Worldcoin is in advanced talks to raise fresh capital as it nears launch in the next few weeks. OpenAI CEO Sam Altman is at the center of the negotiations, with discussions for a significant $100 million funding round for the company. The project aims at creating a globally distributed and collectively owned cryptocurrency.
The Move for Funding
Worldcoin, a cryptocurrency and digital ID project utilizing biometrics, was founded in 2019 with Sam Altman, CEO of ChatGPT parent firm OpenAI among its founders.
The firm disclosed a fundraising round, headed by a16z, during its initial launch. There was also some participation from investors, including Digital Currency Group, Coinbase Ventures, LinkedIn co-founder Reid Hoffman, and former FTX CEO Sam-Bankman Fried.
Worldcoin Wants to Scan Your Eyeballs in Exchange for Crypto
Worldcoin introduces Worldcoin Orbs, 5-pound chromatic spheres that will be used to scan at least a billion people’s eyeballs to establish a proof-of-personhood network – not sinister at all.
According to Alex Blania, Worldcoin
“…started with a discussion that universal basic income will eventually be something that is very important to the world.” Coincidentally, WEF thinks that UBI would solve inequality problems in the world.”
Alex Blania -Cofounder, Worldcoin.
To paint a clearer picture, here is what the dystopian future looks like for you if Worldcoin and WEF succeed:
The Orb will turn the world into China, where every citizen is monitored and awarded social points for good and compliant behavior. If you do not comply, Worldcoin can easily slash your UBI since they monitor your bank account and every move.
What are the Shortcomings of the Digital IDs?
Worldcoin aims to bring a global digital ID system that provides individuals worldwide with a unique digital identity. It will also create an inclusive financial ecosystem, a digital wallet, and get involved in cross-border transactions. However, the digital ID system has in it some concerns, which may include:
- Privacy Concerns: Centralized identity systems collect and store vast amounts of personal data, making individuals vulnerable to data breaches or unauthorized access.
- Security Risks: Hackers may target these systems to gain access to personal information. For instance, hackers managed to hack the Worldcoin orbs and stole the passwords of users.
- Dependence on Central Authorities: Centralized digital identity systems often rely on a central authority to manage and control user identities. This concentration of power raises concerns about potential abuses of authority, data monopolies, or biases in decision-making processes. Case in point: China Communist Party
If successful, Worldcoin’s innovative approach may inspire other projects and industry players to explore similar initiatives. This could lead to further advancements and new use cases within the cryptocurrency and fintech sectors.
Vincent Munene is a freelance writer and a great blockchain enthusiast. Blockchain has changed his life in terms of financial freedom and in return, he likes to educate people and keep them up to date on everything blockchain. He is a Biochemist by profession and also loves to play the piano.
