U.Today - Worldcoin, a project led by OpenAI executive Sam Altman, is reportedly nearing the completion of a funding round that could reach $100 million.
The global cryptocurrency venture, which uses iris-scanning technology for enhanced network security, is said to be in the final stages of its funding discussions. This information comes from sources familiar with the situation, according to by the Financial Times.
Unlike many other cryptocurrencies, Worldcoin has set out to become more than just a digital currency. It aims to establish a global financial and identity network that is accessible to everyone, irrespective of their socio-economic status or location.
As part of its strategy, plans to distribute its tokens for free to users who can prove their uniqueness and authenticity via a unique device known as the Orb.
The Orb, a device developed for this project, operates by obtaining an iris scan from the user, which results in the creation of a digital World ID. This World ID is intended to provide a pseudonymous avenue for various applications while also offering privacy protection for users.
It also aims to ensure that each person can obtain only one share of Worldcoin, aiming to reduce potential fraudulent activities and misuse of the system.