Humanity Protocol, the rapidly growing zero-knowledge (ZK) decentralized identity project, today announced a $30 million Seed Round led by Kingsway Capital with participation from Animoca Brands, Blockchain.com, Hashed, Shima Capital and 20 other industry-leading investors. The team at Humanity Protocol plans to use the funds to accelerate hiring and product development ahead of their public testnet launch in the second half of 2024. As the project closes its most recent funding round, its latest private valuation has hit $1 billion.
Sybil-resistant at both the network and application levels, Humanity Protocol’s Proof of Humanity (PoH) consensus mechanism ensures the uniqueness of users’ identities within a decentralized system. This maintains the integrity of both online and offline environments by mitigating the risk of identity fraud and sybil attacks. As a result, the protocol fosters trust and credibility within decentralized networks and in the real world.
With the ambition to become the world’s largest decentralized open identity graph, 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. Activities, such as the distribution of Universal Basic Income, can also become more equitable as these transactions are tied to real human beings, not bots or AI agents.
The project has garnered significant public support, with over half a million waitlist sign-ups within one month of emerging from stealth. The protocol maintains efficiency and interoperability as its user base grows over time through its zkEVM Layer 2 blockchain.
Terence Kwok, Founder of Humanity Protocol, said: “The world needs a truly self-sovereign identity framework that is built on first principles of inclusivity, privacy, and decentralization. Proof-of-Personhood is a powerful concept but the solutions that exist today haven’t seen adoption because onboarding is invasive and high friction.”
“Humanity Protocol fixes this. We’re creating a decentralized identity protocol that solves verifiable uniqueness and humanity in a way that protects user privacy and self-ownership of data.”
Manuel Stotz, Founder at Kingsway Capital, said: “Supporting innovative ventures that champion the human identity online isn’t merely an investment in technology, but a commitment to breaking down the barriers blocking financial and broader digital inclusion in particular for the world’s bottom billions.”
“In the world of AI, as Sybil attacks continue to plague our online experiences, we’re thrilled to support industry leaders, including Terence Kwok and Yat Siu, in building a solution that will uphold the integrity of our online interactions. With their expertise and our investment, we’re confident that this initiative will pave the way for a more secure and resilient technology world for all.”
Yat Siu, Co-founder and Chairman at Animoca Brands, said: “As an advocate for true digital property rights, I’m very passionate about ensuring that users’ digital identities remain secure and protected. Traditional Proof-of-Personhood methods often come with drawbacks, whether they’re too invasive, complicated, or cumbersome.”
“Humanity Protocol is revolutionizing the authentication process with its user-centric approach which ensures a seamless experience, allowing billions to access a decentralized digital identity solution. By upholding the principles of genuine digital ownership, we’re fostering equity and inclusion, empowering every participant in the journey towards a more inclusive digital future.”
