Artificial Intelligence (AI) platform ChatGPT, developed by OpenAI, has created a significant disruption in the market ever since its launch around November 2022. As global tech firms are making moves to adapt to this technology, OpenAI chief Sam Altman is now looking to disrupt the crypto industry next.
As reported by The Financial Times, Sam Altman is now looking to secure $100 million in funding for Worldcoin. Launched back in 2019, this project seeks to create a globally disrupted cryptocurrency using iris-scanning technology.
Co-founded by Sam Altman along with Alex Blania, Worldcoin is all set to launch in a few weeks from now. Some of the popular investors for the project include Andreessen Horowitz’s crypto fund, Khosla Ventures, internet entrepreneur Reid Hoffman, and disgraced FTX founder Sam Bankman-Fried.
As per the earlier details of the project, the company will use eyeball-scanning technology in creating a global identification system. this way users will be able to access their own global currency, Worldcoin.
As per the company, its key plan is to come up with 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”. Soon as users establish their identity, they can start receiving Worldcoin tokens for free.
This development comes at a time when the broader cryptocurrency market has been facing strong regulatory action. Also, since the fallout of the FTX exchange, the market has seen major selling pressure, however, 2023 has been good so far for the investors. Still, the crypto market has not recovered entirely from last year’s crypto winter.
Last week on May 8, Worldcoin introduced its World App which noted: “You can use it to prove your personhood online with World ID, claim your Worldcoin tokens, and send digital money globally for free”. Furthermore, it also launched a crypto wallet for verified users of the app.
As per the latest development, Optimism mainnet will host all the flagship applications of Worldcoin.
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