Holonym Foundation Secures $5.5M in Seed Funding for Global Digital Identity Security
In a significant development in the world of decentralized web technology, the Holonym Foundation has successfully completed a seed funding round, raising a total of $5.5 million. Led by Finality Capital and Paper Ventures, with notable participation from Arrington Capital, Draper Dragon, Lightshift, and other prominent funds, this funding round marks a key milestone for the organization.
Shady El Damaty, Co-Founder of Holonym, emphasized the foundation’s commitment to incorporating person-first principles into their technology. He stated, “Our goal is to build a global open-source layer that enhances the capabilities of every individual by providing basic access to a digital identity using cryptography to validate their personhood.”
The foundation’s vision is to empower individuals with self-sovereign control over their digital assets through self-sovereign identity. By developing critical middleware and applications, Holonym aims to enable Web3 users to own, govern, and selectively share their data with robust privacy and security measures. Kamal Mokeddem, GP of Finality Capital, highlighted the importance of this approach, stating, “Holonym will play a crucial role in unlocking the next trillion dollars of assets within the blockchain ecosystem.”
One of the key innovations introduced by the Holonym Foundation is the concept of Human Keys, which revolutionizes the way private keys are derived in the digital realm. Instead of generating private keys from random phrases, Human Keys transform individuals into keys, shifting the ownership of digital assets from a random seed holder to the individual who can uniquely validate their biometrics. This approach aims to make the internet’s ownership layers more consumer-friendly, decentralized, and secure.
Human Keys are supported by three core protocols developed by the Holonym Foundation, each emphasizing security and robust data privacy:
1. Mishti Network: This breakthrough threshold entropy network computes an Oblivious Pseudorandom Function (OPRF) on biometric data, enabling individuals to derive secure keys that are resistant to theft. It also facilitates private homomorphic computation on encrypted data, allowing third parties to authenticate users without accessing their underlying data.
2. Zeronym: A zero knowledge identity protocol that leverages Human Keys to enable individuals worldwide to confidentially prove facts about their identity. Over 125,000 pseudonymous Zeronym users have already utilized this protocol to establish their unique personhood and attributes, creating a digital reputation they exclusively own and control.
3. Silk: A user-friendly wallet interface designed to interact with crypto protocols, Silk enhances the usability of Human Keys for everyday internet users. It provides advanced security features to safeguard users from potential threats on the decentralized web.
Nanak Nihal Singh Khalsa, Co-Founder of Holonym, emphasized the holistic nature of human identity, encompassing not just biometrics but also personal possessions, knowledge, and physical attributes. He highlighted the importance of ensuring robust data ownership and secure sharing of personhood in the Web3 space, where individuals retain full control over their data.
By issuing every individual a secure key that they alone can hold and manage, the Holonym Foundation aims to promote global digital inclusion, especially in the face of advancing artificial intelligence technologies that could potentially exclude many individuals. Shady El Damaty reiterated that this is just the beginning for the foundation, as Human Keys are set to redefine how citizens engage with the internet, enhancing individual rights and decentralizing power through resilient protocols.
The Holonym Foundation’s focus on applied cryptography innovation underscores its commitment to addressing real-world challenges. By proliferating Human Keys and enhancing security and privacy in zero trust environments, the foundation aims to make digital interactions more secure and user-friendly for individuals worldwide.
About Holonym Foundation
The Holonym Foundation is dedicated to advancing Human Keys to enhance security and privacy in digital environments. Through infrastructure development, the foundation enables individuals globally to create Human Keys with the Mishti Network, utilize them with Silk, and confidentially demonstrate their identity with Zeronym.
Holonym Foundation Products
1. Mishti Network: A threshold network for zero trust Human Key derivation, Mishti enables the generation of high entropy Human Keys from biometrics, passwords, security questions, or other human-memorable data. It also powers Zeronym’s privacy features for secure on-chain transactions in industries like private banking and payments.
2. Silk: A user-friendly wallet interface for seamless onboarding and interaction with zero trust protocols. Silk allows users to make payments, access global financial protocols, and manage their private data securely. It offers self-custody features that can be recovered without requiring trusted guardians.
3. Zeronym: A privacy-preserving identity verification protocol that leverages Human Keys to enable individuals to prove facts about their identity without disclosing sensitive information. Businesses can utilize Zeronym for privacy-enhanced KYC/AML processes and ongoing monitoring.
In conclusion, the Holonym Foundation’s innovative approach to digital identity security and privacy sets a new standard in the decentralized web landscape. By harnessing the power of Human Keys and advanced cryptographic protocols, the foundation is paving the way for a more secure, inclusive, and user-centric digital future.