Worldcoin, a cryptocurrency and digital ID project led by OpenAI Chief Sam Altman, has recently launched its privacy-preserving global identity system after years of development. The objective of this project is to create a reliable solution for distinguishing humans from AI online, while also facilitating global democratic processes and increasing economic opportunities.
To participate in the Worldcoin project, individuals need to use the Orb, a biometric verification device that scans their retinas and provides them with a unique World ID. This scan acts as proof of their humanness, which is becoming increasingly valuable in a society influenced by artificial intelligence.
The co-founders of Worldcoin have stated that they aim to create a privacy-preserving digital identity called World ID, and, where allowed by laws, a digital currency called WLD that is received simply for being human. However, they hope that steps will be taken in countries like the US to allow more people to benefit from both aspects of the project.
Worldcoin, founded in 2020, has garnered significant funding amounting to around $250 million from prominent backers such as Andreessen Horowitz, Khosla Ventures, and Reid Hoffman. The project’s identity technology and Worldcoin token are now being introduced on an international scale.
Users can participate by downloading the World App, the startup’s protocol-compatible wallet software, and visiting an Orb to obtain their World ID.
Despite its ambitious goals, the project has faced some criticism. Critics raise concerns about the use of biometric data for identity verification, highlighting the associated privacy risks of collecting and storing such data. Some people view the incentivization of early users as an unusual bribe. Furthermore, since blockchain technology typically aims to maintain anonymity, there are doubts about using Worldcoin to identify individuals in such a personal and precise manner.
Worldcoin, led by Sam Altman and Alex Blania, has become a prominent project in the world of decentralized technology. Building on the success of OpenAI’s ChatGPT, this venture has attracted attention and spurred a race to develop advanced AI technologies.
At the heart of Worldcoin’s mission is its proof of personhood system, which addresses concerns about employment and online identity threats. The system, developed by Tools for Humanity, allows other applications to utilize an individual’s World ID as secure login credentials.
With approximately 150 orbs currently operational and 2 million people signed up, Worldcoin aims to have 1,500 orbs active by the end of the year, expanding into new markets and attracting more sign-ups through the token launch.
Alex Blania envisions that the Worldcoin token will create a different world with defined value and unforeseen changes. This unique token will not be directly listed on exchanges but will be airdropped to users, gradually gaining real-world value in fiat-driven markets. The total token supply is capped at 10 billion WLD tokens for the first 15 years, with a maximum circulating supply of 143 million at the launch.
As the Worldcoin project unfolds, it promises to venture into uncharted territory and reshape the landscape of decentralized technologies. If successful, it could bring about significant economic opportunities, provide a reliable solution for distinguishing humans from AI online while maintaining privacy, enable global democratic processes, and potentially pave the way for AI-funded Universal Basic Income (UBI), as stated in the project’s official statement.
