- Sam Altman, founder of OpenAI, is nearing the successful raise of $100 million for his Worldcoin project.
- Worldcoin plans to use iris recognition technology to establish a unique global identification system.
- The funds will help Worldcoin tackle regulatory challenges and public skepticism.
Sam Altman, the founder of OpenAI, is reportedly in discussions to secure $100 million in fresh funding for his ambitious crypto project, Worldcoin, Financial Times reports. The project has a unique approach, planning to leverage eye scanning technology to establish a global identification system.
Worldcoin is a distinctive digital currency project that aims to distribute free cryptocurrency to everyone on Earth. However, to prevent fraud and ensure fair distribution, it has adopted the concept of using iris recognition technology. It’s a system seen in dystopian science fiction, but Worldcoin believes it’s a viable way to ensure unique identification.
The $100 million funding round, if successful, will aid in the deployment of this technology on a large scale. The funding will also assist in overcoming any regulatory challenges and public skepticism that such an innovative concept might face.
Altman, well-known in tech circles for his work with OpenAI, has turned his attention to the crypto space with Worldcoin. His involvement lends credibility to the project, which is one of the most innovative in the rapidly evolving digital currency ecosystem.
It’s important to note, however, that this project is still in the early stages. The effectiveness of its technology and its acceptance by the global public remains to be seen.
Recommended News :
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
