OpenAI Chief Executive Officer (CEO) Sam Altman is gradually inching towards securing up to $100 million for his Worldcoin Crypto Project. This project is all about leveraging iris-scanning technology to design a secure global cryptocurrency which would be called Worldcoin. Notably, the Worldcoin project is scheduled to be launched a few weeks from now.
Both new and existing investors have emerged to support the funding round. Some of these previous investors are Khosla Ventures, Andreessen Horowitz’s crypto fund, as well as former CEO and founder of FTX Sam Bankman-Fried and internet entrepreneur Reid Hoffman.
Worldcoin Users to Receive Free Tokens
According to the company, some of the plans include building an orb which “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.”
Users who complete the verification of their identity will receive Worldcoin tokens as a reward.
Worldcoin Project Receives Criticism
Only last week, the company introduced its World App which “you can use it to prove your personhood online with World ID, claim your Worldcoin tokens, and send digital money globally for free.” A crypto wallet has also been launched for verified users of the World App.
While this innovation has been applauded, it has also received criticism from entities who cited that the use of biometric scanning will infringe on users’ private security. A section of the Worldcoin website has clarified that the system will not store users’ iris scan results, at the same time, it attested to the fact that the scanning process would not hurt the eyes.
Worldcoin Re-emerges After Crypto Downtrend
Worldcoin has been around since 2019 when it was co-founded by Sam Altman and Alex Blania. Since then, it has maintained a low profile until the launch of the Artificial Intelligence (AI) chat or known as ChatGPT which became a global sensation.
However, it is making a revolutionary reintroduction at a time when the crypto industry is trying to recover from the bear market which it suffered in 2022. This is in addition to the inglorious collapse and bankruptcy filing of FTX exchange in November last year.
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