OpenAI CEO-Backed Worldcoin Project Inches Closer to Debut

• Sam Altman is actively seeking to raise $100 million in finance.
• The co-founders of Worldcoin, plan to release it in the coming weeks.

OpenAI’s ChatGPT, an artificial intelligence (AI) platform, entered the market in November 2022 and immediately caused widespread upheaval. OpenAI’s CEO, Sam Altman, is trying to disrupt the cryptocurrency sector now that large IT giants are making attempts to adapt to this technology.

As per reports, Sam Altman is actively seeking to raise $100 million in finance. The initiative Worldcoin, which began in 2019, employs iris-scanning technology to develop a globally disruptive cryptocurrency.

Sam Altman and Alex Blania, who co-founded Worldcoin, plan to release it in the coming weeks. Andreessen Horowitz’s crypto fund, Khosla Ventures, internet pioneer Reid Hoffman, and accused FTX founder Sam Bankman-Fried are just a few of the high-profile backers of the venture.

Iris Biometric-based Identification System

According to the previously disclosed plans, the business would develop a worldwide identification system that makes use of eye-scanning technology. Users will have access to Worldcoin, their very own global currency.

Their stated mission is to develop a system that utilizes iris biometrics to validate an individual’s distinctive personhood, then creates a digital World ID that can be used pseudonymously in a broad range of daily applications without exposing the user’s identity. Users may begin getting Worldcoin tokens at no cost as soon as their identities have been verified.

This occurs at a time when the cryptocurrency industry as a whole has been subject to intense government oversight. In addition, the market has been under intense selling pressure ever since the FTX exchange collapsed; yet, 2023 has been good for investors so far.

Worldcoin released its World App last week, on May 8. Additionally, it included a cryptocurrency wallet for verified app users. The current update states that Worldcoin’s flagship apps would be hosted on the Optimism mainnet.