Stone Bridge Ventures Nicholas Wolosky Comments on Benefits of Worldcoin-Like Tech for Malaysia

Stone Bridge Ventures Nicholas Wolosky Comments on Benefits of Worldcoin-Like Tech for Malaysia

Based on an review by Stone Bridge Ventures Senior Account Manager Nicholas Wolosky, implementing technology like OpenAI’s Worldcoin can prove highly beneficial for Malaysians. On Monday, the CEO of OpenAI, Sam Altman, launched the Worldcoin crypto project that requires the user’s eye scan to verify their identity. The launch of the technology comes amid a time of crisis, when the crypto sector worldwide is suffering due to the collapse of major projects like FTX and Celsius. 

The Purpose Behind the Project 

On the day of the launch, the website stated that the Worldcoin project, which is co-founded by Sam Altman, Alex Blania, and Max Novendsterm, had now become live. According to Stone Bridge Ventures Nicholas Wolosky, the project is designed to give users their own private digital identity, also known as a World ID, when they register in-person through an orb. This is an imaging device that scans the unique iris pattern of their eyes. 

The purpose of this technology is to address a major challenge faced by the crypto industry, which is the lack of transparency. It occurs because crypto users rely on pseudonyms to transfer money. Consequently, the crypto network becomes susceptible to scams and bots. 

At the same time, it also launched its namesake token and the cryptocurrency is tradable in certain platforms and locations. Worldcoin Foundation launched the project with the goal of building the biggest identity and financial public network. 

General Benefits of the Worldcoin Project 

If it turns out successful, Worldcoin could have a positive impact on economic opportunity. It also scales a reliable solution for telling apart humans and AI online while maintaining privacy at the same time. Sam Altman also explained that it can pave the way to universal basic income and enhance the democratic process worldwide. 

OpenAI spent three years on the project, developing it to ensure that the infrastructure is seamless. And during the beta testing phase, around 2 million people signed up to get a World ID. The website states that the project will be rolling out 1500 Orbs in different parts of the world, which will allow many other people to register themselves with the network. 

The OpenAI CEO also tweeted that just like any new project, there’s a chance that Worldcoin may not work out. Even so, he expects to achieve some progress in the area. Altman’s co-founder, Alex Blania, showed cautious optimism when discussing the project, stating that things may not be perfect initially. 

How It Can Enhance Malaysia’s Crypto Sector

One of the major reason that Malaysia’s regulators have yet to take a more flexible approach on cryptocurrency is the lack of transparency it offers. Due to the anonymity of transactions, it becomes difficult to determine where money is going and what it will be used for. 

According to Stone Bridge Ventures Nicholas Wolosky, deploying a solution like Worldcoin will allow crypto investors and users in the country to safely transfer cryptocurrencies is a major safety measure. It determines the identities of the recipient and sender, which addresses many of the regulators’ concerns. And with greater transparency, it’s only natural for the trust in crypto to grow.

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