Blockchain Capital – a funding company that’s made a name for itself giving several new blockchain startups life – is betting big on a new eyeball-scanning orb.

Blockchain Capital Invests in Some Questionable Tech

The firm has funded all kinds of crypto companies from Coinbase and Kraken to NFT marketplace Open Sea. In an interview, general partner Spencer Bogart talked about how much of the company investors currently own. He said:

It’s not a figure I have in front of me, right now. Generally, companies sell 20 percent of the [equity] in each financing. Granted, things can move down or up from there significantly. I think in this case, the number is going to be meaningfully lower than that across the series A, the series B, and series C.

Not long ago, the enterprise invested in a new venture called World Coin. Discussing what led them to take part in this, Bogart explained:

The original genesis was… What if I could create a cryptocurrency that I could distribute to everyone in the world, and everyone got an equal share of it? For me, from a venture perspective, that’s certainly interesting, [though] I don’t know that it’s something that we would be super excited to go and underwrite based on the things that our team is typically interested in. [Meanwhile] this requires basically making sure that no one person can accumulate a disproportionate share of [the currency], which requires the ability to identify unique humans. This gets into the part that we’re really excited about, which is World ID. It’s this ability to easily distinguish between machines and humans on the internet [which is crucial as] most of the internet is supported by ad revenue and it costs just as much to serve bot traffic as it does to service human traffic. It’s why various applications and service providers have used CAPTCHAs to distinguish between bots and humans, but that’s no longer viable in a world of advanced automated systems and particularly things powered by AI. It also doesn’t differentiate between unique humans, so I don’t know if the same person is coming to consume a resource excessively.

A Lot of People Looking the Same

Regarding the company’s funding of the eye scanner, he said:

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.

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