• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Log In
  • Member Registeration
  • Account
  • 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

  • FaceTec’s Revenue Growth Climbs Even Higher in Latest QuarterFaceTec’s Revenue Growth Climbs Even Higher in Latest Quarter
  • 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

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

Primary Sidebar

Watch This Finance-Focused On-Demand Webinar

Sponsored Links

facetec logo

FaceTec’s patented, industry-leading 3D Face Authentication software anchors digital identity, creating a chain of trust from user onboarding to ongoing authentication on all modern smart devices and webcams. FaceTec’s 3D FaceMaps™ make trusted, remote identity verification finally possible. As the only technology backed by a persistent spoof bounty program and NIST/iBeta Certified Liveness Detection, FaceTec is the global standard for Liveness and 3D Face Matching with millions of users on six continents in financial services, border security, transportation, blockchain, e-voting, social networks, online dating and more. www.facetec.com

TECH5 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

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.

HID logo

HID powers the trusted identities of the world’s people, places and things. Our trusted identity solutions give people convenient and secure access to physical and digital places and connect things that can be identified, verified and tracked digitally. Millions of people use HID products to navigate their everyday lives, and billions of things are connected through HID technology. https://www.hidglobal.com/

Prove Logo

As the world moves to a mobile-first economy, businesses need to modernize how they acquire, engage with, and enable consumers. Prove’s phone-centric identity tokenization and passive cryptographic authentication solutions reduce friction, enhance security and privacy across all digital channels, and accelerate revenues while reducing operating expenses and fraud losses. Over 1,000 enterprise customers use Prove’s platform to process 20 billion customer requests annually across industries including banking, lending, healthcare, gaming, crypto, e-commerce, marketplaces, and payments. https://www.prove.com/

Recent Posts

  • Biometrics in Policing, Passports, and Deadbolt Locks – Identity News Digest
  • UK Policing Minister Plans Comprehensive, Searchable Platform to Identify Criminals
  • ComplyCube Launches Age Estimation Tool
  • Veriff Launches New Anti-Fraud Packages for Organizations
  • WATCH: Around the World with Strong Identity

Biometric Associations

IBIA and fido

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 © 2023 FindBiometrics