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Worldcoin, Sam Altman’s eye-scanning crypto project, announces its own blockchain

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The Worldcoin Foundation, the entity behind Worldcoin, has unveiled World Chain, an open-source Ethereum layer 2 network set to debut in mid-2024. This blockchain integration is intricately linked with the Worldcoin protocol and aims to expedite the adoption of “World ID.”

Worldcoin, as described on its website, is a free, privacy-centric, open protocol envisioned to become the largest identity and financial public network globally. Its primary objective is to verify individuals’ “humanness” in an era plagued by bots and deepfakes. This verification process involves users gazing into an Orb, with the resulting biometric image transformed into an unbreakable string of numbers. Coupled with an algorithm, this code confirms an individual’s unique human identity, providing validation through a World ID stored in the World App on their smartphone.

“With the substantial and rapid growth of our community, it’s time to transition to a dedicated network,” stated the company. Currently, over 10 million individuals from 160 countries have registered their eyeballs, and verified wallets have been utilized in 75 million transactions.

This serves as a digital passport affirming personhood, akin to a blue checkmark on a social media account. It enables users to authenticate web, mobile, and decentralized applications while privately asserting their human status. As a token of appreciation for the scan, users receive airdropped Worldcoin tokens, presently valued at around $5 each.

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“At this juncture, the question is not whether proof of personhood will exist—the real query is whether it will be open-source, decentralized, and privacy-preserving,” remarked Tiago Sada, head of product at Worldcoin developer Tools for Humanity.

It is estimated that 80% of all blockchain transactions are automated, leading to congested networks and higher gas fees due to bots, including those farming yield. Therefore, the necessity for solutions like World ID becomes increasingly apparent as blockchains expand.

Worldcoin user transactions currently reside on OP Mainnet, previously known as Optimism, the primary blockchain network in the Optimism ecosystem. These transactions represent nearly half of the network’s activity, occasionally exceeding 80% during peak periods.

World Chain is primarily designed to substantially enhance capacity to facilitate the seamless onboarding of new users at scale. Nonetheless, users of World ID and Worldcoin tokens will retain the flexibility to deploy them across various blockchains, maintaining their status as neutral public goods.

While Ether will remain the native token, users will have the convenience of using Worldcoin tokens to pay fees. This enables verified humans to utilize their Worldcoin grants immediately in applications on the chain.

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“The objective is not solely to enhance inclusivity but to minimize friction in the onboarding process. The protocol will strive to achieve a balance where gas fees for casual users are ultimately offset by fees from bots and power users,” the company asserted.

However, the extent of interest in this plan’s implementation remains uncertain, as the market capitalization of Worldcoin tokens has declined by over a third since March 26, reaching approximately $955 million, according to CoinGecko data. Additionally, the price has halved since the start of March. Whether the development of a bespoke blockchain tailored to World ID holders will bolster the coin’s prospects remains to be seen.

Concerns have been raised regarding the Orbs’ legality in various European countries due to apprehensions about data harvesting. Presently, Germany is the sole market where Worldcoin can collect biometrics. Moreover, some observers have pointed out that Sam Altman, the co-founder and chairman of Tools for Humanity, is selling a solution to the challenges accelerated by his company, OpenAI.

Source: fortune.com

The post Worldcoin, Sam Altman’s eye-scanning crypto project, announces its own blockchain appeared first on HIPTHER Alerts.

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New seed-stage VC fund from Finland secures €6 million in initial close for €30 million blockchain fund

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Helsinki-based Equilibrium Ventures (EQV), a new seed-stage venture capital fund focused on the crypto sector, has successfully closed the first round of its €30 million fund, raising €6 million from limited partners (LPs). This milestone highlights growing interest in blockchain startups and a promising future for the European crypto ecosystem.

The fund is led by an experienced team of partners: Mika Honkasalo, Henrik Sundvik (formerly of Bain & Company), and Christopher Ahn (ex-Molten Ventures investor). Equilibrium Ventures aims to attract and support founders with deep technical expertise in blockchain technologies, covering areas such as zero-knowledge proofs and smart contracts, essential for developing advanced blockchain solutions.

Equilibrium Ventures has attracted a diverse group of backers, including strategic investors, family offices, and notable LPs like Sebastien Borget, co-founder of the metaverse platform The Sandbox. This support underscores the fund’s credibility and signals growing confidence in crypto investments despite recent market challenges.

Dedicated to crypto infrastructure, Equilibrium Ventures emphasizes rigorous technical due diligence and value addition for pre-seed and seed engineering firms. With a network of about 70 blockchain engineers, mainly based in Europe, the fund is well-positioned to help startups develop robust blockchain technologies.

