• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Our Services
  • Contact Us
  • Newsletter
  • Top Nav Social Icons

FindBiometrics

FindBiometrics

Global Identity Management

  • Biometrics
    • What are Biometrics?
    • FAQ
    • Biometric Associations
    • Companies
    • Premier Partners
  • News
    • Featured Articles
    • Interviews
    • Thought Leadership
    • Podcasts
    • Webinars
    • Year in Review
  • Applications
    • Biometric Security
    • Border Control and Airport Biometrics
    • Consumer and Residential Biometrics
    • Financial Biometrics
    • Fingerprint & Biometric Locks
    • Healthcare Biometrics
    • Justice and Law Enforcement Biometrics
    • Logical Access Control Biometrics
    • Mobile Biometrics
    • Other Biometric Applications
    • Physical Access Control Biometrics
    • Biometric Time and Attendance
  • Solutions
    • Behavioral Biometrics
    • Biometric Sensors and Detectors
    • Facial Recognition
    • Biometric Fingerprint Readers
    • Hand Readers & Finger Scanners
    • Iris Recognition
    • Biometric Middleware and Software
    • Multimodal Biometrics
    • Physiological Biometrics
    • Smart Cards
    • Vein Recognition
    • Voice and Speech Recognition
  • Stocks
  • Events
  • Companies
  • Podcasts

Biometrics-backed Humanode Blockchain Project Raises $2M in Seed Funding

February 11, 2022

Biometrics-backed Humanode Blockchain Project Raises $2M in Seed Funding

Humanode, the startup behind an eponymous blockchain platform based on ‘proof of existence’ staking, has closed a $2 million seed funding round led by Republic Capital.

The project first came to light last summer, when it was revealed that FaceTec, one of the biggest names in face-based identity verification, would play a critical role in the unique blockchain platform.

Because blockchain platforms are essentially decentralized databases of information, they are supported by numerous nodes, each of which contains a copy of the full database that can be corroborated against the others. Some, like Bitcoin, entice end users to participate in the network through a ‘proof of work’ model in which a user’s computer helps to process algorithms that unlock cryptocurrency as a kind of reward for supporting the network. Others use a ‘proof of stake’ model in which they invest their own cryptocurrency and essentially receive a kind of interest payment for helping to validate blockchain transactions.

One problem with both of these approaches is that they open the door to large-scale mining and staking efforts that can become outsized players in a given network. Humanode is seeking to resolve this issue with a ‘Proof of Existence’ and ‘Proof of Uniqueness’ model in which each node is verified to belong to a single user using biometric technology – a system that can help to ensure democratic governance on the blockchain while preventing ‘sybil attacks’ in which a single entity uses multiple accounts to manipulate blockchain transactions.

FaceTec’s technology is essential to this approach. Using three-dimensional face mapping and biometric matching, the company’s solution allows end users on the Humanode blockchain to confirm their unique identities, without the need to share personal information.

Humanode says it received 11,000 applications to participate in its first testnet, which got 500 validator nodes up and running last year. A public beta was launched in late December, bringing the total number of unique blockchain validators to 1,650 as of February 10, 2022.

Going forward, the $2 million in seed funding will help Humanode to prepare for the launch of its mainnet in mid-2022.

In addition to Republic Capital’s investment, the funding round featured contributions from other notable names, including Blizzard’s Avalanche ecosystem fund, Tribe Capital, GravityX Capital, Wintermute, Shima Capital, Genblock, AU21, StaFi, and Polygon co-founders Jaynti Kanani and Sandeep Nailwal.

