Worldcoin, the eyeball-scanning crypto venture led by Open AI’s Sam Altman, has officially launched its services worldwide, aiming to create a robust solution for distinguishing humans from AI online, fostering global democratic processes, and significantly increasing economic opportunities.
Backed by prominent investors like Andreessen Horowitz, Khosla Ventures, and Reid Hoffman, Worldcoin has raised an impressive $250 million in funding. The startup is introducing its identity technology and token on an international scale. To obtain their World ID, individuals can download the World App, the startup’s protocol-compatible wallet software, and visit an Orb, a helmet-shaped eyeball-scanning verification device.
Worldcoin’s audacious plan involves placing a crypto wallet, along with their currency, on every human’s smartphone. To achieve this, they’ve been signing up individuals across various countries, including India, offering them 25 Worldcoin tokens for onboarding.
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The applications of Worldcoin’s technology are extensive, including securing incentive strategies like coupons and loyalty programs from fraud, combating bots through identity verification, and facilitating a globally democratic governance mechanism.
However, the journey has encountered its share of challenges. The project has faced criticism for alleged exploitative practices in impoverished nations. According to the startup, between May 2021 and July 2023, over 2 million individuals verified their World IDs at an Orb in more than 30 different countries.
Worldcoin is withholding approximately 20% of its tokens, and its launch excludes the United States for the time being. The total supply of “WLD” tokens is capped at 10 billion for the first 15 years. At the initial launch, the maximum circulating supply of ERC-20 based tokens stands at 143 million.
“If successful, we believe Worldcoin could drastically increase economic opportunity, establish a reliable solution for distinguishing humans from AI online while maintaining privacy, enable global democratic processes, and eventually demonstrate a potential path to AI-funded UBI,” stated the company.
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Jack Dorsey, Twitter co-founder and cryptocurrency enthusiast, found the project “cute,” taking a lighthearted jab at the attempt at global scale alignment.
What is Worldcoin?
Worldcoin’s core feature is an eye-scanning “orb,” which confirms users’ unique digital identity in-person, differentiating humans from bots. The cryptocurrency, also named Worldcoin, becomes accessible to users after their identity verification, allowing them to make payments, purchases, transfers, and manage other digital assets.
The token has been listed on multiple exchanges, with others expressing their intention to do the same, including Binance, the world’s largest cryptocurrency exchange based on trading volume.
Alex Blania, a co-founder of Worldcoin alongside Altman, stated that proving a person’s authenticity is no longer a topic of significant debate in the era of AI. He emphasized that Worldcoin aims to establish a “privacy-first, decentralized, and highly inclusive” approach to tackle this issue.
During the beta phase, Worldcoin amassed over 2 million users, and now, with the official launch, they plan to expand their eyeball-scanning operations to 35 cities across 20 countries.
While the project has faced criticism, particularly concerning the use of biometric data for identity verification, Altman remains determined to onboard 2 billion users to Worldcoin, considering it vital in the age of AI where distinguishing human work from machine work becomes increasingly challenging.
“Like any really ambitious project, maybe it works out and maybe it doesn’t, but trying stuff like this is how progress happens,” Altman tweeted. “In either case, we especially love our haters, it gives us energy, please keep it coming!”
Despite its informal launch, Worldcoin’s ambitious project aims to challenge conventional notions of identity verification in the blockchain space. While scaling might pose challenges due to in-person appointments, Altman believes that attempting bold endeavors like Worldcoin is how progress is made. In response to critics, Altman welcomes the feedback, expressing gratitude for the energy it brings to the project.
Information for this story was found via Forbes, TechCrunch, and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
