Since the time ChatGPT came into existence, there is hardly any day when it does not make into headlines. The tool has not only brought forth the potential of fourth-generation AI but made Artificial intelligence the most rigorously discussed subject of today. After disrupting artificial intelligence OpenAI CEO Sam Altman is all set to revolutionize the crypto industry with a new cryptocurrency named the Worldcoin.
According to The Financial Times (FT), Altman is on the verge of raising $100 million for Worldcoin, a project aimed at developing a globally distributed cryptocurrency using iris-scanning technology. Worldcoin, cofounded in 2019 by Altman and Alex Blania, has a lofty goal -- to provide a share of a new digital token to every human being on the planet.
The company intends to use iris-scanning technology to develop a global identification system that can be used to gain access to Worldcoin, its own global currency. The company's main plan is to create a platform that uses iris biometrics to establish an individual's unique personhood. This will create a digital World ID that can be used pseudonymously in a wide variety of everyday applications without revealing the user's identity.
The company also launched an app on May 8th with the name World App that enables payment, purchases, and transfers using Worldcoin and other digital assets. Worldcoin plans to launch in the first half of 2023 and distribute 10 billion tokens in total, with 80% going to users.
Altman planned to create a new cryptocurrency with a unique thought. He envisioned Worldcoin as a global distribution system for Universal Basic Income, which is essentially regular money distributed by the government or organization to everyone in order to meet basic needs. Altman even hoped that the coin could one day be used to distribute huge profits generated by AI systems to people in an equitable manner.
The project has garnered Significant interest from investors. The list of investors in the company includes names like Khosla Ventures, Andreessen Horowitz's crypto fund, FTX founder Sam Bankman-Fried and internet entrepreneur Reid Hoffman.