Latest news with #WorldNetwork
Yahoo
30-05-2025
- Business
- Yahoo
Two of Silicon Valley's Most Prestigious Venture Capital Firms Just Plowed $135 Million Into Sam Altman's Crypto Project. What Do They See That Wall Street Doesn't?
Sam Altman of OpenAI is also the co-founder of an identity management project called World Network. World Network is looking to use biometric hardware to help combat the rise of artificial intelligence (AI) bots online. As part of the project, World Network also employs a transactional layer known as Worldcoin -- a cryptocurrency available to investors. 10 stocks we like better than Worldcoin › The first half of 2025 has been anything but predictable in the stock market. It seems like ages ago that concerns around Chinese start-up DeepSeek and the intensifying competitive landscape in artificial intelligence (AI) sent shockwaves across the capital markets. As investors know all too well, just about the only things economists have been talking about for almost two months now are tariffs. In the wake of all this uncertainty in the equity market, some astute investors have turned elsewhere. Specifically, the cryptocurrency market has started to attract some new life. Although Bitcoin seems poised to reach new all-time highs, venture capital (VC) juggernauts Andreessen Horowitz (A16Z) and Bain Capital just jointly plowed $135 million into a relatively new token called Worldcoin (CRYPTO: WLD) -- an initiative that was co-founded by Sam Altman, the chief executive officer of OpenAI. Let's explore what Worldcoin is and assess why two of Silicon Valley's most prestigious VC firms just invested in the fledgling crypto project during this period of pronounced market uncertainty. Worldcoin is a cryptocurrency token that runs on the Ethereum blockchain. It serves as the transactional foundation for a project known as World Network. To put it simply, Altman and his co-founders are seeking to build a community (the World Network) that helps solve a use case known as "proof of human." Essentially, by becoming a member of the World Network, each user is then granted a unique identifier known as their custom World ID. In an effort to combat the same user signing up twice or having the network comprised by artificial intelligence (AI) bots, World IDs are verified using a technology called iris biometrics (eye scanning). Before joining The Motley Fool, I spent a decade working in investment banking as well as leading various financial projects at technology start-ups. Anecdotally speaking, I've seen VC investors become intrigued by ideas that may come across as off the beaten path. I see World Network as no different. On the surface, World Network parallels something out of an Orwellian novel. But digging a little deeper into its purpose, I can understand the need for solving the proof of human (PoH) use case. In its initial whitepaper, World Network outlines certain functions (such as voting online) that are currently difficult to perfect due to potential breaches of security protocols. To me, there is an opportunity here for World Network to touch a number of important addressable markets, such as digital identification, financial fraud, cybersecurity, and how each of these stitch together through the broader AI fabric. There are some reports suggesting that interest is high for World IDs. Hence, there may have been a need for a capital infusion to fund the resources required to fulfill demand. With that said, I can't help but think the recent $135 million purchase of Worldcoin by A16Z and Bain Capital is anything more than a form of hedging. Said a different way, investing in the stock market right now is likely unattractive for institutional investors. Since the venture realm is inherently risky in the first place, I think it makes more sense for funds to double down on existing portfolio opportunities, as opposed to allocating any dry powder to new start-ups with little to no traction or volatile stocks. Broadly speaking, the cryptocurrency landscape is incredibly volatile. Even established cryptocurrencies such as Bitcoin often display meme-like behavior as investors chase momentum for no tangible reason. This can make the price action of cryptocurrencies highly unpredictable. Following news of the investment by A16Z and Bain Capital, Worldcoin rocketed by roughly 40%. Although these gains have retreated a bit, the crypto is still trading at levels that suggest some momentum is still holding (or HODLing). One big concern I have about investing in Worldcoin is how the legal and regulatory environment will affect World Network's ability to scale in the long run. While Altman's prominent position in the broader AI landscape could serve as an asset, I still see the project as more of an uphill battle right now. Although I understand why VCs are intrigued with Worldcoin, the majority of investors don't have the same financial flexibility as these funds. Ultimately, I think investing in Worldcoin is highly speculative (even for crypto!), and I would pass on the opportunity right now. Before you buy stock in Worldcoin, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Worldcoin wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $653,389!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $830,492!* Now, it's worth noting Stock Advisor's total average return is 982% — a market-crushing outperformance compared to 171% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of May 19, 2025 Adam Spatacco has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy. Two of Silicon Valley's Most Prestigious Venture Capital Firms Just Plowed $135 Million Into Sam Altman's Crypto Project. What Do They See That Wall Street Doesn't? was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
