Worldcoin: OpenAI CEO Aims for $100M Funding to Fuel Crypto Project
Sam Altman, CEO of OpenAI, is reportedly in advanced discussions to secure $100 million in funding for his cryptocurrency venture, Worldcoin.
Established in 2019, Worldcoin has been actively developing various cryptocurrency products in recent years. However, the company has been overshadowed by its founder’s other notable project, OpenAI.
The latest development from Worldcoin is the introduction of their crypto wallet, called World App. This wallet is integral to the Worldcoin ecosystem, offering features such as identity authentication through World ID. Users can also utilize the wallet to send and receive Worldcoin and other digital assets.
World ID serves as a digital passport that enables individuals to verify their identity without compromising their privacy by sharing excessive personal information.
Advancing Biometric Verification in Cryptocurrency Worldcoin aims to implement biometric verification standards, similar to those commonly found in banking applications, into the world of cryptocurrencies. Currently, crypto wallets lag behind in adopting biometric verification methods.
Essentially, Tools for Humanity, the company driving the Worldcoin project, seeks to maintain the privacy and accessibility inherent in cryptocurrencies, which do not require official documentation or identification numbers for transactions. Altman’s vision, however, involves introducing stronger user verification based on biometric authentication.
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The company has developed a biometric imaging device called the Orb to accomplish this. Unlike traditional financial systems, the Orb does not connect biometric profiles with other identifying factors. Its sole purpose is to verify the authenticity of human users.
The captured biometric data is securely stored on the Polygon network without any correlation to the user’s name or other identifiable information.
Source: FT
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
