Promote the development of Worldcoin
Tools For Humanity (TFH), which develops tools for the Worldcoin project, announced today that it has completed its Series C funding.
At the time of writing this article, the document announcement cannot be confirmed, but according to overseas media, the procurement amount is about 16 billion yen (110 million dollars), and the valuation is not disclosed. Blockchain Capital led the fundraising with a16z crypto, Bain Capital Crypto, Distributed Global and others investing. The Financial Times and others previously reported on the $100 million funding round.
connection: Virtual currency “Worldcoin” involved in ChatGPT founders, to newly raise 10 billion yen
TFH announced on its Twitter account that the funding had been completed. At that time, I commented as follows.
In the age of AI (artificial intelligence), it is essential to have a means of proving “human” while protecting privacy.
We look forward to developing tools and creating resources to provide the means for the Worldcoin project.
The Worldcoin project is a project by Sam Altman, CEO of ChatGPT developer OpenAI. It has a grand ambition to distribute virtual currency to people all over the world, and has created a mechanism to identify individuals by scanning their eyes and receive crypto assets (virtual currency) Worldcoin (WLD).
The official website explains that it will build the world’s largest network for ID and finance. The cryptocurrency Worldcoin is reportedly planning to officially launch this year.
What is ChatGPT
Conversational AI designed to answer user questions as if they were having a conversation with a human. It has a wide range of uses, including content creation, report creation, and code design, but there are also many concerns such as privacy and copyright infringement.
Based on the above comments, it seems that the funds raised this time will be used for tool development and resources. As for Worldcoin tools, this month saw the launch of the ecosystem’s first wallet, the World App.
At the time of announcement, the currencies supported are stablecoins USDC and DAI, Ethereum (ETH), Wrapped Bitcoin (WBTC), and Worldcoin (beta). The wallet supports Uniswap, and token trading is also possible.
connection: “Worldcoin” aiming to distribute virtual currency to the whole world releases a wallet
Worldcoin is a high-profile project with Altman’s involvement, but there are also concerns about its use of biometrics, in particular. These concerns were also acknowledged by Spencer Bogart, general partner at Blockchain Capital, which led the fundraising.
Bogart also explained that he was skeptical about the project at first, but that his team spent hundreds of hours researching Worldcoin. He said he realized what the project was trying to build and changed his mind.
He also explained why he led the fundraising this time, pointing out that if it becomes easier to distinguish between machines and humans, there will be benefits such as an improved Internet user experience.
On the other hand, he also pointed out that the problem that Worldcoin is trying to solve is difficult to solve and that it is important to do it correctly. He also wants to ask questions if he has any concerns or criticisms.
I thought Worldcoin was some dystopian Orwellian nightmare, then our team invested hundreds of hours evaluating what the project’s contributors have actually built and I completely changed my mind – why we led the latest financing
— Spencer Bogart 𓇼 (@CremeDeLaCrypto) May 25, 2023