OpenAI’s Sam Altman Plans New Disruption in Crypto, Seeks $100 Million for Worldcoin
Sam Altman, the brain behind OpenAI’s ChatGPT platform, is now gearing for a major disruption in the crypto space and is seeking $100 million to funds his plans of creating a new cryptocurrency dubbed Worldcoin.
As we know, Sam Altman’s ChatGPT has already taken the world by storm since its launch last year in November 2022. As reported by The Financial Times, Altman will use this funds for the project Worldcoin, launched back in 2019.
The project Worldcoin seeks to use iris-scanning technology to become the secure global cryptocurrency while thus disrupting the broader cryptocurrency market. As a result, Worldcoin can emerge as a bright spot in the crypto market recently marred with controversies, major selling, and strong regulatory action.
As said, Sam Altman co-founded the project Worldcoin along with Alex Blania, back in 2019. However, it’s expected to launch in a few weeks from now. Some of the top VC giants and investors have invested in this project including Khosla Ventures, Andreessen Horowitz's crypto fund, internet entrepreneur Reid Hoffman, and FTX founder Sam Bankman-Fried.
Worldcoin differentiates itself from the rest of the crypto projects by putting a greater emphasis on the security of the holders. With Worldcoin, the company is planning to use the eyeball-scanning technology in order to create a global identification system which will be used to gain access to its own global currency, Worldcoin.
Asper 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.”
Once that users have established their identities, they can receive free Worldcoin tokens. Sources familiar with the matter told The Financial Times that with Worldcoin, the company plans to tackle the challenges created by artificial intelligence.
- Distinguishing between humans and bots.
- Providing a form of universal basic income which might offset job losses caused by AI.
The development is coming at a time when the market is just coming out of last years crypto winter while the regulatory action has been at the peak. Last week on May 8, Worldcoin launched its World App. "You can use it to prove your personhood online with World ID, claim your Worldcoin tokens, and send digital money globally for free," it said in a tweet.
So far, Worldcoin has been operating in beta but within the next six weeks, the company is planning to roll-out its own blockchain protocol and start recording transactions.