Humanity Protocol, a project supported by prominent figures in the crypto industry such as Animoca Brands and Polygon, has recently completed a successful investment round and secured funding from venture capital funds within the crypto space.
On February 28th, the protocol proudly announced that it had secured strategic investments from notable companies including Hashed, CMCC, Cypher Capital, Foresight Ventures, and Mechanism Capital. The protocol acknowledged receiving significant funding from over 20 venture capital funds that focus on cryptocurrencies, although it did not disclose the full list of investors or the amount raised in the fundraising round.
While specific details were not shared, the project revealed that it was developed in collaboration with Animoca Brands and Polygon Labs. Notably, Yat Siu, the executive chairman of Animoca Brands, and Sandeep Nailwal, co-founder of Polygon, personally participated in the funding round for the project.
The main focus of the Humanity Protocol is to establish a digital identity system for Web3, which combines palm-recognition technology with Polygon’s zero-knowledge proofs (ZK-proofs). The project aims to provide a less intrusive alternative to iris scans, indirectly referencing the controversial eyeball-scanning project known as Worldcoin.
Terence Kwok, the founder of the Humanity Protocol, emphasized the company’s belief that technology should enhance human potential rather than compromise it. He expressed their commitment to creating a blockchain that prioritizes human needs.
Meanwhile, the Worldcoin project, which shares a similar objective, has faced scrutiny from authorities worldwide. On July 28, 2023, the French National Commission on Informatics and Liberty questioned the legality of Worldcoin’s data collection methods. Germany’s privacy watchdog had also been investigating Worldcoin since 2022. Additionally, the Kenyan government suspended the project on August 2, 2023, to safeguard its citizens from potential risks.
More recently, Hong Kong’s Office of the Privacy Commissioner for Personal Data initiated an investigation into Worldcoin. On January 31, the PCPD executed search warrants and entered six Worldcoin premises in Hong Kong as part of its probe. The privacy watchdog expressed concerns about Worldcoin’s data collection methods, suggesting that they may violate the region’s requirements outlined in the Personal Data Ordinance.
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