An official publication dated May 25 revealed that the Worldcoin project generated $115 million in a series C funding round. The Worldcoin project team Tool for Humanity revealed that Blockchain Capital led the completed funding round.
The report stated that the funds generated would be utilized in executing different projects, such as developing an alternative approach to the “oft-derided” CAPTCHA examination.
Worldcoin Funding Round
In an interview with the general partner at Blockchain Capital, Spencer Bogart, he was pleased to announce that the innovative idea adopted by Worldcoin enables the system to differentiate between a bot and a human. He was thrilled to work with the Worldcoin engineers in developing the new tool.
Bogart explained that the bot has been competing with blockchain and crypto-related projects for years. Initially, CAPTCHA has been utilized to differentiate between a botted activity and a human.
He admitted that AI technology has come to replace CAPTCHA technology by introducing automated technologies. A recent study revealed that adopting bot technology has exposed the public to cyber-related crimes.
In July last year, the Web3 company Civic launched a suite of new tools to combat the use of bots in cybercrime. The Civic’s latest advancement aims to restrict the ownership of digital wallets. The restrictive approach embraced by the Civic group aimed to discourage bots’ use in nonfungible token drops.
Benefits of Worldcoin
In his statement, Borgat admitted that Blockchain Capital invested human and financial resources to support Worldcoin. During the interview, it was observed that Borgat failed to expound on the amount of funds the company generated to support the funding round.
It was reported that the successful funding round was supported by Andreessen Horowitz (a16z ), Bain Capital Crypto, and Distributed Global.
According to Tool of Humanity, the $115 million will be utilized to conduct an extensive study on strategies to support the Worldcoin initiative and the development of World software.
Over the past, the Tool of Humanity has embraced the culture of innovation, attracting new talents from Revolut, Uber, Apple, and Electric Coin Company, among other best-performing companies.
A few days ago, the co-founder of Worldcoin, Sam Altman, engaged in advanced talks in the bid to secure $100 million in funding for the iris scanner project Worldcoin.
The Worldcoin project is centered on the Ethereum network, providing users with a platform to boost their income. The Worldcoin group targets to become the leading inclusive identity platform linked to the financial network.
Additionally, the developers of the World ID and the Worldcoin token aim to develop a decentralized autonomous organization (DAO) that will improve the decision-making process.
Worldcoin Reveals Next Move
In the meantime, Worldcoin’s early adopter has reached 2 million. The Tools of Humanity team has confirmed that jurisdictions with restrictive measures cannot access Worldcoin due to regulatory clampdowns.
The community opposed the idea after the announcement that the WorldID project would utilize human retina organs to verify the account. The WorldID platform integrates the Proof of Personhood (PoP) to distinguish between humans and bots.
At the initial development of the WorldID, the developers regretted that the eyeball scans were damaged immediately after production. The elimination of eyeball scanners has created mixed thoughts among tech experts.
An announcement conveyed by the popular whistleblower Edward Snowden protested against the Worldcoin technology. On the contrary, the Blockchain Capital group remains committed to supporting the Tools for humanity to attain the end plan.
The Worldcoin technology will soon provide the user with additional information through an open nature.