OpenAI boss Sam Altman's iris-scanning Worldcoin crypto project raises almost $100 million

[midian182]

In context: When OpenAI CEO Sam Altman has a project, people pay attention. His current mission is Worldcoin, a crypto network that uses an iris-scanning identification system to give people access to a free digital currency. It's already raised $100 million and could launch within the next few weeks.

Altman founded Worldcoin alongside Alex Blania in 2019. The Information writes that a $100 million token sale early last year valued the total supply of the company's tokens at $3 billion. But that was before crypto's nightmare in 2022 began, during which time FTX collapsed, and almost $1 trillion was wiped off the markets.

Crypto has rallied slightly this year – Bitcoin's near $30,000 current price is around double what it was at the start of 2023 – but the amount raised by Altman speaks volumes as to how much people respect the boss of the ChatGPT company.

"It's a bear market, a crypto winter. It's remarkable for a project in this space to get this amount of investment," said one of the Financial Times' sources.

According to the company, the Worldcoin system uses orbs packed with iris-scanning technology to establish an individual's identity. It then creates a digital World ID that can be used pseudonymously in a wide variety of everyday applications without revealing the person's identity. Once their identity has been established, users can receive free Worldcoin tokens.

Worldcoin's biometric imaging device. Resemblance to the Palantír is coincidental

Not surprisingly, the use of iris-scanning tech is making some people nervous about potential privacy or health risks. Worldcoin says it will not store biometric data and the device will not hurt eyes. Almost 1.7 million people have now signed up to the service.

The unique nature of this cryptocurrency allows Worldcoin to distinguish between humans and bots, said company executives. They added that it could also provide a form of universal basic income that could offset the job losses caused by increased use of AI. An interesting view, given Altman's link to ChatGPT.

Generative AIs are already costing jobs in China, while Dropbox and IBM have pointed the finger at artificial intelligence for killing off certain positions. A study by bank Goldman Sachs earlier this year claimed that AI systems could replace a quarter of work tasks in the US and Europe, the equivalent of 300 million jobs.

Worldcoin plans to issue 10 billion tokens in total, with 80% going to users, 10% to the company's investors, and another 10% to a foundation for manufacturing the orbs and developing the network. Following the beta phase, Worldcoin is getting ready to roll out its blockchain protocol and start recording transactions within the next six weeks.

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https://www.techspot.com/news/98687-open-ai-boss-sam-altman-iris-scanning-worldcoin.html

 

[ScottSoapbox]

Yeah... this is a definite wait and see tech. It could be great or terrible for freedom loving people depending on how it's implemented.

 

[OortCloud]

Not sure I understand this? Isn't it just yet another blockchain mining system with a gimmicky retina scanner instead of more normal authentication for wallets etc?

 

[EdmondRC]

I have lived long enough to know that nothing is free

 

[emmzo]

"It could also provide a form of universal basic income that could offset the job losses". I don`t see the remotest idea on how it can do that. Also, almost 1.7 million people have now signed up to the service? So, even if this number is to be believed, they sold their identity for ... world tokens, which will be very valuable, just you wait.

Not sure I understand this? Isn't it just yet another blockchain mining system with a gimmicky retina scanner instead of more normal authentication for wallets etc?

I believe you summed it up. Good old blockchain with a gimmick. I wouldn`t be surprised if the term AI will soon be jammed in there for absolutely no reason, other than hype.

 

[YouShallNotPass]

It still failed to explain the fundamental of how this coin worth anything.

 

[Neatfeatguy]

It still failed to explain the fundamental of how this coin worth anything.

Just like any digital coin - it's not. At least that's how I see it.

I suppose you can say any fiat currency isn't worth anything either except for being based on faith that we accept that it's tangible and holds value.

 

[Tom Yum]

Just like any digital coin - it's not. At least that's how I see it.

I suppose you can say any fiat currency isn't worth anything either except for being based on faith that we accept that it's tangible and holds value.

What gives Fiat currency value is that it is the only form of exchange a government will accept to meet tax and debt obligations. This creates a steady demand for the currency that gives it an intrinsic value, so long as the government balances currency supply (printing) with demand (otherwise you get hyperinflation).

Crypto doesn't have that (outside of some bankrupt small governments who are trying to distract their populations from their economic mismanagement). So the demand floor for crypto is zero. Things like organised crime will always give it some level of demand, but while supply is in theory algorithmically limited (deflationary), in reality crypto currencies can be infinitely forked, so supply remains unlimited and therefore intrinsic value is zero. Doesn't mean it can't have some value, but nothing stops it going to zero either. That is generally not the case for fiat currency backed by governments that aren't completely incompetent (refer Venezuela, Zimbabwe, etc).