Worldcoin’s unique iris-scanning technology receives significant investment while battling privacy concerns.
TWC – A crypto company associated with OpenAI CEO Sam Altman, Tools for Humanity, has successfully raised $115 million in Series C funding for Worldcoin, a cryptocurrency project centered around iris scanners. The aim is to establish an individual’s unique identity, promoting inclusivity within the financial network. Altman, who leads OpenAI and serves as co-founder and chairman of Tools for Humanity, is actively involved in advancing the Worldcoin project.
Notable investors participated in the funding round, including Blockchain Capital, Andreessen Horowitz’s crypto fund, Bain Capital Crypto, and Distributed Global. Blockchain Capital emphasized that Worldcoin’s innovative “World ID” system, relying on iris scanning, will enable applications to differentiate between human users and automated bots.
According to Worldcoin’s funding press release, the company aspires to create the most extensive and inclusive identity and financial network globally. This vision revolves around World ID, a unique digital identifier, and the Worldcoin token, designed as a public utility accessible to individuals regardless of economic background. The company offers the World app for iOS and Android, enabling users to set up their Worldcoin account and access a digital wallet connected to various currencies, including Bitcoin, Ethereum, and stablecoins.
The pivotal role of iris scanning plays during the World ID registration process. To establish authenticity, individuals must visit a physical location and utilize an “Orb” device to verify their identity using iris biometrics. This process generates a digital World ID, enabling pseudonymous usage in everyday applications without compromising the user’s anonymity, as stated by Worldcoin.
Although the World app can be used independently without a World ID, individuals who obtain a World ID receive complimentary Worldcoin tokens and a certain amount of free Bitcoin and Ether. However, it is essential to note that Worldcoin is currently in beta and intends to restrict token availability in the United States and other restricted territories, as indicated in the project’s FAQ. While a US resident can acquire a World ID, the World app notifies users that Orbs are available in the United States.
Nonetheless, Worldcoin plans to showcase the Orb hardware in select US cities through an Orb “tour” from May to July. Limited-time availability of Worldcoin Orbs will be featured in Berlin, Dubai, London, Mexico City, Miami, New York City, San Francisco, Seoul, and Tokyo.
Addressing concerns surrounding privacy and security, Tools for Humanity expressed confidence in the Worldcoin project. In a press release, they stated that the recent funding would facilitate research and development, supporting the expansion of the Worldcoin project and further developing the World App—the primary wallet for the Worldcoin ecosystem.
Spencer Bogart, a General Partner at Blockchain Capital, defended Worldcoin against privacy and security criticisms. He took to Twitter to express a change of opinion, claiming that extensive evaluation of the project altered his initial perception of it as a dystopian nightmare. Bogart emphasized that Worldcoin’s World ID represents a significant and misunderstood solution to a longstanding problem. He described it as a new privacy-preserving primitive for the Internet that distinguishes between machines and humans, effectively addressing the challenge of identifying bots.
Blockchain Capital’s website further elaborated on World ID, highlighting its ability to empower individuals to verify their humanity online while maintaining anonymity through zero-knowledge proofs. The verification process is as simple as clicking a button to sign a transaction, providing a seamless user experience.
As Worldcoin secures substantial funding and expands its Orb iris-scanning technology, the project continues to navigate privacy concerns while promoting its vision of an inclusive financial network built on unique identities.