Worldcoin

<div class="coinjournal"> 
 <ul> 
  <li>Humanity Protocol has secured $30M for its palm scan identity verification project.</li> 
  <li>Palm scan tech offers secure, decentralized identity verification, disrupting traditional methods.</li> 
  <li>Competition intensifies in the digital identity space as Worldcoin and Humanity Protocol go head-to-head.</li> 
 </ul> 
 <p>Humanity Protocol, a web3 <a rel="dofollow" title="digital" href="https://thebittimes.com/tag/digital.html">digital</a> <a rel="dofollow" title="identity" href="https://thebittimes.com/tag/identity.html">identity</a> startup, has secured $30 million in funding, catapulting its valuation to $1 billion.</p> 
 <p>Utilizing palm scans for online identity verification, digital identity startup aims to revolutionize digital identity management.</p> 
 <h2 id="palm-scan-technology-in-digital-identity-verification">Palm scan technology in digital identity verification</h2> 
 <p>Humanity Protocol’s unique approach to digital identity verification involves the use of palm scans.</p> 
 <p>Unlike traditional methods that rely on usernames and passwords, palm scans utilize infrared cameras to capture the unique vein patterns in an individual’s palm.</p> 
 <p>This biometric data is then stored using decentralized technology and zero-knowledge proofs, ensuring the security and privacy of users’ information.</p> 
 <p>Humanity Protocol’s founder, Terence Kwok, emphasized the importance of this approach, stating that palm scans offer a more secure and reliable means of <a rel="dofollow" title="identity" href="https://thebittimes.com/tag/identity.html">identity</a> verification.</p> 
 <p>With plans to launch its own cryptocurrency, Humanity Protocol aims to leverage its palm scan technology to streamline know-your-customer (KYC) processes and other identity verification procedures.</p> 
 <h2 id="humanity-protocol-challenging-worldcoin-in-digital-identity-space">Humanity Protocol challenging Worldcoin in digital identity space</h2> 
 <p>Humanity Protocol’s funding success comes amidst increasing competition in the <a rel="dofollow" title="digital" href="https://thebittimes.com/tag/digital.html">digital</a> <a rel="dofollow" title="identity" href="https://thebittimes.com/tag/identity.html">identity</a> space.</p> 
 <p>Projects like Worldcoin, co-founded by Sam Altman, have also sought to revolutionize identity verification using innovative technologies.</p> 
 <p>However, Worldcoin has faced criticism for its iris-scanning technology and business model targeting users in the Global South.</p> 
 <p>In response to these concerns, Worldcoin announced that it has established new standards for data protection and has deleted previous iris-scanning data.</p> 
 <p>Despite these challenges, the growing interest in digital identity solutions underscores the importance of projects like Humanity Protocol in addressing the evolving needs of the digital economy.</p> 
</div>
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/humanity-protocol-raises-30m-for-palm-based-digital-identity-tbt88468.html">https://thebittimes.com/humanity-protocol-raises-30m-for-palm-based-digital-identity-tbt88468.html</a></p>

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

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TheBitTimes

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