On May 15, a report from Financial Times revealed the chief executive of the America Artificial Intelligence firm OpenAI Sam Altman was engaging in advance talks for funding Worldcoin. The report mentioned that Altman was targeting to acquire $100M in funding from investors to support Worldcoin. In his previous statement, Altman announced plans to launch an iris-scanning project that will be utilized on the identification system for crypto assets.
According to the report from three people privy to the information, the existing and new investors will contribute to the $100M funding round. Initially, Worldcoin conducted a successful Series A funding round led by the famous venture capital Andreessen Horowitz (a16z) in partnership with Khosla Ventures.
Significance of OpenAI CEO Advanced Talks
On March 23, the a16z-led funding round generated $ 100 million, pushing the firm’s valuation to $3 billion. The completed a16z funding round compelled the team to sale private digital tokens to generate the required $100 million.
Reportedly in 2021, the a16z excelled in completing a Series A funding that generated $25 million. It was reported that Andreessen Horowitz collaborated with other best-performing crypto firms, including Coinbase Ventures, Multicoin and Digital Currency Group.
According to a Financial Times report, the $100 million to be generated from the funding round will create a universal crypto asset that will circulate globally fairly and equitably. The Worldcoin team aims to create the largest financial network and identity corresponding to a public utility that allows everyone to possess it.
In 2020 Altman collaborated with Alex Blania and Max Novendstern to create Worldcoin digital token. The team behind Worldcoin agreed to develop artificial intelligence technology that is easy to operate.
In light of the May 15 report, the proposed project will utilize a unique proof-of-personhood platform (PoP) crucial in supplying the token. The PoP protocol has integrated a biometric scanner which will be used to verify user identity. The PoP technology will prevent botted or automated systems from accessing the platform.
Will Altman Secure $100M for the Worldcoin Project?
The expected development will enable Worldcoin to distribute digital tokens fairly to the public. After verification, the system will issue Worldcoin tokens to the eligible user.
In a previous report, the Worldcoin team announced that its World Application wallet “World ID” has incorporated an innovative decentralized identity scanner to verify users accessing the platform. The development team plans to shift the existing mobile applications and Web3 projects from Polygon to the Ethereum network Optimism.
A few days ago, the Worldcoin team agreed to collaborate with the Ethereum Layer 2 scaling network Optimism to support attaining the Superchain platform.
A subsequent report from the Worldcoin Foundation revealed that collaboration with Optimism aims at integrating the OP Mainnet that will support the platform to reach a larger audience. This integration will enable Worldcoin to meet the needs of the user and the developer.
As of this writing, the beta platform has over 1.6 million sign-ups and more than 500000 World App monthly subscribers. The developers of Worldcoin plan to launch the project after six weeks.
Notably, the Worldcoin wallets can verify human identity at zero fees. After launching the Worldcoin token on May 8, Altman and his team plan to develop a blockchain platform and a device for recording transactions in the coming days.
Importance of the Worldcoin Project
According to the Financial Times report, Altman has successfully secured substantial capital for the project amid the prolonged crypto winter. Besides launching the Worldcoin project in 2020, Altman contributed commendably to developing ChatGPT tools that respond to humans.
The ChatGPT project has sparked prolonged debates among policymakers, analysts and tech experts. The distinctive features of ChatGPT have compelled other tech key players such as Microsoft and Google to invest heavily in AI technology to maintain their market position.
Besides the benefits associated with Altman-led projects, other market critics have slammed most of the projects. A former National Security Agency (NSA) official Edward Snowden argued that Altman’s iris-scanning devices would expose the public to ethical concerns.