Tools for Humanity – a company that has introduced a new digital token known as World Coin – has recently garnered as much as $115 million in a new series C funding round led by Blockchain Capital. The company has announced that the funds will go towards growing the breadth of World Coin, as well as developing alternatives to CAPTCHA tests.
Tools for Humanity Garners a Lot of Cash
World Coin aims to be one of the few fully democratic digital tokens out there in that the executives behind it hope to distribute the token to as many people as possible (hopefully everyone in the world). In addition, all who hold the asset will share equally in the wealth, and nobody can hold more than other parties like they would with bitcoin, Ethereum, and mainstream digital coins.
Spencer Bogart – a general partner at Blockchain Capital – explained in a recent interview:
It was this idea of creating a new primitive for the internet that can enable any application to easily and quickly distinguish between machines and humans, or bots and humans. That was something that took me working more closely with our engineering team to really appreciate how big of a problem that already is.
He further stated that bots have been major problems for blockchain and crypto projects, and thus Tools for Humanity is working hard on making sure they never come about to prevent innovation in the industry again. He mentioned:
[CAPTCHA] has been fairly effective for distinguishing between bots and humans. That’s no longer the case with more advanced automated systems, especially things being powered by AI.
Not long ago, Blockchain Capital came under fire for investing in some rather questionable technology. To be exact, it was an eyeball-scanning orb built to give all users what are referred to as “World IDs.” Describing the venture, Bogart explained in a separate interview:
The root of what defines humans is biometrics, and my first thought was, ‘Why create this custom hardware to go scan eyeballs?’ Like, billions of people are already walking around with an iPhone. Why don’t we use Face ID, right? The problem is that human facial structures do not have sufficient randomness or entropy to distinguish between unique humans at the scale of tens of millions or hundreds of millions of people… I didn’t think about the fact that once you get past one hundred million people, there are going to be a lot of people that look like Spencer Bogart.
A Lot of Big Names at the Table
Right now, it’s unclear how much money Blockchain Capital has invested in World Coin and the remaining ventures of Tools for Humanity.
However, the funding round was no doubt large and saw the participation of many big-name venture capital firms including Bain Capital Crypto and Distributed Global.
