Worldcoin Goes Live! Sam Altman's Futuristic Crypto Project Demands Eye-Scanning for Identity Verification
Worldcoin, an unprecedented cryptocurrency initiative led by Sam Altman, is now officially live. The project, rooted in a blend of blockchain technology, biometrics, and artificial intelligence, aims to redefine our digital identities in a world increasingly riddled with synthetic bots.
Born out of the offices of Berlin and San Francisco-based startup, Tools for Humanity, Worldcoin strives to establish a new norm of identity validation. Beginning Monday, the project's advanced technology will reach 35 cities in 20 countries worldwide.
At its core lies the concept of the "World ID", an exclusive account reserved only for genuine human individuals. To obtain this identification, individuals must participate in an in-person iris scan using Worldcoin's orb, a silver ball resembling the size of a bowling ball. The orb's advanced iris scan technology verifies the person's humanity, and upon successful confirmation, a World ID is created.
The Worldcoin team argues that such IDs will become critical in the age of advanced AI chatbots like ChatGPT, which effortlessly mimic human language and behaviour. With Worldcoin IDs, the boundary between humans and bots can be firmly reestablished, leading to an enhanced trust in digital interactions.
Worldcoin’s project has not been without controversy. Notably, when news of the orb's retina-scanning function surfaced in October 2021, famous whistleblower Edward Snowden expressed concern about the ethical implications of trading one's biometric data for cryptocurrency.
With impressive financial backing, totaling approximately $250 million, from investors such as Andreessen Horowitz, Khosla Ventures, and Reid Hoffman, the startup is now expanding its identity technology and token globally.
Binance, the world's largest cryptocurrency exchange, has announced its plans to list the currency, with initial trading set to commence on Monday.
Worldcoin's potential applications are far-reaching, as outlined on their official website. The crypto project aims to strengthen incentive strategies like coupons and loyalty programs, historically susceptible to fraud. Additionally, it seeks to combat bots through foolproof identity confirmation while facilitating a globally democratic governance mechanism.
The company is currently holding approximately 20% of all its tokens. Initially, Worldcoin will not launch in the U.S. For the initial 15 years, the startup has capped the total supply at 10 billion WLD tokens. At launch, the maximum circulating supply of the ERC-20-based token will be 143 million, according to the whitepaper released by Worldcoin.
