Tools for Humanity, the company behind Worldcoin, doesn’t shy away from its critics. The main concern regarding regulation and privacy is the company’s quest to register as many as possible to get the digital tokens through iris scan.

Wordcoin’s key goal

Worldcoin central operation, aims to interact with leading partners in tech world space like OpenAI a company that is leading in artificial intelligence and it also possesses a famous ChatGPT application. Alex Blania, CEO of Tools for Humanity, claims that some of the methods of cooperation are being worked out. Blania stated that nothing has been revealed so far, but there are some natural things about how they might and will work together.

Along with the exposure of Altman as the OpenAI chief, this could be one of the Blania hypotheses for the emerging importance of the project to people. As for the problems mentioned, he said they were not of great concern. He pointed out that the company had been granted the go-ahead to consult regulators on the matter, hence its viability.

To respond to the negative feedback from the Spanish and Portuguese regulators, who said that the organization was against the child privacy laws by allowing children to be listed on the database, Worldcoin implemented a self ID verification method, and the users can request World ID deletion through an app.

Rebranding and regulatory concerns

Blania pointed out the need for complying adding that the company is making some adjustments to make sure all its regulatory requirements are fulfilled. This is very crucial given that it still continues with their global expansion plans, which include offering the iris-scanning orb in different colors and launching the orb worldwide as well.

The company is moving beyond branding and expanding its product suite. It is planning a layer-2 blockchain called World Chain, which Blania thinks is a less politically charged phrase. Furthermore, the current iris-scanning orb is described as a prototype, with Blania revealing plans for upgrades.

While a recruitment process is underway to recruit new talents and strengthen the team’s competence, Worldcoin’s approach to funding is still not established. A $50 million ICO was aborted because of market unpredictability. In addition, the company declined to comment on whether there are any plans to utilize crypto capitalization for further funding.

Source: postguam.

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