Sam Altman raised $115 million for his cryptocurrency venture in a funding round headed by Blockchain Capital. He is the co-founder of the Worldcoin Crypto project and raised the sum in Series C funding. With the aim to disperse crypto tokens to people, the project upholds it for just being a unique entity.
https://twitter.com/paulroetzer/status/1661901802701221888
As per Reuters, Paul Roetzer tweeted fundraiser by Altman. He said ‘Worldcoin aims to distribute a crypto token to people “just for being a unique individual”. The project uses a device to scan irises to confirm identity, after which they are given the tokens for free.’
Roetzer is the founder and CEO of Marketing AI Institute and originator of the Marketing AI Conference (MAICON). He is also a co-author of Marketing Artificial Intelligence.
Worldcoin Company and its Scan-and-Confirm Project
The project uses devices to examine irises to confirm identity. Once the identity of a user is confirmed, tokens are for given free. As per Worldcoin’s website, these tokens won’t be obtainable to people in the United States and some other countries.
It will be accompanied by a financial network with reference to giving ownership to everyone, as an open-public utility. It creates universal obtainability at the global level irrespective of country or background, and accelerates the transition to an economic future that welcomes and benefits every person on the planet.
The crypto-focused project was co-founded by OpenAI CEO Sam Altman with a three-way target – to create a global ID, a global currency, and an app that helps payment, transfers, and purchases, using its token alongside other cryptocurrencies and traditional assets on a global scale.
Worldcoin has raised concerns about privacy and security risks. It needs to scan a billion people’s eyeballs with a five-pound chromatic sphere named “The Orb” in exchange for its token.
WC Targets: AI and ID Scan
Worldcoin(WC) has been part of controversies since the start of 2021. Due to its dependence on retina-scanning ID technology, it is being called dystopian.
The company said that the app doesn’t need any personal data and stated that users are capable of deleting their data instantly. Also, the World ID keys are self-custodied, despite users having the option to back up those keys on cloud services.
Worldcoin dropped hints on its AI plans, elaborating on its aims of encouraging users in the era of AI by giving AI-funded universal basic income. It isn’t directly linked to OpenAI but Altman has been engaged in both firms. He held key responsibilities in the tech industry before his involvement in OpenAI and Worldcoin.
Altman and OpenAI have been in the limelight since late last year. Having an interest in AI developing beyond all limits and extents, he asserted last week and called for regulation of the technology in front of a U.S. Senate panel.
As of now, the Worldcoin cryptocurrency project by OpenAI CEO Altman announced the launch of its cryptocurrency wallet on May 08.
Upcoming Worldcoin Engagements
With the tagline ‘Worldcoin wallet now, token later’, the wallet, named “World App,” deals in a beta version of WC along with third-party cryptocurrencies. They include Wrapped Bitcoin (WBTC), Maker’s DAI stablecoin (DAI), Wrapped Ethereum (WETH), and USD Coin (USDC). It relies on Polygon while the final version will operate on Ethereum rollups.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/05/26/sam-altman-with-a-lump-sum-of-115-million-for-his-worldcoin-app/