Humanity Protocol, a decentralised id resolution, has raised $30 million (roughly Rs. 250 crore) from a recent funding spherical led by Kingsway Capital and the startup has hit unicorn standing with its valuation surpassing the $1 billion (roughly Rs. 8,350 crore) mark. Over 20 different enterprise capital companies participated within the seed funding spherical, together with Animoca Manufacturers, Blockchain.com, Hashed, and Shima Capital. The startup competes with Worldcoin, a rival service that has confronted authorized challenges in a number of areas.
Decentralised id options (DIDs) goal to authenticate customers and entities with out a government. So as to document the individuality of every particular person, Humanity Protocol collects the palm scans of people. These scans are saved on a blockchain, and a proof-of-humanity is issued that verifies that the holder of this id is genuinely a human and never a bot.
“Proof-of-Personhood is a strong idea however the options that exist in the present day have not seen adoption as a result of onboarding is invasive and excessive friction,” Terence Kwok, Founding father of Humanity Protocol wrote in a weblog publish. “The world wants a very self-sovereign id framework that’s constructed on first rules of inclusivity, privateness, and decentralisation.”
Humanity Protocol’s Proof of Humanity (PoH) consensus mechanism goals to mitigate the dangers of id frauds and Sybil assaults. This brings a layer of belief and credibility on human people inside decentralised networks in the true world.
Explaining why the proof-of-personhood is a promising idea, Kwok’s Medium publish stated, “The PoH permits customers to carry out numerous transactions, corresponding to asserting their possession of real-world property, accessing restricted providers, or proving their training and employment historical past, with out having to reveal their private data to 3rd events.”
The blockchain ID venture additionally claims that deploying PoH might make actions just like the distribution of Common Primary Revenue extra equitable as a result of these transactions are linked to actual human beings.
In current instances, nonetheless, these controversial decentralised id initiatives have garnered criticism and issues from a number of governments from all over the world.
One related such venture is Worldcoin based by OpenAI CEO Sam Altman. Utilizing the scans of individuals’s irises, Altman plans to generate a novel world identification of people, that will remove the necessity for them to current their IDs like names or e-mail ids to work together with computer systems and machines whereas additionally guaranteeing that the holder of this ID is genuinely human. The venture has been perceived as intrusive and is at the moment going through authorized hurdles in nations like Nairobi and Italy.