22-05-2025
- Business
- Yahoo
Sam Altman's World Raises $135M in Token Sale to a16z and Bain Capital Crypto
Sam Altman's blockchain project World Network has raised $135 million in a private token sale of its WLD token. The sale was to venture capital giants a16z and Bain Capital Crypto and will be used to fund network expansion, the team shared. WLD is higher by 14% on the news. The funding comes as the group behind the blockchain announced the project's in-app functionalities as well as the WLD token has become available as of earlier this month to U.S. users. 'To meet increasing demand for Orb-verified World IDs and support the expansion of the World network throughout the U.S. and beyond, World Assets, Ltd. (a subsidiary of the World Foundation) sold $135M of WLD at market prices to two of the project's earliest backers, Andreessen Horowitz and Bain Capital Crypto. The circulating supply of WLD has thus increased correspondingly,' the team wrote in a blog post. The WLD token was created at launch in July 2023, and it currently has a market capitalization of $1.87 billion and is up 55% in the last month, according to CoinMarketCap. WLD though is down roughly 75% from its all time high. Until earlier this month, U.S. users were unable to use World's primary product, their orbs, a bowling ball-shaped device that scans a person's eyeballs to confirm their identity. Once they scan, users can access the World app and receive an airdrop of the WLD token, which can then be used in World's miniapps ecosystem. During the announcement earlier this month, Altman shared that the project hopes to have to give 180 million Americans access to Orbs, more than half the country's population, by the end of the year. Read more: Sam Altman's World Crypto Project Launches in US With Eye-Scanning Orbs in 6 Cities Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
17-05-2025
- Business
- Forbes
World Network Illustrates Complications Of AI-Crypto Partnerships
World Network (formerly WorldCoin) highlights the struggles of AI-crypto integration World Network, the project co-founded by OpenAI CEO Sam Altman, has been the focus of controversy, debate, and outright doubters since initial launch in July 2023. With investigations having been launched in nations that include India, Couth Korea, Italy, Colombia, Argentina, Portugal, Keyna and Indonesia, as well as bans in Spain, Hong Kong, and Brazil the scrutiny under which the project has operated has been intense. With iris-scanning technology used to identify and verify human users, alongside the creation and issuance of tokens native to the platform the implications of such a project have been difficult to overstate. As AI projects of all kinds have continued to attract investment and investor focus across the globe, the idea of crypto-AI integrations has continued to accelerate. That said, the adoption of World Network at any commercial scale remains an ambition versus reality on the ground for several reasons. First and most obvious the iris-scanning component of the 'The Orb' that identifies and verifies users has raised alarm amongst privacy groups the world over. Even with guarantees of destruction of this personal data, privacy advocates and legal experts continue to issue warnings and advisements to not engage with such a process. Secondly, the economic model of the tokens issued by World Network remains somewhat ambiguous, with a sluggish adoption pace working against the idea of integration the token into a world driven increasingly by AI agents interacting and conducting business with minimal human oversight. Singling out a specific project as an indictment for an entire nascent industry is, of course, an incomplete perspective, but the ongoing saga of World Network does highlight the difficulties as the AI and crypto markets seeks to collaborate and find common ground. Let's take a look at a few of these lessons that developers and investors alike need to learn. An issue that AI continues to grapple with is privacy, with court cases already underway with issues related to privacy, copyright, artistic creations, and other intellectual property. World Network takes the concerns and debates over privacy to an even more intense level, with the iris-scanning technology serving as an almost ready made example of corporate/institutional overreach. At the same time – after years of regulatory and legal battles – cryptoassets seem to finally be achieving mainstream adoption and understanding by investors and policymakers alike. That