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It’s been a giant week for Worldcoin, the blockchain brainchild of OpenAI CEO Sam Altman. The blockchain biometrics venture is closing a $100 million funding deal. The buyers on this spherical embody new backers along with earlier ones.
Worldcoin’s $100 Million Seed Spherical
Previous seed spherical buyers in Worldcoin embody a16z (Andreessen Horowitz), Coinbase’s enterprise capital division, Khosla Ventures, and even Sam Bankman-Fried.
(The disgraced FTX founder is at the moment defending in opposition to a number of U.S. felony fees and enforcement actions.)
Fortune reports:
“The funding information is a vivid spot in a bleak yr for crypto investments. Enterprise funding for Web3 startups plummeted from $9.1 billion within the first quarter of 2022 to $1.7 billion in 2023, an 82% year-over-year lower, in accordance with Crunchbase.”
The ChatGPT founder’s huge fundraiser reveals there’s nonetheless monumental VC demand for investments within the crypto area. That’s regardless of the year-long crypto winter that simply might have resulted in January, a string of failed crypto corporations in latest months, and an epic regulatory battle with U.S. regulators.
Biometric Keys: Freedom or Surveillance?
Worldcoin has daring ambitions to carry biometric identification to Internet 3.0.
The OpenAI founder’s cryptocurrency venture seeks to gather and develop ID authentication assist for retina scans. VCs enthusiastic backing of the venture means they could simply have the ability to ship on such a daring plan.
However is Worldcoin extra apt to unleash the advantages of blockchain freedom or high-tech, Orwellian surveillance capitalism? For many years now, civil libertarians have thought of the digitalization of medical data fraught with authorized and humanitarian risks.
Utilizing biometric information as a safety and authentication customary might violate folks’s privateness. Worldcoin’s goal could be to create a world that ultimately calls for people hand over their biomarkers to make use of apps and do enterprise.
Though, this isn’t the inevitable end result of Worldcoin. Transferring biometric information to the blockchain and utilizing Internet 3 methods to handle non-public, personally figuring out information for Web customers is perhaps the most secure, fairest, freest approach to do it. Internet 3 can use zk-proofs and multi-party computation to maintain that information non-public whereas proving to servers that request it that the person is who they are saying they’re.
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