OpenAI CEO Raising $100 mn For Worldcoin
By Kapil Rajyaguru
OpenAI CEO Sam Altman, reportedly secured funding for Worldcoin. He has planned iris-scanning for the cryptocurrency.
Altman has gone a step forward with this idea and is wasting no time amid growing concerns about the virtual digital currency. Worldcoin is in talks to raise $100 million ahead of its launch, which comes amid a rough season for digital currencies.
Founded in 2019 by Altman and Alex Blania, Worldcoin aims to use eyeball-scanning technology to launch a worldwide identification system that would let every person in the world access cryptocurrency.
Earlier this month, Worldcoin debuted a digital wallet it said was aimed at expanding the availability of digital identity and global finance.
Designed for the Worldcoin ecosystem, the World App can be used to authenticate with World ID, get Worldcoin tokens and send digital money anywhere.
Interestingly, the World ID is a digital passport that allows users to prove their identity as a unique person without sacrificing their anonymity by divulging too much personal information. This would help address the concerns about anonymity that has been hindering the acceptance of digital currencies issued by central banks (CBDCs).
The ultimate goal of the Worldcoin project is to bring the kind of biometric verification standards that are common with banking apps, for example, to the world of crypto. To date, crypto wallets have lagged behind their counterparts when it comes to implementing biometric verification.
In other words, Tools for Humanity, the company behind the project, hopes to retain the privacy and accessibility of cryptocurrencies, which don’t require any official documents or identification numbers to transact with. Altman’s vision, however, is to introduce stronger user verification based on biometric authentication.
To do this, the company has developed a biometric imaging device known as the Orb. But the Orb doesn’t link biometric profiles to other identifying factors as is done in traditional finance. Instead, it is simply a means of verifying humanness.
The data it captures is then recorded on the Polygon network. But it isn’t aligned with other identifiers such as a user’s name.
You need to login in order to Like
