Sam Altman’s Worldcoin crypto project begins international rollout
Sam Altman's cryptocurrency project, the Worldcoin Foundation, is expanding its services globally despite facing regulatory challenges in the US. The Berlin and San Francisco-based start-up recently announced the availability of its technology, including the Worldcoin token, in 35 cities across 20 countries.
Central to Worldcoin's efforts is an eye-scanning physical "orb," designed to address the increasing challenges of distinguishing between humans and robots due to advancements in artificial intelligence. Users must first prove their identity through the orb to receive the company's tokens, which are traceable on the blockchain.
However, the project's goals are hindered by US regulators' crackdown on digital assets, primarily driven by concerns over speculative trading and fraud associated with cryptocurrencies. Consequently, Worldcoin tokens will not initially be available in the US.
Despite the regulatory hurdles, Worldcoin raised approximately $250 million in investments, including support from venture capital groups like Andreessen Horowitz and Khosla Ventures, internet entrepreneur Reid Hoffman, and Sam Bankman-Fried before the collapse of his FTX empire.
Worldcoin's co-founder, Alex Blania, acknowledged the limitations on discussing commercial ambitions due to regulatory scrutiny in the US. Nevertheless, the company intends to make profits, with plans to retain about 20% of all issued tokens to fund "Orb production and initial protocol development... ecosystem development and maintenance."
Altman acknowledged that the use of eye-scanning technology may be disconcerting to some but expressed confidence that proper explanation and transparency would win users' trust. He emphasized the importance of earning people's trust in the crypto space by providing detailed information about the technology and the company's decentralisation roadmap.