According to recent reports, Sam Altman, the CEO of OpenAI, is close to getting $100 million in funding for his ambitious cryptocurrency project, Worldcoin. The initiative intends to develop a highly secure worldwide cryptocurrency using cutting-edge iris scanning technology. The present environment for the cryptocurrency industry has not been favorable, with some difficulties and setbacks, including regulatory worries and market volatility.
Worldcoin in Advanced Talks to Secure Funding for Iris-Scanning Crypto Project
Worldcoin, a worldwide cryptocurrency program that makes use of iris-scanning technology, is now in advanced discussions to acquire a significant amount of new funding in the coming few weeks. These facts have been verified by three people with an understanding of the transaction. The investment round, which is anticipated to give the project’s attempts to debut soon a significant boost, is said to include new as well as previous investors, according to sources.
Entrepreneurs that have previously backed Worldcoin include Sam Bankman-Fried, the creator of FTX, and internet entrepreneur Reid Hoffman, as well as Khosla Ventures and the cryptocurrency fund run by Andreessen Horowitz. A tech-focused publication, claims that a $100 million token sale at the beginning of the year valued the company’s token supply at $3 billion overall. However, the past 12 months have been harsh for crypto coins and enterprises. A wave of cryptocurrency startup failures resulted from Bankman-Fried’s exchange FTX collapsing in November of last year, which accelerated the rapid decrease in token values.
According to Worldcoin officials, their creative approach uses a circle that uses iris biometrics to establish a person’s unique identification. The user’s real identity is hidden while using this identity as a digital World ID for commonplace applications like payments and transactions. This strategy is an innovative means of tackling AI-related problems and adds an extra degree of protection to the usage of cryptocurrencies. Additionally, the novel application of iris biometrics in Worldcoin may lead to the development of a type of universal basic income that would compensate for employment losses brought on by AI.
Worldcoin Faces Criticism Over Privacy Concerns
Worldcoin has come under fire for many things, especially that the fingerprinting process compromises user privacy. The business claims that the orb would not harm users’ eyes and that it will not keep iris scans on a part of its website dedicated to answering questions about it. The company, which has been in beta, is now preparing to launch its blockchain system and start logging transactions within the next six weeks.
