Silicon Valley is backing a new cryptocurrency from OpenAI and Y Combinator alum Sam Altman

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Silicon Valley is backing a new cryptocurrency from OpenAI and Y Combinator alum Sam Altman

Silicon Valley is backing a new cryptocurrency from OpenAI and Y Combinator alum Sam Altman | Fortune © 2020 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our u003ca href=”https://fortune.com/terms-of-use/”>Terms of Useu003c/a> and u003ca href=”https://fortune.com/privacy-policy/”>Privacy Policyu003c/a> | u003ca href=”/california-privacy-policy/#notice”>CA Notice at Collection and Privacy Noticeu003c/a> | u003ca href=”https://submit-irm.trustarc.com/services/validation/156c4fed-e974-444a-8352-55333c91c0e6″>Do Not Sell My Personal Informationu003c/a> | u003ca href=”http://preferences-mgr.trustarc.com/?pid=fortunemedia01&aid=fortunemedia01_pub&type=fortunemedia”>Ad Choices u003c/a>u003cbr />nFORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. 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class=”plea-block with-bottom-border”>nu003cp>u003ca class=”c-link” href=”https://mynewsletters.fortune.com/fortune-daily” target=”_blank” rel=”noopener noreferrer” data-stringify-link=”https://mynewsletters.fortune.com/fortune-daily” data-sk=”tooltip_parent”>Subscribe to Fortune Dailyu003c/a> to get essential business stories straight to your inbox each morning.u003c/p>nu003c/div>n u003cp>Even in the u003ca href=”https://fortune.com/2021/05/09/dogecoin-price-stock-buy-elon-musk-snl-host/”>Wild West cryptou003c/a> world, u003ca href=”https://fortune.com/40-under-40/2015/sam-altman/”>Sam Altman’su003c/a> Worldcoin stands out from the pack.u003c/p> u003cp>The former CEO of startup incubator u003ca href=”https://fortune.com/tag/y-combinator/”>Y Combinatoru003c/a> is reportedly working on a new cryptocurrency that will be distributed to anyone and everyone on earth—once they agree to scan their eyes (specifically their irises). And Silicon Valley is lining up fast behind him.u003c/p> u003cp>Worldcoin has already raised $25 million from investors including u003ca href=”https://fortune.com/tag/andreessen-horowitz/”>Andreessen Horowitzu003c/a>, LinkedIn founder Reid Hoffman, u003ca href=”https://fortune.com/company/coinbase” target=”_blank”>Coinbaseu003c/a> Global’s venture arm, and Day One Ventures, u003ca href=”https://www.bloomberg.com/news/articles/2021-06-29/sam-altman-s-worldcoin-will-give-free-crypto-for-eyeball-scans?sref=P6Q0mxvj”>according to Bloombergu003c/a>. Altman was the first investor. Technically, Altman is one of three founders of Worldcoin, but he has no day-to-day operational role and mainly serves as an adviser. He continues to lead u003ca href=”https://fortune.com/2021/03/04/openai-artificial-intelligence-neural-network-research-computer-brain/”>OpenAIu003c/a> as its CEO and cofounder.u003c/p> u003cp>Altman’s Silicon Valley roots certainly help open doors to venture capital firms for fundraising, but existing investors have so far declined to comment on the company.u003c/p> u003cp>The idea behind Worldcoin is based on the concepts of universal basic income and global wealth redistribution. And one key to that, Altman and cofounder Alexander Blania believe, is getting cryptocurrency to as many people as possible.u003c/p> u003cp>The company plans to use a gadget about the size of a basketball to scan people’s irises, which could ensure against fraud but also carries substantial privacy implications, despite the company’s promise that the image will not be stored. Altman acknowledged concerns in a tongue-in-cheek tweet.u003c/p> “},”children”:[]},{“name”:”core-embed”,”config”:{“content”:”nu003cfigure class=”wp-block-embed-twitter wp-block-embed is-type-rich is-provider-twitter”>u003cdiv class=”wp-block-embed__wrapper”>nu003cblockquote class=”twitter-tweet” data-width=”500″ data-dnt=”true”>u003cp lang=”en” dir=”ltr”>on a more serious note, the worldcoin team will talk about the project when they’re ready. hopefully not too much longer.u003c/p>— Sam Altman (@sama) u003ca href=”https://twitter.com/sama/status/1410091305233838085?ref_src=twsrc%5Etfw”>June 30, 2021u003c/a>u003cscript async