OpenAI CEO Sam Altman’s digital identity startup receives $115 million in funding from investors to create digital IDs on the Worldcoin blockchain and tackle the rise of artificial intelligence.
Tools for Humanity raised money from a16z, Bain Capital and Distributed Global to store people’s identities on the blockchain by scanning their journals.
According to CEO Tools, Alex Bania, the company will hire new employees with the new capital. Bania said the newly found funding shows the firm’s seriousness in going ahead with a project that people laughed at when they were too great.
He added that new artificial intelligence technology is increasing the importance of distinguishing between the real and the synthetic.
Google recently announced upcoming watermarking and metadata tools to verify file authenticity amid the recent flood of synthetic content.
Tools for Humanity will store identities on its decentralized Worldcoin blockchain. The project has already received 1.7 million registrations.
The company believes that the blockchain can be useful in distributing basic income through its combination of cryptocurrencies and digital identity.
Although Remove deny to update the firm’s valuation after its most recent funding round, Tools for Humanity was worth $1 billion last year.
Last year, Bain predicted the company scanned 20 million to 30 million irises. It is still a long way from that goal.
Magazine Project Stopped Amid Privacy Concerns
The project was initially stopped after hundreds of thousands of people’s eyes were scanned. Logistical issues stymied it as contractors abandoned the project and regulators expressed privacy concerns.
Contractors are paid for each magazine they subscribe to using a smartphone. The firm plans to open source 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 its irises.
In addition, the firm is using AI-trained scanning equipment to help distinguish between the real and the synthetic.
The price of Worldcoin is down 9.2% in the previous 24 hours.
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