Highlights:

  • Confirmation of earlier reports this month reveals that Sam Altman, co-founder of Worldcoin and CEO of OpenAI LP, an artificial intelligence company, engaged in discussions with investors to secure funding.
  • By employing iris-scanning biometrics and the crypto network developed by Worldcoin, two concerns stemming from the widespread adoption of AI can be addressed.

Tools for Humanity, the company responsible for the innovative eyeball-scanning crypto startup Worldcoin, recently revealed a successful USD 115 million fundraising round. Led by Blockchain Capital, the investment aims to expedite the expansion of research and development efforts as well as the global presence of the company.

Confirmation of earlier reports this month reveals that Sam Altman, co-founder of Worldcoin and CEO of OpenAI LP, an artificial intelligence company, engaged in discussions with investors to secure funding. Notably, a16z, the crypto arm of Andreessen Horowitz, along with Bain Capital Crypto and Distributed Global, also participated in the Series C funding round.

In its mission to offer a cryptocurrency with global distribution and an inclusive identity network, Worldcoin aims to establish a secure method of identifying individuals. To accomplish this, Worldcoin introduces “Orbs,” iris scanners that generate a distinctive “World ID” identification for each person. Additionally, Worldcoin provides individuals with a cryptocurrency called “World tokens.” This innovative approach establishes a biometric identification system that prevents multiple registrations and verifies users’ authenticity, thereby eliminating bots’ presence.

The project’s vision is to evolve into “a public utility that will be owned by everyone regardless of their background or economic status.”

By employing iris-scanning biometrics and the crypto network developed by Worldcoin, two concerns stemming from the widespread adoption of AI can be addressed. Firstly, biometric security ensures that everyone can establish their human identity, distinguishing them from advanced AI bots. Secondly, Worldcoin asserts that it has the potential to construct a global network for universal basic income, even in the face of AI bots causing disruptions in job markets.

Alex Blania, the Co-founder and CEO of Tools for Humanity and a contributor to Worldcoin, stated, “As we embark on the age of AI, individuals must be able to maintain personal privacy while proving their humanness. In doing so we can help ensure that everyone can realize the financial benefits that AI is poised to deliver.”

Earlier this month, Altman addressed lawmakers during a Senate hearing, discussing the prospective impact of AI on employment markets. Altman added, “We understand that new AI tools can have profound impacts on the labor market. We expect significant economic impacts from AI in the near-term, including a mix of increased productivity for individual users, job creation, job transformation and job displacement.”

The allocated funding will be used to develop World App, a digital wallet for holding Worldcoin tokens. Upon joining the network, users will gain the ability to store cryptocurrency within the app’s wallet. These tokens can be used to purchase goods and services and transfer funds to friends and family through their mobile contacts.

Since its inception, over 1.5 million individuals have participated in World App’s beta phase. Presently, the platform facilitates over 60,000 transactions daily, catering to the monthly needs of over 600,000 active users.