Sam Altman, the mastermind behind OpenAI and the creator of ChatGPT, has unveiled his latest venture, a cryptocurrency named Worldcoin.
Worldcoin was founded over three years ago with the ambitious goal of creating a “new identity and financial network owned by everyone.” The concept is simple yet groundbreaking. People can scan their iris to create a digital identity in exchange for free tokens. Already, over 2 million people have jumped on board this digital identity creation train.
The Worldcoin project aims to distinguish humans from AI online while preserving privacy. It’s about creating a digital identity and a digital currency, WLD, that one receives simply for being human.
Worldcoin’s unique approach involves the use of an Orb, a metallic device designed to manage the entire process. This Orb, a biometric verification device, is the key to creating a World ID, a proof of your unique and real existence on the internet. As the distribution of Orbs increases, they’re being made available in various locations worldwide, allowing people to find the nearest one and book a time for verification.
Once a person verifies their identity and confirms they’re human (not an AI), they receive a global identification that can be used as a digital global passport for logging into websites, mobile apps, and web3 dapps. The goal is to eliminate the need to share personal data like names and emails on the websites you access.
But what about the tokens? When Worldcoin began, there was no intention to develop a physical device. The initial goal was to distribute a new digital token freely to everyone worldwide, helping them access and participate in the global economy. Over time, they concluded that “biometrics is the only realistic way to achieve our goal,” leading to the creation of the Orbs.
Registered users receive tokens weekly, though their current value is virtually nil. The underlying idea is that if the project becomes a huge success, these tokens will increase in value, making the offered tokens valuable.
The Worldcoin Foundation, Altman’s brainchild, is headquartered in Berlin and San Francisco. The foundation plans to retain about 20% of all issued tokens. Initially, the technology will be available in 35 cities across 20 countries. However, due to regulatory complexities, the US is not on the list.
Altman and his co-founder, Alex Blania, hope that Worldcoin will become the largest network of real people on the internet and have a positive impact on society.
Despite the company’s reassurances, the project has raised numerous privacy concerns. The thought of scanning one’s iris for a digital identity and currency has left many wondering about the potential misuse of such sensitive data. As Worldcoin continues to grow, these privacy concerns with Worldcoin will undoubtedly remain a hot topic of discussion.
