The company behind the development of Worldcoin, Tool for Humanity, has acquired $115 million in a Series C investment round led by Blockchain Capital .This funding is planned to be used for supporting research, development and growth of the Worldcoin ecosystem, that also includes the recently launched World App crypto wallet .Worldcoin aims to achieve fair global distribution by utilizing biometric iris scans as part of its proof of personality protocol .
Worldcoin: A Cryptocurrency for All
Worldcoin has come up as a global cryptocurrency with a mission to ensure equal distribution to individuals all over the world .By requiring a biometric scan of the recipient’s iris, the project ensures that each token is assigned to a unique person .Once their identity is verified, individuals become eligible to receive a predetermined number of tokens through the program .
Sam Altman, who is the CEO of OpenAI and one of the founders of Worldcoin, established Tool for Humanity alongside entrepreneurs Alex Blania and Max Novendstern .The company plans to utilize the newly raised funds for various projects, which also includes the development of alternative solutions to the widely used CAPTCHA test .
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Addressing the Limitations of CAPTCHA
CAPTCHA has for a long time served as an practical tool for distinguishing between bots and humans .However with the advancement of automated systems, particularly those powered by artificial intelligence ,its effectiveness has minimized .Spencer Bogart, General Partner at Blockchain Capital, emphasized the necessity for new solutions in an interview with Decrypt .
Expanding Possibilities with Funding
The successful Series C investment round represents a significant landmark for Tool for Humanity and the Worldcoin project .The company aims to further reinforce the World App and explore more innovative growth opportunities .With these funds, Tool for Humanity is able to continue its mission of creating a more inclusive and secure cryptocurrency ecosystem, while also focusing on initiatives beyond Worldcoin, such as developing alternatives to CAPTCHA .
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