Worldcoin, a groundbreaking cryptocurrency project spearheaded by OpenAI CEO Sam Altman, has been officially launched on Monday, marking a significant step in the world of digital currencies.
At the heart of the project lies the unique World ID, an exclusive account reserved for genuine human beings. To acquire a World ID, individuals must undergo an in-person iris scan using Worldcoin’s ‘orb,’ a silver sphere resembling a bowling ball in size. Once the orb’s sophisticated iris scan confirms the user’s human identity, a World ID is generated and assigned to the individual.
The project is backed by “Tools for Humanity,” a company headquartered in both San Francisco and Berlin.
During its beta phase, the project amassed an impressive user base of 2 million individuals. With the official launch, Worldcoin is now expanding its ‘orbing’ operations to 35 cities across 20 countries. To encourage participation, select countries will receive Worldcoin’s native cryptocurrency token, WLD, as an incentive.
One of the fundamental advantages of the World IDs is their integration with cryptocurrency blockchains, ensuring utmost privacy and resilience against central control. Co-founder Alex Blania emphasized the significance of this feature in distinguishing between real people and AI bots, especially with the rise of AI chatbots, like ChatGPT, that produce remarkably human-like language.
Sam Altman explained the broader societal impact of the project, particularly in the context of generative AI and its potential economic consequences. He believes that as AI increasingly replaces human labor, universal basic income (UBI) could play a pivotal role in combating income inequality. By using World IDs to authenticate recipients, the risk of fraud in implementing UBI can be significantly reduced.
While acknowledging that a future with widespread UBI might be distant and the logistics remain uncertain, Altman believes that Worldcoin lays the essential groundwork for exploring such possibilities. Experimentation and thoughtful consideration will be critical in shaping policies that address the transformative impact of AI on the economy.
Altman expressed his vision for the future, stating, “We think that we need to start experimenting with things so we can figure out what to do.” Worldcoin’s innovative approach to cryptocurrency and human verification brings a fresh perspective to the evolving landscape of digital currencies and AI integration.
