Worldcoin is a cryptocurrency created and released by the CEO of OpenAI. The mission of the project is to create the world’s largest identity and financial network as a public service that gives property to all.
What is Worldcoin?
Created by OpenAI CEO Sam Altman, Worldcoin was launched on July 24.
The project, which caused conflicts from the crypto space to Silicon Valley, was praised by some and considered dystopian by others. Although Worldcoin has come under negative reviews, the developers seem to insist that the project is focused on solving income inequality and online authentication.
By issuing cryptocurrencies in exchange for biometric data, the project aims to work as both a global universal basic income and an authentication system to differentiate between humans and robots.
With the launch of the project, which has gained 2 million users since its beta phase, Worldcoin is expanding its “orbit” operations to 35 cities in 20 countries. As a digital currency, Worldcoin is intended to function differently from market leaders Bitcoin or Ethereum by offering people a token of the future currency without requiring them to deposit any funds.
To receive a token, people who sign up for Worldcoin need to have their eyeballs scanned with a spherical device – this is a way to make sure everyone who signs up is human and only signs up once. “Worldcoin is mostly trying to innovate on the authentication side,” said Jeremy Clark of Canada-based Concordia Information Systems Engineering Institute. He used his expressions.
Clark explained that anyone can use cryptocurrencies like bitcoin, sign up with as many identities as they want, but Worldcoin is “basically trying to get one and only one (address) to everyone on the planet.”
How Does Worldcoin Work?
According to the Worldcoin website, the only data the orb stores is the “IrisHash”, a set of numbers created to identify the individual. The globe does not store any biometric data.
A Worldcoin spokesperson emailed Context in the comments, “Images collected by Orb are promptly deleted unless expressly requested by the registrant.”
Once the person receives their unique IrisHash and crypto wallet, they receive a “World ID” or digital passport.
From Afghanistan to the UK, biometrics and digital identities are increasingly being used to allow people to vote and access essential services such as health and food banks.
The project has conducted globe testing in countries such as Sudan, Chile, and Indonesia, and the World App can be used in more than 80 countries.
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