src=”https://platform.twitter.com/widgets.js” charset=”utf-8″>u003c/script>u003c/blockquote>nnu003c/div>u003c/figure>n”,”oembed”:true,”provider”:”twitter”,”rich”:true},”children”:[]},{“name”:”html”,”config”:{“content”:” u003cp>Altman’s track record both at Y Combinator, where he was a u003ca href=”https://fortune.com/2016/10/18/y-combinator-sam-altman-silicon-valley/”>kingmaker of the tech worldu003c/a> until his departure in 2019, and as an investor is impressive enough that when he throws his weight behind something, other venture capitalists take notice. He was an angel investor in several notable tech giants, including Reddit, Airbnb, Pinterest, and Instacart.u003c/p> “},”children”:[]},{“name”:”html”,”config”:{“content”:”u003ch3>u003cspan style=”font-weight: 400;”>More must-read u003c/span>u003ca href=”https://fortune.com/section/tech/”>u003cspan style=”font-weight: 400;”>tech coverageu003c/span>u003c/a>u003cspan style=”font-weight: 400;”> from u003c/span>u003ci>u003cspan style=”font-weight: 400;”>Fortuneu003c/span>u003c/i>u003cspan style=”font-weight: 400;”>:u003c/span>u003c/h3>nu003cul>nu003cli>A Tesla ‘recall’ applies to nearly u003ca href=”https://fortune.com/2021/06/28/tesla-recall-china-safety-autopilot-software-update/”>every car the company has sold in Chinau003c/a>u003c/li>nu003cli>u003ca href=”https://fortune.com/2021/06/28/post-brexit-data-transfer-eu-uk-safe-adequacy-gdpr-cjeu-privacy/”>Post-Brexit data transfersu003c/a> from the EU to the U.K. are safe—for nowu003c/li>nu003cli>Semiconductors are in short supply. 3 experts weigh in on u003ca href=”https://fortune.com/2021/06/28/semiconductor-shortage-u-s-manufacturing-innovation-demand/”>what to do about itu003c/a>u003c/li>nu003cli>Southeast Asia’s most valuable company has an edge in the battle of the super-apps: u003ca href=”https://fortune.com/2021/06/29/sea-ltd-southeast-asia-most-valuable-company-grab-goto-super-apps-garena-shopee-video-games/”>Its gaming businessu003c/a>u003c/li>nu003cli>11 smart, time-efficient u003ca href=”https://fortune.com/longform/11-smart-time-efficient-podcast-tips-and-tricks/”>podcast tips and tricksu003c/a>u003c/li>nu003c/ul>n”},”children”:[]}]}]},{“name”:”advertising-slot”,”config”:{“align”:”center”,”lazyload”:false,”useDynamicChannel”:false,”placementName”:”Outstream”,”slotId”:”Outstream0″,”themeName”:”article”,”targeting”:{“placement_name”:”Outstream”,”index”:1}},”children”:[]},{“name”:”dianomi”,”config”:{“type”:”footer”},”children”:[]}]}]}]}},”componentData”:{},”error”:null,”loading”:false,”player”:{“currentTime”:0,”duration”:0,”loading”:false,”playing”:false,”seek”:0,”src”:””,”visible”:false,”volume”:0.5},”route”:{“status”:200,”redirectTo”:””,”redirectStatus”:0,”action”:”PUSH”,”pathname”:”/2021/06/30/sam-altman-cryptocurrency-worldcoin-crypto-venture-capital-eyeball-scanning-silicon-valley/”,”search”:”?”,”hash”:””},”visible”:{“search”:false,”primaryNav”:false,”freestar”:false,”adminBar”:false},”contactForm”:{“submitting”:false,”submitted”:false,”failed”:false,”validation”:{},”redirect”:””},”user”:{“isLoggedIn”:false,”accessLevel”:null}}; ]]> { var g_url = window.location.href; var g_title = document.querySelector(‘title’).text; var g_shareimg = “https://content.fortune.com/wp-content/uploads/2020/02/favicon_144.ico”; var g_desc = document.querySelector(‘meta[property=”og:description”]’).content; WeChat(g_url, g_title, g_shareimg, g_desc); function WeChat(url, title, img, desc) { fetch(“https://www.caifuzhongwen.com/500api/getConfig.do?url=” + encodeURIComponent(encodeURIComponent(location.href)), { mode: “cors” }) .then((response) => response.json()) .then(function (data) { signPackage = data; wx.config(data); wx.ready(function () { wx.updateTimelineShareData({ title: title, link: url, imgUrl: img, success: function () {}, cancel: function () {} }); wx.updateAppMessageShareData({ title: title, desc: desc, link: url, imgUrl: img, success: function () {}, cancel: function () {} }); wx.error(function (res) { //location.href = g_url; }); }); }) } }; script.src = “https://res.wx.qq.com/open/js/jweixin-1.6.0.js”; document.head.appendChild(script); } ]]> You need to enable JavaScript to view this site.


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Silicon Valley is backing a new cryptocurrency from OpenAI and Y Combinator alum Sam Altman

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