Bittime - Humanity Protocol, developer of Decentralized Identity (DID) solutions, has officially achieved unicorn status after raising $30 million in funding. The funds will be used to strengthen the Humanity Protocol product development unit. The company is preparing to launch a public testnet in the second half of 2024.
This seed round was led by Kingsway Capital, with participation from other big names such as Animoca Brands, Blockchain.com, Hashed, Shima Capital, and 20 other investors, as Humanity Protocol announced via a Medium post on 15 May 2024.
Secure Digital Identity with Palm Scan
Humanity Protocol offers a unique DID solution. Different from competitors who use iris scanning, Humanity Protocol relies on palm scanning technology.
Through the integration of zero-knowledge and proof-of-humanity technology, Humanity Protocol claims to be able to secure users' digital identities on the blockchain .
Humanity Protocol hopes that this palm scanning method will be accepted as a less privacy-intrusive alternative compared to the iris scanning method proposed by their competitor, Worldcoin.
Check Today's Crypto Market:
Humanity Protocol vs Worldcoin
Despite controversy regarding the iris scanning approach which was considered too invasive, Worldcoin was recorded as having succeeded in attracting 10 million users.
Meanwhile, Humanity Protocol, which has only been out of the closed development stage for a month, now has more than half a million users registered on their waiting list.
Terence Kwok, founder of Humanity Protocol, who launched this project through the Human Institute in February 2023, managed to attract support from big names such as Yat Siu (co-founder of Animoca Brands) and Polygon Labs.
Assistance from Polygon Labs played a role in the development of the Humanity Protocol testnet which was launched in February 2024.
DID: Security and Convenience
According to Yat Siu, despite its great potential, DID solutions must be carefully designed so as not to be too invasive, complicated or inconvenient for users, especially during the registration process.
Security and ease of use are equally important factors in determining the success of widespread adoption of DID solutions.
Also Read: What is Digital Identity Management, and What are the Benefits?
The Soaring Need for DID in the Era of Cyber Attacks and AI
The emergence of the Humanity Protocol is in line with the increasing need for safe and trusted DID solutions.
The soaring cases of data leaks amidst the rapid development of artificial intelligence (AI) technology is the main driving factor.
Humanity Protocol claims that user information will be stored in a decentralized manner. That way, data ownership is completely in the hands of the user, not other parties.
Also Read How to Buy Crypto:
Tight Competition in DID
The presence of Humanity Protocol is increasingly heating up competition in the blockchain-based DID solution market.
This situation certainly benefits users because it encourages innovation and improves the overall quality of DID services.
By continuing to prioritize security, ease of use, and respect for user privacy, DID solutions have the potential to play a critical role in realizing a more secure, decentralized internet future.
Check Crypto Prices Today:
How to Buy Crypto with Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
What is Zero-Knowledge Proof (ZKP)? Decentralized Digital Identity Solutions
The Role of Biometrics in the Metaverse: Maintaining Security and Identity in Virtual Worlds
Worldcoin Potentially Fines IDR 16 Billion for Alleged Violations of Law in Buenos Aires
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.