said, concerns around both 1) privacy coins and privacy focused crypto for illicit purposes, and 2) the difficulty in recovering stolen crypto funds due to the pseudo-anonymity at the center of many tokens continues to prove a regulatory obstacle. Investors and institutions have only recently begun to trust and buy into crypto transactions and rails as a path forward for transactions; AI projects will need to expend similar efforts (with similar results and proof) to reassure the marketplace that user privacy is a protected priority. Regulation around AI and AI uses cases is even more amorphous and inconsistent than regulation for cryptoassets. Even in the politically charged U.S. there is progress being made on the regulatory front for cryptoassets, and while specific measures and bills are in various stages at the federal and state level the overall outlook is positive. Contrasting this with the dearth of AI-specific legislation, or even the drafting and presentation of proposed legislation, and the challenges that face the fast-growing AI industry become clearer. With privacy regulations existing on a patchwork basis between states in the U.S. as well as being implemented on different paces across the globe the integration of AI across different economic areas remains very much a work in progress. Financial services aside the adoption of AI in healthcare, education, and entertainment will create complications from financial, intellectual property, and privacy perspectives. Much like how crypto adoption and utilization quickly followed once federal regulators and policymakers adopted a more consistent and standardized approach, AI-crypto projects will need a similar regulatory overhaul. Many of the painful lessons learned by crypto investors were centered around, in large part, the importance of tokenomics for establishing and maintaining a viable business plan for both the token issuer and investors, and ensuring that the business had continuity measures in case of personnel turnover. AI initiatives are facing similar issues, with World Network highlighting the importance of tokenomics for AI-driven or even AI-adjacent projects. With the tokenomics of World Network based on, at least partially, the fact that the native tokens will be freely available and easily claimed raises questions. Although 60% of tokens have been allocated to the user community, a higher percentage than other comparable projects the lack of institutional use cases, or even large adoption by the retail market have made comprehensive analysis of the business model difficult. For example, bitcoin had already acquired large scale buy-in and adoption amongst individual and retail investors before large institutions entered the market. Subsequent price appreciation as well as the rapid deployment of on-chain products and services are a result of the long-term development of the market via retail use cases, versus any singular large project. AI projects seeking, reasonably so, to leverage the speed and 24/7 uptime of on-chain tokens, will need to emulate such an approach to ensure broad-based support and buy-in. AI and crypto have the potential to help the other grow and develop into fully integrated business tools, but AI investors and policymakers would be well served to follow the examples set by – and avoid the pitfalls experienced – by crypto firms along the way.
Business Times
12-05-2025
- Business
- Business Times
Eyes wide shut: When tech bros want to scan your eyeballs
DON'T blink now, because Sam Altman's World Network project, or World for short, is ramping up its bid for eyeballs. Launched globally as Worldcoin in 2023 and introduced in the US last month, this identity-verification project wants to help you prove you're a human being and not an artificial intelligence (AI) bot by scanning your iris and generating a World ID. This 'digital passport', which is stored on the blockchain, might even be used in the future to prevent fraud in the distribution of universal basic income – the payout that humans might need once they've been replaced by AI. When you consider the irony of Altman's other venture, OpenAI, this development is only marginally less infuriating than when Amazon opened its own brick-and-mortar bookstores in 2015. But already, more than 12 million people's identities have been verified with World's iris-scanning orb devices. The project, managed by an outfit called Tools for Humanity, has already raised some US$240 million in venture capital funding from marquee-level names such as Andreessen Horowitz and Bain Capital. So here we all are. World has understandably encountered regulatory suspicion and sundry complications – authorities in Spain and Portugal have cracked down on the platform's activities over data protection concerns, while Hong Kong has ordered it to stop collecting iris and face images. Singapore, too, has grappled with other by-products of World's existence – the police have cautioned the public against giving away or selling their Worldcoin accounts. For its part, World has said that no personal data is stored from a person's orb verification, and that the