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FameEX Hot Topics | OpenAI Founder Aims to Secure $100 Million in Funding for Worldcoin Cryptocurrency

2023-05-15 16:22:55

OpenAI CEO Sam Altman is nearing the completion of a funding round that aims to secure US$100 million for the cryptocurrency project Worldcoin. The project, which utilizes iris-scanning technology, seeks to establish what it calls "the world's largest identity and financial network" on the public blockchain.

According to insider sources cited by the Financial Times, both new and existing investors have participated in the funding round, indicating a strong interest in launching the project in the coming weeks. Noteworthy backers in the beta stage of Worldcoin, which operates on the Ethereum Layer-2 network Optimism (OP), include Andreessen Horowitz and Sam Bankman-Fried, the controversial founder of FTX.

Given the current bear market and crypto winter, the substantial investment garnered by Worldcoin is viewed as remarkable 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 engage with the Worldcoin ecosystem, users will need an imaging device called an Orb. The Worldcoin website emphasizes the device's significance as it provides a secure and dependable means of verifying uniqueness and individual identity while simultaneously safeguarding the privacy of all registrants.

Worldcoin's primary objective is to combat bots and fraudulent accounts within the decentralized economy. However, concerns about potential privacy risks have been raised due to the utilization of iris-scanning technology in the venture.

The website addresses these concerns by explaining the data processing procedure. It states that users' biometric data is initially processed locally on the Orb and subsequently deleted permanently. The only data that remains is the IrisCode, a set of numbers generated by the Orb, which is unlinked to users' wallets or personal information. As a result, the IrisCode does not disclose any specific details about individuals and prevents them from creating multiple accounts.

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

In conclusion, OpenAI's CEO, Sam Altman, is on the verge of securing a US$100 million funding round for Worldcoin, a cryptocurrency project that aims to establish a vast identity and financial network using iris-scanning technology. The project has attracted both new and existing investors and is expected to launch soon. 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 shows promise in 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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