OpenAI CEO Sam Altman’s digital identity startup gets $115 Million in financing from investors to create digital IDs on the Worldcoin blockchain and combat the boost of artificial intelligence.
Tools for Humanity raised money from a16z, Bain Financial resources and Distributed Worldwide to store peoples’ IDs on the blockchain tech by scanning their irises.
Reports by Tools’ CEO Alex Bania, the company will hire new employees with the new financial resources. Bania stated the newfound financing signifies the firm’s seriousness in proceeding on a project people once mocked for being as well outlandish.
He also mentioned that new artificial intelligence technology is increasing the importance of distinguishing the real from the synthetic.
Google recently announced next watermarking and metadata tools to verify a file’s authenticity amid the past few flood of synthetic content.
Tools for Humanity will store identities on its decentralized Worldcoin blockchain tech. The project has already garnered 1.7 Million registrations.
The company believes the blockchain tech can be useful in distributing basic income through its combination of digital currencies and digital identity.
Although while Bain declined to update the firm’s valuation after its most up-to-date financing round, Tools for Humanity was worth $1 Billion last year.
A year ago, Bain predicted the company would scan 20 Million to 30 Million irises. It is still far away from that target.
Iris Project Stalled Amid Privacy Concerns
The project at the beginning stalled after scanning the eyes of hundreds of thousands of people. It was hampered by logistical issues as contractors abandoned the project and regulatory authorities expressed privacy concerns.
Contractors are paid for each iris they register using a smartphone. The company intends open-sourcing the design of its orb scanner to demonstrate its commitment to privacy.
Ironically, early participants had to sign waivers to allow the company to train its artificial intelligence model with high-quality images of their irises.
In addition, the company is using AI-trained scanning equipment to assist distinguish the real from the synthetic.
Worldcoin’s price is down 9.2 percent over the past 24 hours.