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The renewed interest in venture capital investment in blockchain, bolstered by evolving regulatory landscapes in the US and Europe, is expected to increase investor confidence in the crypto sector. Equilibrium Ventures, with its technical expertise and strategic support, is poised to become a significant player in Europe’s crypto venture scene.

Looking ahead, Equilibrium Ventures aims for a second close by the end of this summer, targeting 80% of the total fund. This progress indicates strong momentum and the potential for significant contributions to the European blockchain ecosystem.

Source: arcticstartup.com

The post New seed-stage VC fund from Finland secures €6 million in initial close for €30 million blockchain fund appeared first on HIPTHER Alerts.

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Riot Platforms Acquires 14% Stake in Bitfarms Ltd.

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Riot Platforms, Inc. has announced its acquisition of a 14% stake in Bitfarms Ltd., as detailed in a recent press release by Riot Platforms. This move aligns with Riot’s strategy to influence corporate governance within Bitfarms.

Acquisition Details

On June 13, 2024, Riot Platforms purchased 1,432,063 common shares of Bitfarms Ltd., representing about 0.35% of Bitfarms’ issued and outstanding common shares. The shares were bought on the Nasdaq Stock Market and other open markets at an average price of approximately $2.70 per share, totaling $3,870,293.46.

Before this acquisition, Riot held 56,194,973 common shares of Bitfarms, equating to 13.65% ownership. With the new shares, Riot now holds 57,627,036 common shares, resulting in a 14% stake in Bitfarms.

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Strategic Intentions

Riot Platforms intends to call a special meeting of Bitfarms’ shareholders to nominate several independent directors to the board, citing concerns over Bitfarms’ corporate governance. Riot seeks to influence Bitfarms’ strategic direction and enhance its governance standards.

Riot is continuously reviewing its investment in Bitfarms and may adjust its position based on factors such as market conditions and the company’s financial status. Potential actions include increasing or decreasing its stake, entering into hedging transactions, or proposing additional strategic measures.

Forward-Looking Statements

The press release includes forward-looking statements subject to risks and uncertainties, reflecting Riot’s current expectations and assumptions. Riot cautions investors to consider these risks before making investment decisions.

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Riot’s vision is to become the leading Bitcoin-driven infrastructure platform, focusing on a vertically integrated strategy with Bitcoin mining operations in Texas and electrical switchgear engineering in Colorado.

Source: blockchain.news

The post Riot Platforms Acquires 14% Stake in Bitfarms Ltd. appeared first on HIPTHER Alerts.

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Manta Foundation Unveils $50M EcoFund to Foster Blockchain Innovation

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The Manta Foundation has launched its $50 million EcoFund to build a robust ecosystem for leading blockchain projects, as per Manta Network. This initiative demonstrates the foundation’s commitment to funding opportunities and developer support for innovative blockchain ventures.

Funding and Support Opportunities
Starting June 15th, the one-year EcoFund will offer significant financial support through its Ecosystem Grant Program, which provides early-stage projects with grants of up to $50,000. This initial funding is crucial for bringing innovative ideas to life.

Additionally, the EcoFund dedicates $35 million for direct investments in promising projects on the Manta Network. These strategic investments aim to foster high-growth ventures that align with Manta Network’s long-term objectives, promoting a collaborative and mutually beneficial environment.

Diverse Project Focus
The Manta Foundation supports a broad range of projects across sectors such as DeFi, Gaming, NFTs, and more. These initiatives are chosen for their potential to drive consumer adoption and significantly enhance the Manta Network ecosystem.

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Applications for the EcoFund are accepted on a rolling basis, ensuring ongoing funding and support opportunities. The foundation prioritizes projects with robust business models and scalability, aiming to ensure the ecosystem’s financial health and sustainability.

Specialized Funding Categories

In addition to general grants, the EcoFund targets specific high-growth areas:

– AI/DePIN: Focused on using AI and Decentralized Physical Infrastructure Networks for sustainable solutions.
– Zero-Knowledge: Investments in zero-knowledge technology to boost privacy and security in the blockchain space.
– Memecoins: The Moon Mission Grant supports the development and growth of meme projects on Manta Pacific, fostering a vibrant memecoin culture.

Events and Hackathons
To further enrich the ecosystem, the Manta Foundation has allocated $5 million for online and offline events and hackathons. These events aim to attract new developers and users, fostering a culture of innovation and collaboration within the Manta Network community.

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Source: blockchain.news

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