Sam Altman, CEO of OpenAI, is about to secure a substantial £100 million round of funding for Worldcoin, an innovative cryptocurrency initiative. With the goal of providing a fraction of a digital token to every person around the world, Worldcoin employs iris scanning technology to authenticate people and reward them with tokens.
Exploring Worldcoin:
Worldcoin aims to establish a universal identity and financial network through its pioneering cryptocurrency initiative. The unique "orb" device scans people's irises to authenticate their uniqueness and humanity, rewarding them with Worldcoin tokens. The World app facilitates transactions, purchases and transfers using these tokens and other digital assets.
Worldcoin Origin:
The concept of Worldcoin began to take shape in early 2020 when co-founders Alex Blania, Sam Altman, and Max Novendstern entertained the idea of freely distributing shares of a new digital token to everyone around the world. They envisioned broader adoption of the coin for optimized payments and even considered its potential use in the equitable distribution of AI-generated profits.
Underlying Mechanics:
To ensure fair distribution and avoid duplicate registrations, Worldcoin implemented biometric iris scans. The Orb device scans a person's iris and assigns them a "world ID" that serves as a global digital passport.
Prospects and future challenges:
Worldcoin faces challenges to make the Orb widely accessible to as many people as possible. The team plans to incentivize signups by offering coupons or access to certain loans. Privacy and security concerns around biometrics, feasibility and scalability issues, and doubts about the value and utility of Worldcoin tokens are some of the challenges and critics.
How to join Worldcoin:
To join the Worldcoin network, users need to download the World app, create an account, and register for a World ID by visiting a Worldcoin operator. This process allows users to receive their free portion of Worldcoin and other digital currencies. Worldcoin is not yet available for in-app purchase, but the co-founders plan to make it available soon.
