OpenAI CEO Sam Altman is reportedly in “advanced talks” to secure $100 million in funding for Worldcoin, a project focused on creating a globally distributed and cooperatively owned cryptocurrency.
The funding is expected to come from a private token sale involving both existing and new investors. Notable investors in the company include Khosla Ventures, and Andreessen Horowitz’s crypto fund, who participated in Worldcoin’s initial Series A funding round led by a16z.
Despite the current challenges faced by the cryptocurrency market, Worldcoin’s tokens, which are blockchain-based digital currencies, have an estimated total value of $3 billion.
Worldcoin’s unique approach involves providing free tokens to users who undergo iris scans using the company’s specialized equipment. Initially, the project aimed to distribute a free share of its cryptocurrency to everyone, but first, they needed to verify that individuals were human and hadn’t already claimed their share. To tackle this challenge, Worldcoin developed the Orb, a tool that utilizes biometrics to verify a person’s identity.
Co-founders Max Novendstern, Alex Blania, and Sam Altman began working on the project in early 2020. Currently in beta mode, Worldcoin is preparing to launch its blockchain protocol, which will enable it to start recording transactions within the next six weeks.
On May 8, 2023, the company launched its gas-free cryptocurrency wallet for verified human users. The wallet, World App, is the first wallet for its ecosystem. It has a user-friendly interface, enables users to access their Worldcoin tokens, prove their real identity with World ID, and send digital currency anywhere.
Introducing World App, the first wallet for @worldcoin.
You can use it to prove your personhood online with World ID, claim your Worldcoin tokens, and send digital money globally for free. pic.twitter.com/dc27Ps0Nsu
— Alex Blania (@alexblania) May 8, 2023
World App Phase I is now available worldwide following extensive development and beta testing in select countries. Worldcoin plans to expand its toolset to enable proof of personhood, facilitate the equitable distribution of digital currencies globally, and ultimately establish a path toward an AI-funded Universal Basic Income (UBI).
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