OpenAI boss rolls out Worldcoin crypto project despite US regulatory resistance

0
32

OpenAI’s Sam Altman, co-founder of the Worldcoin Foundation, is expanding the project’s services globally, despite facing regulatory resistance in the US.

According to reports by Financial Times, the startup headquartered in Berlin and San Francisco, recently announced that its Worldcoin token, a blockchain-traceable cryptocurrency requiring users to verify their identity, will be accessible in 35 cities across 20 countries.

“The foundation’s primary focus is an eye-scanning physical “orb” to distinguish between humans and robots amid the rise of artificial intelligence,” noted the report.

It is noted that due to concerns over cryptocurrency speculation and fraud, US regulators have impeded the project’s goals, resulting in the initial unavailability of Worldcoin tokens in the US.

“Worldcoin’s expansion coincides with significant advancements in AI, exemplified by OpenAI’s ChatGPT release last year, but also takes place during a turbulent period for digital tokens and the broader crypto sector.”

Despite regulatory challenges, the report states that Worldcoin attracted approximately $250 million in investments, including contributions from prominent investors like Andreessen Horowitz, Khosla Ventures, Reid Hoffman, and Sam Bankman-Fried before the collapse of his FTX venture.

“Worldcoin has outlined plans to retain about 20 per cent of issued tokens, using their value to fund Orb production, initial protocol development, ecosystem expansion, and maintenance.”

While Mr Altman recognized that eye-scanning technology may evoke discomfort, he believes that proper explanation can win over users’ trust.

To achieve this, Worldcoin is transparently elucidating the technology and its roadmap for decentralization.