Artificial Intelligence (AI) platform ChatGPT, developed by OpenAI, has been a game-changer in the market since its launch around November 2022. Global tech firms are adapting to this technology, while OpenAI chief Sam Altman is eyeing the crypto industry with his latest project, Worldcoin.
Securing $100 million in funding for Worldcoin is the next goal for Altman and the project’s co-founder, Alex Blania. Launched in 2019, the intent behind Worldcoin is a globally-disruptive cryptocurrency using iris-scanning technology. Among its popular investors are Andreessen Horowitz’s crypto fund, Khosla Ventures, internet entrepreneur Reid Hoffman, and FTX founder Sam Bankman-Fried.
Worldcoin’s strategy involves implementing eyeball-scanning technology to create a global identification system, allowing users to access the global currency, Worldcoin, more securely. The key plan, according to the company, is to develop a platform that “uses iris biometrics to establish an individual’s unique personhood, then creates a digital World ID that can be used pseudonymously in a wide variety of everyday applications without revealing the user’s identity”. Once users establish their identity, they can receive Worldcoin tokens for free.
This advancement arrives amidst strong regulatory action against the broader cryptocurrency market. Furthermore, the crypto market is still recovering from last year’s downturn and the fallout of the FTX exchange. However, 2023 has witnessed some positive growth for investors.
Worldcoin introduced its World App on May 8, which allows users to “prove their personhood online with World ID, claim their Worldcoin tokens, and send digital money globally for free”. Additionally, a crypto wallet was launched for verified users of the app.
According to recent news, the Optimism mainnet will host all flagship applications of Worldcoin.
The unique blend of iris biometrics and cryptocurrency in Worldcoin has the potential to reimagine the way transactions and identity verification are conducted. However, concerns surrounding user privacy and regulatory roadblocks remain prevalent. Implementing such advanced technology for everyday use may prove challenging or encounter resistance from various entities. Furthermore, Worldcoin will need to establish trust and confidence in its security measures and its ability to protect user data.
As the Worldcoin project unfolds, it is crucial for crypto enthusiasts and investors to stay updated with the latest developments while conducting thorough market research. It is still uncertain what impact Worldcoin will have on the broader cryptocurrency landscape and whether it can ultimately gain widespread adoption. But for now, the project has undoubtedly garnered significant attention from industry leaders and investors alike.
Source: Coingape
