ChatGPT CEO intends to raise $100 million for the Worldcoin 'Iris-Scanning' crypto project
Sam Altman plans to fund $100 million for a digital currency launch that intends to build a global identity system for accessing cryptocurrencies via eyeball-scanning technology.
cryptocurrency
Highlights
- Sam Altman will raise $100 million for a Worldcoin crypto project
- Worldcoin plans to use eye-scanning orbs as part of a global crypto ID system
- Iris biometrics create a digital World ID without revealing a person’s identity
Sam Altman, the CEO of OpenAI, is said to be in advanced talks to get $100 million in funding for his projected Worldcoin iris-scanning cryptocurrency project.
According to reports by The Financial Times (FT), the company is possibly in advanced discussions to fund $100 million and hopes to utilise eyeball-scanning technology to develop an international identification system for accessing cryptocurrency.
How does Worldcoin’s iris technology work?
In 2019, Altman launched Worldcoin, and earlier this month, the company unveiled a digital wallet created for the Worldcoin ecosystem. The World App, a digital wallet that allows for World ID authentication, Worldcoin token purchase, and worldwide money transfer, aims to increase the accessibility of digital identification and global financial services.
Worldcoin uses iris-scanning technology, which is an innovative form of user identification, to confirm that each user is a human and not a bot. To do this, individuals look into a tiny orb-shaped device that records their iris pattern and transforms it into a biometric scanning code, which serves as their ‘proof of personhood.’
Worldcoin release: coming soon
The company states that the orbs use ‘iris biometrics to establish an individual's unique personhood, then create a digital World ID that can be used in a wide variety of everyday applications without revealing the user's identity.’
Once a user's identification has been verified in the system, they will be eligible for free Worldcoin tokens. According to the organisation, the iris-scanning technology will not save any personal information. However, the idea has come under fire for privacy-related biometric concerns.
Altman's initiative has so far managed to attract sizable funding despite ongoing concerns and instability in the bitcoin market. The FT reported an unidentified source as saying, "We are in a crypto winter and bear market. It's extraordinary for a project in this field to obtain this level of money."
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