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Crypto begins a new chapter with Sam Altman’s WorldCoin

The CEO of OpenAI, Sam Altman, has already changed the face of search and content creation. Now he intends to disrupt cryptocurrency with the release of a new iteration of the payment system with Worldcoin.

Having unsettled and reinvented several industries and sectors with the launch of OpenAI last year, the newest and boldest tech leader now intends to take on the cryptocurrency industry.

Initially launched in 2019, Altman is seeking to raise upwards of $100 million for the new project, which he is working on with co-founder Alex Blania – a Caltech alumni, and CEO and co-founder of conscious financial organisation Tools for Humanity.

Other investors are said to include internet entrepreneur Reid Hoffman and troubled FTX founder Sam Bankman-Fried.

How will Worldcoin work?

The Financial Times reported that the new cryptocurrency will use iris-scanning technology to access their Worldcoin.

The company claims that it will, “Use iris biometrics to establish an individual’s unique personhood, then creates a digital World ID that can be used pseudonymously in a wide variety of everyday applications without revealing the user’s identity”.

This is an alternative to crypto’s current method of authentication which uses various systems of trust authenticators, OTPs, crypto keys, sign in methods and blockchain technology to gain access to your personal crypto wallet.

Creating a platform with iris-scanning technology is another development in a market that has been under scrutiny in the last 12 months.

With the FTX scandal and the ensuing turmoil in crypto markets and investment platforms, Worldcoin is hoping to restore some stability to the sector. Only last week it lauched the World App, which the company said would enable users to “prove your personhood online with World ID, claim your Worldcoin tokens, and send digital money globally for free.”

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