeSO) to RWA (Real World Assets) and Decentralized Physical Network Infrastructure (DePIN) Systems. According to Markets and Markets data, the global DID market is poised to hit $6.8B by 2027. It remains to be seen how Humanity Protocol will carve out its market share once it moves from Testnet to Mainnet launch.


Humanity Protocol Secures Strategic Investment from Multiple VCs to Scale Its Human Layer for Web3

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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