photos taken by the orb are encrypted, sent to the individual's device and 'immediately deleted' from the orb. In any case, World ploughs on. Its website lists more than 800 orb locations worldwide, and it plans to have 7,500 orb devices across America by year-end. While the World app and iris scans are currently free for end-users, the platform has introduced World ID fees for applications. Is there a need for such an endeavour despite World's ungainly start? Maybe. But the question of a use case, however, is a distinct one from whether World – or any enterprise – is the right steward for such a responsibility. Where tech is concerned, we have long conflated these two separate questions, and it's time that we stop doing that. I'm not making an argument either way about Altman or the body behind the World platform. But it does bear noting that individual titans increasingly wield power that used to be entrusted to governments. If there is cause to distrust governments, fallible as they are, there is room to scrutinise the billionaires who are displacing bureaucrats. That we even have to psychoanalyse these individuals whom nobody voted into power speaks volumes about how some governments have increasingly ceded ground to the private sector. A global ID-verification project is the very sort of undertaking that states should be helming. Alas, the odds of multilateral miracles happening in such a fractious time are poor, given how most countries don't even know what trade with the US will look like in the next 60 days. If this is the Pandora's box that we insist on unlocking, it's not the bots or billionaires that we should blame, but the people who handed them the keys.
CBS News
02-05-2025
- CBS News
Orb device at San Francisco store aims to fight bots with biometric scans
Device in San Francisco offers way to prove your humanness as part of global database Device in San Francisco offers way to prove your humanness as part of global database Device in San Francisco offers way to prove your humanness as part of global database Amid the rise of artificial intelligence and an increase in online bots, the reality of humankind can easily be skewed. A high-tech device in San Francisco's Union Square is offering one way to prove your humanness, as part of a global database. World Network, a digital identity project co-founded by OpenAI CEO Sam Altman, opened its first U.S. flagship in San Francisco on Thursday. The store offers a futuristic way to verify a person's "humanness" using a biometric device called the Orb. It's a metallic sphere that scans the iris, face curvature, pulse, and temperature of users. The goal is to prove you're human and not a bot. "I wanted to understand it better," said Clement, a Bay Area resident who tested the Orb out of curiosity. "At some point, it's going to be an issue online to know if we are real or if we're talking to a machine." The store, located beside the Macy's building in Union Square, is home to a handful of the eyeball-looking devices. After downloading the World App and scanning a QR code, visitors interact with the Orb, which verifies that they are unique biological humans and issues them a World ID, which the group describes as an anonymous digital passport. More than 26 million people in over 160 countries have already signed up for World Network. But this is the first time the technology has landed on U.S. soil. The initiative comes amid recent data that suggests by 2026, up to 90% of online interactions could involve AI in some form. The creators of the Orb see their technology as a way to give humans a fighting chance in the digital arms race. "We want to make sure that all technology being built today is for the benefit of the people," said Adrian Ludwig, chief architect at Tools for Humanity, the company behind the Orb. "Unfortunately, it's hard to tell who people are online. The first thing you need to know is: Is this a person?" Ludwig emphasized that the device is designed with privacy in mind. "The Orb gives that picture to the person, then immediately deletes it," he said. "It's analyzed it, confirmed they're human, and once it knows that, it can keep that proof around that at one point in the past did the analysis, it doesn't need to store it." Still, the concept raises questions for some users who question the safety of not just their data privacy, but also their physical privacy. "It's the unknown — it's the path we're going down," said Maggie Peña, a passerby. "If it helps in some way, I'd say yes to everything. But that unknown path is scary." World Network's founders say the technology could be used across platforms — from dating apps to social media — offering reassurance that users are interacting with real people, not AI-generated personas or bots. "There's real value to be a human at the end of the day," Clement said. The system also has a cryptocurrency component. Each user is allotted 16 "World Coins" that, at this point, roughly hold the value of the U.S. dollar. The group says the purpose of the digital currency is for scalability and hopes to use it as a global currency both for in-app purchases and externally.
