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FameEX Hot Topics | OpenAI Founder Sets Sights on $100 Million Funding Goal for Worldcoin Cryptocurrency

2023-05-15 16:22:55

OpenAI's CEO, Sam Altman, is on the verge of finalizing a funding round that seeks to secure a remarkable US$100 million for Worldcoin, a cryptocurrency project. Worldcoin sets out to create what it refers to as "the world's largest identity and financial network" on the public blockchain, harnessing the power of iris-scanning technology.

Insider sources cited by the Financial Times have revealed that both new investors and existing backers have actively participated in the funding round, demonstrating a strong interest in launching the project within the upcoming weeks. Notable supporters from Worldcoin's beta stage, which operates on the Ethereum Layer-2 network Optimism (OP), include Andreessen Horowitz and Sam Bankman-Fried, the controversial founder of FTX.

Considering the ongoing bear market and crypto winter, the substantial investment garnered by Worldcoin is seen as a remarkable achievement within the industry. A source quoted by the FT expressed surprise at the project's ability to attract such a significant amount of funding despite the challenging market conditions.

To become part of the Worldcoin ecosystem, users will require a specialized imaging device known as the Orb. Emphasizing the device's importance, the Worldcoin website highlights its role in securely and reliably verifying individual uniqueness and identity while simultaneously ensuring the privacy of all participants.

Worldcoin's primary objective is to combat bots and fraudulent accounts within the decentralized economy. However, the utilization of iris-scanning technology in the project has raised concerns regarding potential privacy risks.

The website addresses these concerns by outlining the data processing procedure. It explains that users' biometric data undergoes local processing on the Orb before being permanently deleted. The only remaining data is the IrisCode, a set of numbers generated by the Orb, which remains unlinked to users' wallets or personal information. Consequently, the IrisCode does not reveal any specific details about individuals and prevents the creation of multiple accounts.

Worldcoin proudly boasts an impressive number of signups, with over 1.6 million registered on its beta-stage World App and a half-million-strong active user base.

In conclusion, OpenAI's CEO, Sam Altman, is on the verge of finalizing a significant US$100 million funding round for Worldcoin, a cryptocurrency project that aims to establish an extensive identity and financial network utilizing iris-scanning technology. The project has attracted the attention of both new and existing investors and is anticipated to launch in the near future. While privacy concerns have been raised, Worldcoin assures users that their biometric data is processed securely and anonymously. With a substantial number of signups and active users, Worldcoin holds promising potential within the decentralized economy.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.

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