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The new digital age appears inseparable from cryptocurrencies, with many initiatives in this area led by crypto developers. The unifying force that brings together thousands of teams from all around the globe for Web3 is cryptocurrency. They are creating diverse technologies, and blockchain-based products are being funded by crypto investors. OpenAI’s CEO also asserts a presence in this domain.
Worldcoin Receives Investment
The team behind Worldcoin, Tools for Humanity, amassed $115 million in a Series C round led by Blockchain Capital.
The crypto-centric project was launched by OpenAI CEO Sam Altman with a tripartite mission: establishing a global identity, a global currency, and an application that facilitates payment, purchase, and transfer utilizing its token in addition to traditional assets. Worldcoin had drawn criticism from those concerned about privacy risks, as it required scanning the irises of a billion people in exchange for tokens, using a sphere called “The Orb.”
Other investors in the Series C round include a16z, Bain Capital Crypto, and Distributed Global. In March 2022, Worldcoin collected $100 million with a valuation of $3 billion.
Is Worldcoin Dangerous?
Privacy concerns, including those from figures like Snowden, pushed many to oppose this project. However, certain aspects about Worldcoin, a project initiated by the OpenAI CEO and strived to be at least as successful as ChatGPT, might be misunderstood.
Spencer Bogart, General Partner of Blockchain Capital, who led the investment round, commented on the issue:
People are understandably worried and sensitive when it comes to biometrics. However, what’s actually happening is quite different. The sphere takes a photo of the iris, which is then deleted after the device creates a unique encoding of the iris randomness (‘iris code’). By default, the original biometric is immediately destroyed, and the only thing stored is the iris code.
Only time will tell whether this will be as successful as GPT, but this ambitious idea, capable of raising $115 million in investment during such economically challenging times, may surprise everyone in the future.
