Sam Altman, the CEO of OpenAI and the founder of ChatGPT, is close to securing $100 million in funding for his crypto project Worldcoin, according to the Financial Times.
Worldcoin is a blockchain-based platform that aims to create a global identification system through iris scans and distribute a free digital currency to anyone who participates.
What is Worldcoin?
Worldcoin was founded by Altman and Alex Blania in 2019 under the umbrella company of Tools for Humanity. However, the project has kept a low profile compared to OpenAI, the artificial intelligence research lab that launched ChatGPT, the popular chatbot that can generate realistic conversations.
However, Worldcoin has grand ambitions: it wants to use a chrome ball device called the “orb” to scan people’s irises and create a unique digital identity for each person. The orb can verify that the person is human, not a robot, and then reward them with Worldcoin tokens. Sal altman’s idea is to provide a form of universal basic income that could offset the potential job losses caused by AI.
Sam altman’s Worldcoin claims that its iris-scanning technology is secure, privacy-preserving, and does not store biometric data on its servers. The project also says it will use cryptography and zero-knowledge proofs to ensure people can use their World IDs pseudonymously without revealing their identities.
Who is backing Worldcoin?
Worldcoin has attracted some prominent investors in the crypto and tech space, including Khosla Ventures, Andreessen Horowitz’s crypto fund, FTX founder Sam Bankman-Fried, and LinkedIn co-founder Reid Hoffman. A $100 million token sale early last year valued the total supply of the company’s tokens at $3 billion, according to the Information.
The project is also supported by some notable advisors, such as Vitalik Buterin, the creator of Ethereum; Balaji Srinivasan, the former CTO of Coinbase; and Naval Ravikant, the co-founder of AngelList.
The new funding round comes when the crypto sector has faced a challenging year, with token prices plummeting and several crypto companies failing or facing regulatory scrutiny. However, Worldcoin hopes to stand out with its novel approach and social mission.
When will Sam altman crypto launch?
Worldcoin has yet to announce an official launch date, but it has been testing its technology in various countries, such as Kenya, India, and Venezuela. However, the project has faced criticism for its trials in developing countries, with some observers questioning its ethics and effectiveness.
However, Worldcoin has defended its methods and said that it had received positive feedback from its users. The project has also released World App3, a crypto wallet that can hold Bitcoin, Ethereum, and Worldcoin. The app is designed to make it easy for people to access and use their digital currency.
Worldcoin plans to launch publicly in the first half of 2023. The project aims to reach billions of people and create a more inclusive and fair economic system.
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