In a significant move toward building a more human-centric internet, Tools for Humanity, the tech company responsible for the development of Worldcoin, announced a whopping $115 million in series C funding. The funding round, which was spearheaded by Blockchain Capital, is set to invigorate a range of initiatives, including a solution to the CAPTCHA test frequently criticized for its inefficiency.
Addressing the Problem of Bots in Blockchain
Bots pose a significant problem to the world of blockchain and cryptocurrency, a fact highlighted by Spencer Bogart, General Partner at Blockchain Capital, in a recent interview with Decrypt. Bogart underlines the need for an effective way to distinguish between human users and automated systems or bots.
As AI-powered systems evolve, they are increasingly circumventing traditional security measures, such as the CAPTCHA. In response to this growing challenge, various companies, including Civic, have taken steps to combat bot scams by introducing tools to limit potential exploitation of NFT drops.
Key Investors and Utilization of Funds
Though the specific investment amount from Blockchain Capital remains undisclosed, this funding round saw significant contributions from other notable investors, including a16z crypto, Bain Capital Crypto, and Distributed Global. The funds raised will be channeled towards research and development, enhancement of bot detection measures, and expansion of the Worldcoin project and World App.
Tools for Humanity: A Growing Tech Force
Boasting a talented team drawn from high-profile companies such as the Electric Coin Company, Revolut, Uber, Block, Twitter, and Apple, Tools for Humanity is making strides in its San Francisco base. The announcement of the successful funding round comes on the heels of the Financial Times report indicating that Sam Altman, co-founder of Worldcoin and CEO of OpenAI, was in advanced discussions concerning a new financing round.
The Ambition of Worldcoin
Worldcoin, currently in its beta phase, is an Ethereum-based token designed to underpin a global basic income model. This ambitious project seeks to create the world’s largest and most inclusive identity and financial network, centered on World ID and the Worldcoin token. This aspiration aims to lead Worldcoin towards becoming a decentralized autonomous organization (DAO) driven by distributed decision-making.
Controversies and Future Outlook
However, Worldcoin’s announcement of using retina scans for its WorldID project stirred controversy, sparking privacy concerns among users. Despite assurances from Tools for Humanity that the retina scans are discarded post-processing, critics, including renowned whistleblower Edward Snowden, remain skeptical.
Regardless of the concerns raised, Bogart reassures that Blockchain Capital has sufficient confidence in Tools for Humanity’s commitment to their promises, and remains hopeful about Worldcoin’s future.
