Sam Altman's iris-scanning Worldcoin crypto project launched: How it works
In 2021, OpenAI CEO Sam Altman co-founded Worldcoin, a crypto start-up that aims to create a global identity and financial network for humans. On Monday, the company announced the global rollout of its WLD token and mainnet. Worldcoin stands out from other cryptocurrencies due to its audacious iris-scanning "orb." Altman co-founded the start-up with Alex Blania and Max Novendstren.
Why does this story matter?
Altman is at the top of the tech world courtesy of OpenAI, the company behind ChatGPT. The chatbot alone is responsible for starting the generative AI revolution. Worldcoin, on the other hand, is centered around humans. The project could be helpful in a world where AI is becoming increasingly important. The start-up has, however, received criticism for essentially bribing people to embrace their currency.
Worldcoin consists of ID, token
Worldcoin has been in the works for a while. It consists of two parts: a digital identity called World ID and the token (WLD). The company wants everyone to have a cryptocurrency wallet. Where the laws permit, it wants to give people some of its currency as well. For that, however, Worldcoin has to ensure whether someone is a unique human.
World ID to be given after iris scan
To get a World ID, a person has to sign up for an iris scan with Worldcoin's "orb," a silver ball that is the size of a bowling ball. A person will receive their World ID when the orb's scan verifies them as human. Worldcoin has an app called "World App," which is a protocol-compatible wallet.
2 million people signed up for Worldcoin during beta period
Worldcoin has accumulated two million sign-ups during its beta period. As part of the launch, the company is expanding its "orb" operations to 35 cities in 20 countries. In some countries, people will receive tokens when they sign up.
Worldcoin could improve economic opportunity: Altman, Blania
According to Altman and Blania, Worldcoin could increase economic opportunity, become a reliable solution to distinguish humans from AI without compromising on privacy, enable a global democratic process, and even help AI-funded UBI (universal basic income). "Worldcoin is an attempt at global scale alignment, the journey will be challenging, and the outcome is uncertain," they added.
