The scanning of people’s eyes guarantees the use of the WorldCoin digital currency.
Worldcoin is raising $100 million in project funding as it prepares to expand its reach with the launch of its own blockchain protocol in the coming weeks. according to a reports According to the Financial Times, WorldCoin will use the project funding to accelerate the development of its iris scanning technology.
The group of investors includes old and new supporters, and the funding plan has proven to be pretty historic for the industry so far, according to people familiar with the funding plan. With the rate of implosion of most traditional crypto platforms over the past year, that investors are keen on the WorldCoin project is a win-win not only for co-founder Sam Altman, but for everyone who has invested their time and energy. Protocol since its inception.
The WorldCoin project was first introduced in 2019 as the brainchild of Alex Blania, Max Novendstern and OpenAI co-founder and CEO Sam Altman, who were in charge of the startup of the ChatGPT application. The design and focus of WorldCoin was two-faced and includes a plan to circumvent some of the complexity introduced to the world by Artificial Intelligence (AI).
These two approaches include the tools to differentiate between humans and AI or bots, as well as providing a universal basic income that could help mitigate the effects of job losses as a result of the aggressive integration of AI.
Worldcoin will see its previous investors including andreessen horowitz (a16z) Reid Hoffman, founder of crypto funds and Khosla Ventures, and LinkedIn. Specifically, FTX Founder Sam Bankman-Fried Have participated in earlier WorldCoin rounds as well, but their current legal woes and financial situation following the implosion and bankruptcy of FTX make them a no-option in this current WorldCoin funding push.
worldcoin project model
The WorldCoin project is primarily designed to serve as an identification system through the scanning of the human iris. The scanning of people’s eyes guarantees the use of the WorldCoin digital currency.
The project has been running in beta ever since, but plans to launch the blockchain underpinning the system and start recording transactions in the next 6 weeks. company raised $100 million in funding last year, as reported by The Information. The funding at the time raised the project’s valuation to $3 billion, and this funding has been billed as expanding its value.
The protocol has received both praise and criticism for its innovation in recent times. In its defence, WorldCoin said its scanning orb is safe to use and will not hurt the user’s eyes. In addition, the protocol allayed concerns regarding the privacy of user data as it stated that no such data would be stored by the Orb.
Benjamin Godfrey is a blockchain enthusiast and journalist who loves to write about real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies drives his contributions to well-known blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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