Worldcoin, a new cryptocurrency project powered by artificial intelligence (AI), has launched with the ambitious goal of providing universal income. Founded in 2019 by Sam Altman, CEO of OpenAI, along with Max Novendstern and Alex Blania, Worldcoin aims to revolutionize the economy and ensure economic opportunity for all.
The core concept of Worldcoin is to use AI technology to distinguish humans from AI online while preserving privacy. To achieve this, the startup has developed an eye-scanning device called ‘orb’ that can differentiate humans from robots. By scanning users’ irises, Worldcoin can verify their identities and reward them with tokens, known as WLD, simply for being human.
However, the project faces hurdles, including concerns from US regulators about digital assets like cryptocurrencies being misused for speculation and fraud. As a result, Worldcoin tokens will not initially be available in the US.
Worldcoin consists of two main components: World ID, a privacy-focused digital identity, and WLD, the digital currency that individuals receive. The team behind the project hopes to extend these benefits to more people, especially in countries with unclear regulations surrounding cryptocurrencies.
Despite these challenges, the launch of Worldcoin has generated significant interest and investment. The price of WLD surged when trading began, reaching a high of $5.29 on Binance, the world’s largest exchange. At 1000 GMT, it was trading at $2.49, starting from a low price of $0.15. The total trading volume for WLD amounted to $25.1 million.
Worldcoin has secured approximately $250 million in funding and has garnered support from prominent investors such as Andreessen Horowitz, Khosla Ventures, and Reid Hoffman. With its ambitious aim to build a more equitable global economy driven by the internet, Worldcoin has captured the attention and confidence of industry leaders.
While concerns about privacy persist, Altman, the creator of the renowned ChatGPT, believes in the potential of this crypto project. The cryptocurrency market has experienced fluctuation and instability in the past, but recent events indicate a positive shift. The future of cryptocurrencies remains uncertain, shaped by external factors and potential regulations. Nonetheless, the industry is poised for growth, evident from the increased investment and confidence displayed by industry leaders.
In conclusion, Worldcoin’s launch represents a significant development in the world of cryptocurrencies. With its focus on AI-powered universal income and privacy-focused digital identity, the project aims to provide economic opportunity and combat fake identities online. However, regulatory challenges and concerns about privacy will need to be addressed for the project to reach its full potential. As the market continues to evolve, the future of cryptocurrencies and projects like Worldcoin remains intriguing and unpredictable.
