Humanity Protocol, a project supported by prominent crypto entities like Animoca Brands and Polygon, has concluded an investment round and secured funding from various cryptocurrency venture capital firms. The agreement, announced on February 28, revealed strategic investments from Hashed, CMCC, Cypher Capital, Foresight Ventures, Mechanism Capital, and other entities. While the specific amount of funding and all participating investors were not disclosed, the project stated that it received significant support from over 20 cryptocurrency-focused venture capital funds.
Although specific figures were not provided, the project highlighted its collaboration with Animoca Brands and Polygon Labs in its development. Notably, Animoca Brands’ executive chairman Yat Siu and Polygon co-founder Sandeep Nailwal were personally involved in financing the project. Humanity Protocol centers its focus on digital identity for Web3, leveraging palm recognition technology combined with Polygon’s zero-knowledge proofs (ZK-proofs). The aim is to offer a less intrusive alternative to iris scanning, seemingly challenging the widely recognized eye-scanning initiative, Worldcoin.
Terence Kwok, the founder of Humanity Protocol, emphasized the company's belief that technology should empower human potential rather than undermine it. Kwok stressed their dedication to introducing a blockchain ecosystem centered around human welfare. In contrast, Worldcoin, a project operating on a similar premise, has encountered scrutiny from multiple regulatory bodies worldwide. In July 2023, the French National Commission for Informatics and Liberties raised concerns about Worldcoin's data collection practices, while the German privacy watchdog had been investigating the project since 2022. The Kenyan government also suspended Worldcoin in August 2023 to mitigate potential risks to its citizens.
Recent developments have further intensified scrutiny on Worldcoin, with the Office of the Privacy Commissioner of Hong Kong launching an investigation into the project. On January 31, the PCPD executed search warrants and inspected six Worldcoin locations in Hong Kong as part of its inquiry into the project's data collection methods. Privacy watchdogs have expressed apprehensions about Worldcoin's practices, suggesting potential violations of the region's personal data regulatory requirements.
