Humanity Protocol raises $30M for palm-based digital id

• Humanity Protocol has secured $30M for its palm scan id verification undertaking.
• Palm scan tech gives safe, decentralized id verification, disrupting conventional strategies.
• Competitors intensifies within the digital id area as Worldcoin and Humanity Protocol go head-to-head.

Humanity Protocol, a web3 digital id startup, has secured $30 million in funding, catapulting its valuation to $1 billion.

Using palm scans for on-line id verification, digital id startup goals to revolutionize digital id administration.

Palm scan know-how in digital id verification

Humanity Protocol’s distinctive method to digital id verification includes the usage of palm scans.

In contrast to conventional strategies that depend on usernames and passwords, palm scans make the most of infrared cameras to seize the distinctive vein patterns in a person’s palm.

This biometric knowledge is then saved utilizing decentralized know-how and zero-knowledge proofs, making certain the safety and privateness of customers’ info.

Humanity Protocol’s founder, Terence Kwok, emphasised the significance of this method, stating that palm scans provide a safer and dependable technique of id verification.

With plans to launch its personal cryptocurrency, Humanity Protocol goals to leverage its palm scan know-how to streamline know-your-customer (KYC) processes and different id verification procedures.

Humanity Protocol difficult Worldcoin in digital id area

Humanity Protocol’s funding success comes amidst growing competitors within the digital id area.

Initiatives like Worldcoin, co-founded by Sam Altman, have additionally sought to revolutionize id verification utilizing modern applied sciences.

Nonetheless, Worldcoin has confronted criticism for its iris-scanning know-how and enterprise mannequin concentrating on customers within the World South.

In response to those considerations, Worldcoin introduced that it has established new requirements for knowledge safety and has deleted earlier iris-scanning knowledge.

Regardless of these challenges, the rising curiosity in digital id options underscores the significance of initiatives like Humanity Protocol in addressing the evolving wants of the digital financial system.