• Crypto project Worldcoin probably shortly before a new fundraising round
• Users should have their irises scanned for identification purposes
• Promised release of a free global cryptocurrency
The Worldcoin project was co-founded in 2019 by Sam Altman, CEO of ChatGPT developer OpenAI, among others. On the one hand, it serves to better distinguish between humans and machines in the age of artificial intelligence (AI). To do this, users should perform a scan of their retina. A so-called “world ID” is then created on the basis of this unique, biometric data. In return for their participation, users receive a cryptocurrency, the Worldcoin.
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Universal Basic Income
The second major goal of the project is to provide a kind of unconditional basic income. Those involved in the project believe that, thanks to automation and artificial intelligence, there will be an “era of abundance” in the next few years. The aim of Worldcoin is to let everyone participate – also to compensate for the job losses caused by AI.
To become part of this crypto ecosystem, you have to have your iris scanned by a machine called an orb. An “iris hash” is then generated with this data, which is stored locally in the orb. In a future dominated by AI, this makes it possible to differentiate between humans and bots. To do this, a cryptographic method is used later to check whether the hash already exists in the database. Should Worldcoin prevail, you would no longer have to enter your data everywhere, but only the “IrisHash”. In the meantime, 1.7 million people are said to have registered.
Own wallet
For verified users, Worldcoin is planning its own crypto wallet called the “World App”, which will allow users to pay with crypto free of charge, provided they have had their iris scanned or provided a phone number in order to receive a World ID. It should also be possible to use the wallet without a World ID, but then the transactions are not free.
New round of financing for Worldcoin
The crypto project has been in a test phase since 2022 and is now scheduled to be launched in summer 2023. Worldcoin is now about to take another important step: As the Financial Times reported, the startup is about to raise almost $100 million in funding for its cryptocurrency from new and existing investors. These investors include Khosla Ventures, Andreessen Horowitz’s crypto fund, FTX founder Sam Bankman-Fried, and internet entrepreneur Reid Hoffman, among others.
🌍🪙 OpenAI’s Sam Altman is making waves in the crypto space! $100 million funding close for Worldcoin project, poised to reshape the future of cryptocurrencies. Keep an eye on this game-changing endeavor! #crypto #worldcoin pic.twitter.com/iMHZbMuFI1
– A2Z Crypto Investment (@crypto_a2z) May 15, 2023
The crypto sector has had a difficult year. In 2022, numerous bankruptcies – above all FTX – shook confidence in the industry and caused enormous price slumps. Given this weak environment, Worldcoin’s successful fundraising round can be seen as a positive development for the sector.
Editorial office finanzen.net
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