ChatGPT creator receives BRL 500 million to launch cryptocurrency

Amid the success of OpenAI’s ChatGPT, Sam Altman, CEO of the artificial intelligence company, has grabbed attention with a new project, the cryptocurrency world currencythat aims to revolutionize digital identity.

the technology company Tools for humanitybacked by the creator of ChatGPT, today announced the closing of its Series C funding round, led by Blockchain Capital, with a total amount raised of a staggering $115 million.

The startup aims to direct funds to a variety of projects, most notably the development of an alternative to the traditional CAPTCHA, which has long been mocked for its limited effectiveness in distinguishing between bots and humans.

The proliferation of bots has been an ongoing challenge for blockchain and cryptocurrency-based projects as increasingly sophisticated automated systems powered by artificial intelligence can evade traditional solutions such as CAPTCHA.

Worldcoin raises $115 million

Tools for Humanity joins others such as Civic, which released a series of tools last year to prevent bots from taking advantage of the cryptocurrency market by limiting the number of wallets a single account can use.

While the exact amount of Blockchain Capital’s investment has not been disclosed, Series C has attracted other notable investors including a16z, Bain Capital Crypto and Distributed Global.

In addition to developing anti-fraud solutions, Tools for Humanity will also spend money on further research and development and expansion of its flagship project, Worldcoin and the World App.

Spencer Bogart, general partner at Blockchain Capital, shared insights into the vision behind the initiative: “The idea is to create a new internet primitive that allows any application to quickly and easily distinguish between machines and humans, or bots and humans. This prompted us to work more closely with our technical team to really assess the magnitude of the existing problem.”

world currency

Based in San Francisco, California, Tools for Humanity has attracted top talent from companies such as Electric Coin Company, Revolut, Uber, Block, Twitter and Apple, driving growth and industry expertise.

The announcement comes just a week after reports that Sam Altman, co-founder of Worldcoin and CEO of OpenAI, was exploring a new round of funding with an initial target of $100 million.

Worldcoin, currently in beta, is an Ethereum-based cryptocurrency designed to support a form of universal basic income on a global scale.

The project aims to become the world’s largest and most inclusive financial and identity network centered around the World ID and Worldcoin token, with the ultimate ambition of becoming a DAO-like entity with decentralized decision-making.

While citizens of the US and other restricted territories cannot receive Worldcoins, Tools for Humanity has registered nearly two million users on five continents.

However, the project has encountered resistance regarding its approach to identity verification. By using retinal scans in the so-called “Proof of Personhood” process, the project has raised skepticism and concerns about privacy and trust in a technology company.

Tools for Humanity claims that all eye scans are destroyed after processing, but critics remain wary, including the famous Edward Snowden.

Despite the doubts, Spencer Bogart of Blockchain Capital expressed confidence that Tools for Humanity will deliver on its promises and underlined the importance of transparency:

“We hope that Worldcoin can openly provide more information, which will give more people that reassurance. It’s a huge hurdle for them – it’s something they have to overcome, because ultimately people have to be skeptical until they’re confident that this is indeed the case.”

With the financial support and vision of Tools for Humanity, your projects are expected to revolutionize the way we deal with digital security and identity in the modern age of technology.

Source: Live Coins