Solv raises $11M to bring overall funding to $25M

Sam Altman’s iris-scanning project Worldcoin (WLD) has resumed its service in South Korea following two months of suspended operation, according to Digital Today. The project utilizes a device dubbed “Orbs” to collect personal biometric data from users who agreed to have their iris scanned by the machine.  The service was suspended after a number of complaints were filed against Worldcoin in February for its data collection practices. In the following development, Korea’s Personal Information Protection Committee (PIPC) launched an investigation into Worldcoin to examine if any local privacy law has been violated by Worldcoin. This led to suspension of six Orbs installed in several areas in Seoul, including Yeouido and Yeoksam areas.  While these Orbs have resumed operations, the investigation is still underway. The South Korean regulators are yet to decide what legal measures to take regarding Worldcoin, according to the press. Photo by Amanda Dalbjörn on UnsplashProof of personhood: Crypto tokens for simply being human Meanwhile, Worldcoin argues that it is impossible to identify an individual person by solely relying on the iris bio-data. It claims that the data will be only used in providing “proof of personhood” to distinguish humans from artificial intelligence (AI). The project aims to offer its WLD token to users “simply for being human” as universal basic income, whose jobs will be potentially replaced by artificial general intelligence (AGI) in the future.  A Worldcoin official added that the project has addressed potential privacy concerns by eliminating data custody processes and allowing users to remove their sensitive data at will. However, major countries including France and Spain have issued orders to suspend Worldcoin’s operation within their jurisdictions, citing risks involving personal data tracking and breaches.  A PIPC official stated that the government authority will continue the investigation and take further action in line with the Personal Information Protection Act.  

Japan’s Kumamoto City Bolsters Innovative Blockchain StartupsIn February this year, the city of Kumamoto in Japan organized the Kumamoto City Pitch 2022–2023, an event designed to bring together startups, established companies, and venture capital firms to promote business growth, according to Japanese tech media ASCII STARTUP.Photo by Christian Chen on UnsplashPromoting innovative startupsWith its inception in 2021, the Kumamoto City Pitch has been dedicated to promoting innovative startups with exceptional business models and unique technology. Its objective is to nurture local startups, build communities, and expand business sectors to strengthen the city’s growth.The event featured presentations from ten companies, including four that had been accepted into the Kumamoto City Acceleration Program “HIGO CANVAS.” The program offers support to projects based in Kumamoto that focus on areas such as cryptocurrency, blockchain, and virtual reality. Among the four accepted companies, two were involved in web3 and blockchain, while the others were working on medication guidance support through user-friendly pillboxes and digital transformation of manufacturing factory management.Web3-based marketing toolOne of the two blockchain-focused projects was Warashibe, a developer of Web3-based marketing tools. Its main product is a blockchain-powered marketing tool called “BADGE,” designed to enhance marketing efficiency.BADGE allows users to manage coupons and apps from retail stores in their own wallet. In turn, stores can reduce costs associated with producing and operating coupons and apps. Additionally, stores can analyze spending habits and other data from the wallet to identify target customers for promotions, enhancing the effectiveness of their marketing campaigns.Warashibe has achieved over 20 successful implementations, some of which involved leading manufacturing companies such as Daihatsu Motor, a major automobile engine manufacturer, and Ricoh, a renowned imaging and electronics company. Beyond coupon management, BADGE offers features like membership cards, credentials, and graduation certificates. The company is also currently developing services to analyze target consumers and manage advertising.Blockchain biz challengesIRISA is another startup exploring the blockchain sector. Initially, the company aimed to develop a social media platform incorporating blockchain games. However, the project changed direction due to challenges arising from the limited number of blockchain gamers and the blockchain oracle problem. The latter issue refers to the inherent limitations of blockchains in accessing data outside the network, also known as off-chain data.

Korbit hosts its first cryptocurrency investment leagueKorean cryptocurrency exchange Korbit announced yesterday (local time) its inaugural virtual asset investment league, set to begin at midnight between Nov. 26 and 27. This event, a first since Korbit’s establishment, invites any investor with a Korbit account to participate. Interested individuals can join the league by using the mobile app to click on the “Join League” button and consenting to the collection and disclosure of their personal information.Photo by Florian Schmetz on UnsplashRealized returns in Korean wonKorbit’s investment league ranks participants every week, from the start of Monday (00:00) to the end of Sunday (24:00). The ranking is based on the “realized return” in Korean won (KRW), which reflects the profits earned by investors from their cryptocurrency investments. To qualify for the ranking, participants must have made cryptocurrency sales totaling at least KRW 100,000 (approximately $77.4).The exchange will reward the top 100 performers each week in the investment league with KRW points, which can be used for investing in crypto assets on their platform. The first, second and third-place winners will receive KRW 200,000, KRW 100,000 and KRW 50,000, respectively. Additionally, all participants who rank in the top 100 will be awarded KRW 5,000 each.Social trading opportunityThe league offers a great opportunity for social trading, allowing investors to study and emulate the tactics of the market’s top traders. Users can click on the profiles of the top 100 traders to view the three cryptocurrencies those traders engaged with over the week.Moreover, each investor on Korbit will have the ability to monitor their cryptocurrency holdings in real-time. They can also view their total realized return, calculated from the beginning of their trading journey on Korbit up to the present moment, irrespective of the league.Pre-event bonusesTo encourage active participation in the upcoming competition, Korbit launched a pre-event yesterday, scheduled to run until Nov. 26. During this period, the first 10,000 investors who agree to the collection and disclosure of their personal information will instantly receive KRW 1,000. Additionally, the first 1,000 investors who sell crypto assets worth KRW 100,000 or more within the first four weeks following the league’s commencement will be rewarded with an extra KRW 5,000.Commenting on the event, Oh Se-jin, the CEO of Korbit, emphasized that unlike a simulation, this competition involves real investments, offering customers a more authentic and immersive experience. Oh expressed his hope to regularly host such events, aiming to foster a community where investors not only compete for returns but also share information. This approach, he believes, will contribute to cultivating a healthy culture of cryptocurrency investment.