–

February 11, 2022 – by Alex Perala

Related News

  • Sybil Resistance With Biometrics: Interview with Humanode Co-founder Dato Kavazi (pt.1)Sybil Resistance With Biometrics: Interview with Humanode Co-founder Dato Kavazi (pt.1)
  • Humanode Invites Devs to ‘Hack the Sybil’ in June Hackathon Featuring $30,000 in PrizesHumanode Invites Devs to ‘Hack the Sybil’ in June Hackathon Featuring $30,000 in Prizes
  • Seeking to Build Trust in Metaverse and DeFi, Avarta Leverages FaceTec BiometricsSeeking to Build Trust in Metaverse and DeFi, Avarta Leverages FaceTec Biometrics
  • FaceTec, gDi Provide Biometric Onboarding Solution for UAE’s Biggest BankFaceTec, gDi Provide Biometric Onboarding Solution for UAE’s Biggest Bank
  • Shufti Pro Helps Verify Identities of Morpho Labs’ Crypto BackersShufti Pro Helps Verify Identities of Morpho Labs’ Crypto Backers
  • INTERVIEW: FaceTec’s Jay Meier Wants the Identity Industry to Understand ‘the PKI Fallacy’INTERVIEW: FaceTec’s Jay Meier Wants the Identity Industry to Understand ‘the PKI Fallacy’

Filed Under: News Tagged With: 3D facial recognition, Biometric, biometrics, blockchain, crypto, FaceTec, facial recognition, funding rounds, Humanode, seed funding, selfie biometrics

Primary Sidebar

EXCLUSIVE MEMBERS ONLY CONTENT:

Become a FindBiometrics Member and gain easy access to specialty content, including the ID Tech column, replays of virtual events, and Identity School educational checklists:

ID TECH: What Role Will Biometrics Play in the Cyber Cold War? We’re About to Find Out [NEW]

Identity School: Facial Recognition Cheat Sheet

REPLAY: Travel & Hospitality Virtual Identity Summit

Sponsored Links

TECH5 showcase logo

TECH5 is an international technology company founded by experts from the biometrics industry, which focuses on developing disruptive biometric and digital ID solutions through the application of AI and Machine Learning technologies.

TECH5 target markets include both Government and Private sectors with products powering Civil ID, Digital ID, as well as authentication solutions that deliver identity assurance for various use cases. 

Learn more: www.tech5.ai

Onfido logo

Onfido is building the new identity standard for the internet.Our AI-based technology assesses whether a user’s government-issued ID is genuine or fraudulent, and then compares it against their facial biometrics. That’s how we give companies like Revolut, Zipcar and Bitstamp the assurance they need to onboard customers remotely and securely. Our mission is to create a more open world, where identity is the key to access.. For more information, please visit www.onfido.com

ThreatMark brings trust to the digital world by providing cutting-edge fraud prevention solutions. Major banks use ThreatMark’s AI-powered technology and behavioral biometrics to build secured banking experience to precisely verify their legitimate users, seamlessly across all digital channels. All while securing the users’ most precious assets and keeping the fraudsters away. Learn more: www.threatmark.com/

With its secunet border gears product portfolio and specialised consulting expertise, secunet supports police forces and security authorities in their sovereign tasks. Whether ABC gates, self-service kiosks or biometric middleware – each component helps to strengthen identity protection and to accelerate verification – in mobile and stationary scenarios.

Mobile ID World Logo

Mobile ID World is here to bring you the latest in mobile authentication solutions and application providers. Our company is dedicated to providing users with the best content and cutting edge information on technology, news, and mobile solutions for your mobile identity management needs.

Recent Posts

  • House Committee Makes Case for Biometric Data Protection Bill
  • Independent Review Finds UK’s Biometric Laws Woefully Out of Date
  • Australian Retailer Drops Facial Recognition in Response to Consumer Report
  • Aware Pushes Zero Trust Security at Identity Week 2022
  • Convicted of Insider Trading, FPC Chairman Steps Down

Biometric Associations

IBIA and fido

Tweets

Footer

  • About Us
  • Company Directory
  • Advertise With Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • Archives
  • CCPA: Do not sell my personal info.

Follow Us

Copyright © 2022 FindBiometrics