Worldcoin, the blockchain biometrics project co-founded by OpenAI CEO, Sam Altman, announced a $100 million funding deal this week. The latest round of investors includes both new backers and previous seed round investors such as a16z, Coinbase’s venture capital division, Khosla Ventures, and Sam Bankman-Fried. Despite the significant drop in venture funding for Web3 startups from $9.1 billion in Q1 2022 to $1.7 billion in 2023, investors continue to show enormous demand for investments in the crypto space.
Worldcoin aims to bring biometric identification to Web 3.0. The project seeks to collect and develop ID authentication support for retina scans. Although some may view this as a potential invasion of privacy, using biometric data as a security and authentication standard could be the safest and fairest way to manage private, personally identifying information for internet users. Worldcoin plans to move biometric data to the blockchain and use Web 3 techniques such as zk-proofs and multi-party computation to keep data private while proving to servers that the user is who they say they are.
Worldcoin’s ambitious project raises questions about the future of blockchain and biometric identification. Could it lead to Orwellian surveillance capitalism or unleash the benefits of blockchain freedom? Civil libertarians have long considered the digitalization of medical records as fraught with legal and humanitarian dangers. However, Worldcoin’s enthusiastic backing from venture capitalists means they might just be able to deliver on their bold plan.
In conclusion, the latest funding deal for Worldcoin shows that investors are still eager to invest in the crypto space despite the year-long crypto winter that may have ended in January. Worldcoin’s goal of bringing biometric identification to Web 3.0 could revolutionize the way we manage personal information online. By using the blockchain to keep data private and secure, Worldcoin may pave the way for a safer and freer digital future.