Andamanz.in
No Result
View All Result
Friday, July 11, 2025
  • Home
  • Business
  • Politics
  • City
  • Crime
  • Entertainment
  • Health
  • Tech
  • Sports
Andamanz.in
  • Home
  • Business
  • Politics
  • City
  • Crime
  • Entertainment
  • Health
  • Tech
  • Sports
No Result
View All Result
Andamanz.in
No Result
View All Result
Home Tech

Humanity Protocol Raises $30 Million as Blockchain-Primarily based Digital ID StartupHits Unicorn Standing

by Staff Reporter
May 16, 2024
in Tech
0
Humanity Protocol Raises  Million as Blockchain-Primarily based Digital ID StartupHits Unicorn Standing
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter


Humanity Protocol, a decentralised id resolution, has raised $30 million (roughly Rs. 250 crore) from a contemporary 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 Brands, 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) purpose to authenticate customers and entities with out a government. In order to file 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 powerful concept but the solutions that exist today haven’t seen adoption because onboarding is invasive and high friction,” Terence Kwok, Founder of Humanity Protocol wrote in a weblog submit. “The world needs a truly self-sovereign identity framework that is built on first principles of inclusivity, privacy, 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 submit mentioned, “The PoH allows users to perform various transactions, such as asserting their ownership of real-world assets, accessing restricted services, or proving their education and employment history, without having to disclose their personal information to third parties.”

The blockchain ID mission additionally claims that deploying PoH may make actions just like the distribution of Universal Basic Income extra equitable as a result of these transactions are linked to actual human beings.

In current occasions, nevertheless, these controversial decentralised id initiatives have garnered criticism and considerations from a number of governments from around the globe.

One related such mission is Worldcoin based by OpenAI CEO Sam Altman. Using the scans of individuals’s irises, Altman plans to generate a singular international identification of people, that may eradicate the necessity for them to current their IDs like names or electronic mail ids to work together with computer systems and machines whereas additionally guaranteeing that the holder of this ID is genuinely human. The mission has been perceived as intrusive and is at present going through authorized hurdles in nations like Nairobi and Italy.


Affiliate hyperlinks could also be robotically generated – see our ethics assertion for particulars.
Tags: blockchainBlockchainBasedcryptocurrencydecentralised identityDigitalHumanityhumanity protocol unicorn status billion dollar valuation digital identity startup human protocolMillionProtocolRaisesStartupHitsStatusUnicorn
  • Trending
  • Comments
  • Latest

Illegal Sand Mining: A Menace to Havelock Island

February 12, 2023
Crocodile Scare at Elephant Beach: Child Reptile Sparks Panic Amongst Tourists

Crocodile Scare at Elephant Beach: Child Reptile Sparks Panic Amongst Tourists

May 3, 2025

Eco Diver India Takes a Step Towards Reef Conservation: Offers Free Dive Master Courses to Andaman’s Underprivileged Youths

February 19, 2023
Low stress space shaped over South Andaman Sea, neighbouring area: IMD – Business Standard

Low stress space shaped over South Andaman Sea, neighbouring area: IMD – Business Standard

February 12, 2023
Full Ban on Recognized Single Use Plastic Objects all through the Nation from 1st July 2022

Full Ban on Recognized Single Use Plastic Objects all through the Nation from 1st July 2022

0
Large infrastructure undertaking threatens Great Nicobar Island

Large infrastructure undertaking threatens Great Nicobar Island

0
Absconding accused hotelier arrested from Haryana’s Karnal

Absconding accused hotelier arrested from Haryana’s Karnal

0
Cold Wave Sweeps Northern States Will Proceed For Subsequent 3 Days IMD

Cold Wave Sweeps Northern States Will Proceed For Subsequent 3 Days IMD

0
Giannis Antetokounmpo’s Obscure Milwaukee Remark Provides Hope to Knicks Followers

Giannis Antetokounmpo’s Obscure Milwaukee Remark Provides Hope to Knicks Followers

July 11, 2025
Infinix Hot 60 5G+ Launched in India With Customized AI Button, MediaTek Dimensity 7020 SoC

Infinix Hot 60 5G+ Launched in India With Customized AI Button, MediaTek Dimensity 7020 SoC

July 11, 2025
Earlier than Dilip Joshi, Rajpal Yadav, Kiku Sharda and different celebs REJECTED the function of Jethalal

Earlier than Dilip Joshi, Rajpal Yadav, Kiku Sharda and different celebs REJECTED the function of Jethalal

July 11, 2025
MP Expresses Gratitude to Chief Secretary for Addressing Guest College Grievances

MP Expresses Gratitude to Chief Secretary for Addressing Guest College Grievances

July 11, 2025

Most Popular

Ruhi to create drama seeing Abhira-Armaan collectively throughout a operate, will her emotions come out?

Ruhi to create drama seeing Abhira-Armaan collectively throughout a operate, will her emotions come out?

April 16, 2025
Khushi Mukherjee’s BOLD and surprising vogue decisions that stirred up controversies show she is a…

Khushi Mukherjee’s BOLD and surprising vogue decisions that stirred up controversies show she is a…

June 11, 2025
Madurai Paiyanum Chennai Ponnum OTT Launch Date: When and Where to Watch it On-line?

Madurai Paiyanum Chennai Ponnum OTT Launch Date: When and Where to Watch it On-line?

February 12, 2025
Barcelona Survive Dortmund Scare to Attain UCL Semis, But Critical Defensive Questions Stay

Barcelona Survive Dortmund Scare to Attain UCL Semis, But Critical Defensive Questions Stay

April 16, 2025
Google, DOJ to Make Closing Push in US Search Antitrust Case

Google, DOJ to Make Closing Push in US Search Antitrust Case

June 2, 2025
ICAR-CIARI to Open ‘Agro Eco Walk’ at Sippighat and Garacharma Farms for Public from April 21

ICAR-CIARI to Open ‘Agro Eco Walk’ at Sippighat and Garacharma Farms for Public from April 21

April 16, 2025
Andamanz.in

Categories

  • Breaking News
  • Business
  • City
  • Crime
  • Entertainment
  • Environment & Human Interaction
  • Health
  • Local News – Andaman & Nicobar
  • Politics
  • Scuba Diving
  • Sports
  • Tech
  • Tourism & Safety
  • Uncategorized
  • Wildlife & Conservation

Site Navigation

  • Home
  • Contact US
  • Privacy & Policy
  • Terms and Conditions

Recent News

Giannis Antetokounmpo’s Obscure Milwaukee Remark Provides Hope to Knicks Followers

Giannis Antetokounmpo’s Obscure Milwaukee Remark Provides Hope to Knicks Followers

July 11, 2025

© 2022 Andamanz - All Rights Reserved

No Result
View All Result
  • Home
  • Business
  • Politics
  • City
  • Crime
  • Entertainment
  • Health
  • Tech
  • Sports

© 2022 Andamanz - All Rights Reserved