Efforts to modernize the global financial system continueunabated. Bitcoin, which was launched more than a decade ago, was an earlypioneer in the decentralization of finance and today it seems like old news. These days, anothersignificant push towards a big bang isemanating from a prominent figure: Sam Altman, the leader of OpenAI, therenowned organization responsible for the advanced AI tool, ChatGPT.
Altman recently unveiled the launch of his venture, Tools forHumanity, to support his new crypto project Worldcoin. As anintegral part of our commitment to providing the most up-to-date and dynamicofferings, we at Voltcoins, a regulated crypto exchange online, want youto know what this is all about.
Named WorldCoin, this new cryptocurrency is as global in itsambitions as its name suggests. Its mission, as articulated by Tools forHumanity, is to create a universal ID, a global currency, and an applicationthat facilitates payments, purchases, and transfers using its token. It islikely to expand into the crypto exchange online world soon, possiblyestablishing its presence on numerous platforms.
The project appears to be financially robust, having recently secured$115 million in a Series C financing round led by Blockchain Capital. Othernotable investors participating in this round include a16z, Bain CapitalCrypto, and Distributed Global. Moreover, in March 2022, WorldCoin successfullyraised $100 million, commanding an impressive valuation of $3 billion. As acrypto exchange online, we at Voltcoins are excited about the prospects thatthis financial stability offers. We always test new possibilities for our clientsto exchange online. However, before you jump into these waters, there are a fewthings worth mentioning about WorldCoin.
The company's data acquisition methodology has sparkedcontroversy. It involves soliciting users to scan their eyeballs using a devicereferred to as "the Orb," a chromatic sphere priced at five pounds.In exchange for their biometric data, users receive tokens. Many cryptoexchange online platforms are closely monitoring these developments tounderstand their implications for user privacy.
Understandably, this approach has met with criticism, withindividuals perceiving it as an invasion of their privacy. However, SpencerBogart, a general partner at Blockchain Capital, has sought to assuage theseconcerns. He explained that the objective is merely to generate what's calledan "Iris code." According to Bogart, the captured image is promptlydestroyed to ensure privacy.
WorldCoinmust address some issues of crypto exchange online
Despite the hype and potential surrounding this project, it'scrucial to evaluate it objectively. Although it has room for growth, severalconcerns need addressing.
Firstly, the project aims to create an equitable global economy.However, acquiring "the Orb" at a cost of five pounds may pose asignificant barrier for individuals in developing countries, making itinaccessible to those with lower incomes.
Secondly, the company's assurances surrounding privacy do notsatisfactorily explain the need for eye biometrics, especially given that theyare destroyed afterward. It remains unclear how the Iris code can be entirelydisconnected from this biometric data.
Thirdly, the project's decentralization principle is called intoquestion as the company behind the project still manages it.
So far, the project has accumulated over two million users intotal, a figure that is modest compared to the one million active addressesthat engage with Bitcoin each day.
Tools for Humanity aspires to create a more equitable economicsystem, a monumental endeavor that is likely to encounter numerous challenges.However, such obstacles don't necessarily spell doom; indeed, they can beovercome. The project, and its associated cryptocurrency, WorldCoin, possessessubstantial potential once these initial hurdles are cleared.
The currency already enjoys the support of early adopters, apositive indicator of its potential traction. It will be intriguing to observehow the project evolves from this point. The ultimate success of WorldCoin willhinge on its ability to navigate these challenges and deliver on its promises.