Worldcoin Crypto Project All Set to Launch in a Few Weeks
OpenAI Chief Sam Altman plans to disrupt the crypto industry just like Artificial Intelligence (AI) platform ChatGPT, developed by OpenAI, created a significant disruption in the market since its launch in November 2022.
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As reported by The Financial Times, Sam Altman is now looking to secure $100 million in funding for Worldcoin.
Worldcoin was founded by Altman and Alex Blania in 2019. The company has kept a low profile relative to OpenAI, the ChatGPT-creator which struck a multibillion-dollar deal with Microsoft earlier this year.
The company will use eyeball-scanning technology in creating a global identification system, that will enable users to access their global currency, Worldcoin.
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Altman plans to come up with a platform that “uses iris biometrics to establish an individual’s unique personhood, then creates a digital World ID that can be used pseudonymously in a wide variety of everyday applications without revealing the user’s identity”.
Once users have established their identity, they can receive free Worldcoin tokens, the company said.
The recent development is coming at a time when the cryptocurrency market is been facing strong regulatory action. Recall that since the fallout of the FTX exchange, the market has seen major selling pressure and is still struggling to come out of the crypto-winter.
Last Monday, May 8, 2023, Worldcoin introduced its World App which noted: “You can use it to prove your personhood online with World ID, claim your Worldcoin tokens, and send digital money globally for free”. Furthermore, it also launched a crypto wallet for verified users of the app.
Some of the popular investors for the project include Andreessen Horowitz’s crypto fund, Khosla Ventures, internet entrepreneur Reid Hoffman, and disgraced FTX founder Sam Bankman-Fried.
Worldcoin has received criticism on a variety of issues, most notably that biometric scanning poses privacy risks.
Having been operating in beta, the company is now gearing up to roll out its blockchain protocol and begin recording transactions in the next six weeks.