Humanity Protocol, a decentralized identity solution, has officially reached unicorn status following a recent $30 million increase in valuation, bringing it to a total of $1 billion. The funding round, as detailed in Humanity Protocol's Medium post on May 15, was led by Kingsway Capital and saw participation from prominent investors such as Animoca Brands, Blockchain com, Hashed, Shima Capital, and 20 others.

In its quest to enhance blockchain security, Humanity Protocol intends to utilize the newly acquired funds to bolster its product development unit in preparation for the launch of a public test network in the latter half of 2024. The project distinguishes itself by employing palm scanning technology, integrating zero knowledge techniques, and implementing proof of humanity as a consensus mechanism to safeguard users' digital identities on the blockchain.

Humanity Protocol aims to position its palm scanning method as a viable alternative to the controversial iris scanning technology utilized by Worldcoin, a competitor backed by OpenAI CEO Sam Altman. Despite Worldcoin's widespread adoption with 10 million users, concerns over privacy and regulatory issues have led to bans in several countries. In contrast, Humanity Protocol has garnered significant interest, with over half a million individuals signing up since the public launch of its waitlist a month ago. The brainchild of Terence Kwok, Humanity Protocol was introduced through the Human Institute in February 2023.

Terence Kwok collaborates with key figures such as Animoca Brands co-founder Yat Siu and the Polygon Labs team, who played a pivotal role in establishing a test network for Humanity Protocol earlier this year. While the decentralized identity solution boasts robust security features, Yat Siu emphasizes the importance of maintaining a user-friendly enrollment process that is neither intrusive nor overly complex.

The landscape of blockchain-based identity solutions is becoming increasingly competitive, fueled by a surge in data breaches in a world driven by artificial intelligence. According to IT Governance data, 2023 witnessed 2,814 reported incidents resulting in the breach of 8.2 billion records. Kwok's firm underscores its commitment to decentralized data storage, ensuring that users retain sole ownership and control over their personal information, a crucial aspect in an era marked by growing privacy concerns and data security challenges.