In 2023, Sam Altman, Chief of OpenAI, makes a remarkable entry into the global technology industry with the launch of Worldcoin, an AI to crypto network. This groundbreaking project is based on the concept of “proof of personhood,” aiming to verify digital identities. Owned by Tools for Humanity (TFH), co-founded by Altman, Alex Blania, and Max Novendstern in 2019, Worldcoin introduces personalized biometric digital identity, World ID, and a crypto token called WLD, provided free to users upon signup. This article explores the vital components of the Worldcoin project, the Orb device, and the potential impact it may have on the world of cryptocurrency and beyond.
What is Worldcoin Crypto Project?
The Worldcoin project centers around three key elements: World ID, WLD token, and World App. World ID offers a privacy-preserving biometric digital identity, allowing users to establish their uniqueness. The WLD token serves as the project’s digital currency, distributed for free to users during signup. This currency enables transactions and payments through World App, a compatible app functioning as a digital wallet.
The ‘Orb’ Identity Verification Device
Identity verification and profile creation involve the use of a spherical hardware device named ‘Orb.’ This device utilizes eyeball scanning to create a unique biometric identity for each user, ensuring their real human status rather than being bots. Worldcoin plans to roll out Orb and its services in 35 cities across 20 countries, including major cities like Dubai, Hong Kong, London, New York, and Tokyo
Worldcoin’s Vision for Economic Empowerment
Worldcoin’s protocol aspires to become the world’s most inclusive identity and financial public utility, owned by everyone. The project aims to unlock significant economic implications of AI, promoting economic opportunities, global democratic processes, and potentially establishing the foundation for AI-funded universal basic income (UBI).
Worldcoin’s Progress and User Base
Worldcoin initiated its beta testing phase about 18 months ago, attracting two million sign-ups during this phase, with many users receiving free WLD tokens. Backed by prominent investors like Andreessen Horowitz’s crypto arm a16z, Bain Capital Crypto, and others, Worldcoin’s parent company TFH is gaining momentum. However, the project also faced criticism regarding credibility and security claims during the beta testing phase.
WLD Token and Its Acceptability
Worldcoin currently limits the total supply of WLD tokens to 10 million for the next 15 years, with the company holding around 20 percent of all tokens. At the global launch, a maximum of 143 million tokens were made available in circulation. Leveraging Altman’s widely-used technology, along with his ChatGPT utility, enhances the acceptability of WLD tokens for various goods and services.
Sam Altman’s Worldcoin project represents a significant stride in utilizing AI for identity verification and financial inclusion. Through the Orb device and World App, Worldcoin aims to empower individuals worldwide, promoting equitable economic opportunities. As the project advances, it has the potential to transform the crypto space and beyond, shaping the future of digital identity and financial accessibility.
