Worldcoin, a new global cryptocurrency, will be backed by iris-scanning technology for secure ID.

OpenAI CEO Sam Altman is on the verge of securing approximately $100 million in funding for his project, Worldcoin, which aims to create a secure global cryptocurrency using iris-scanning technology. This development comes as a welcome positive turn for the cryptocurrency sector, which has experienced a challenging year.

Worldcoin is currently in advanced discussions with a group of investors, including both existing and new participants. Notable previous investors in the company include Khosla Ventures, Andreessen Horowitz’s crypto fund, FTX founder Sam Bankman-Fried, and internet entrepreneur Reid Hoffman. (FT)

Founded in 2019 by Altman and Alex Blania, Worldcoin has set ambitious goals to establish a global identification system using iris biometrics. This system would grant access to Worldcoin’s global currency and potentially address issues related to distinguishing between humans and bots, as well as providing a form of universal basic income to mitigate job losses caused by artificial intelligence.

Despite its low profile compared to OpenAI, Worldcoin has attracted attention with a previous token sale that valued its tokens at $3 billion. However, the cryptocurrency market has experienced significant challenges over the past year, including the collapse of FTX and a decline in token prices, leading to failures among various crypto companies.

Worldcoin’s approach involves utilizing an orb that scans iris biometrics to establish individual identities and create a pseudonymous digital World ID for everyday applications without revealing users’ identities. Once users verify their identity, they can receive free Worldcoin tokens.

Worldcoin has faced criticism, particularly regarding privacy risks associated with biometric scanning. The company’s website addresses concerns by stating that it will not store iris scans and that the device will not harm users’ eyes.

After operating in beta, Worldcoin is preparing to launch its blockchain protocol and begin recording transactions within the next six weeks.

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Photo by Diane Picchiottino on Unsplash