What if you could get a share of a new cryptocurrency just for being human? What if you could prove your identity online without compromising your privacy or security? What if you could join a global network of people who are committed to creating a more inclusive and prosperous future for everyone?
These are some of the questions that Worldcoin, a new project launched by AI entrepreneur Sam Altman, aims to answer. Worldcoin is an ambitious attempt to create a new identity and financial network owned by everyone, using a novel approach to biometric verification and token distribution.
With the advent of AI, it became necessary to be able to have proof of humanity, which is why the creator of OpenAI divulged into the creation of a new project named WorldCoin which is built on an intriguing combination of blockchain technology and biometrics; it promises a paradigm shift in how we perceive and interact with digital currencies.
In this article, we will explore what Worldcoin is, how it works, and why it is important.
What is WorldCoin?
Worldcoin is the decentralized open-source protocol developed by OpenAI CEO Sam Altman to create an authenticated digital identity by biometric eyeball scanning. The project went live on 24 July 2023.
WorldCoin consists of two main components: a privacy-preserving digital identity (World ID) and a digital currency ($WLD).
The underlying principle of WorldCoin is simple yet revolutionary: to distribute the cryptocurrency globally to anyone who verifies their ‘uniqueness’ through a proprietary hardware device known as the Orb.
After seeing the growth in AI developments, Sam Altman felt the need for a robust human verification process to dodge the threat of future AI development. The future will definitely be full of AI bots and technologies. This is why it is important to have an efficient human verification system to safeguard individual projects.
Out of curiosity, while writing this article, I searched for cases similar to the Skynet attack depicted in the sci-fi movie “Terminator.” Thank God, I haven’t found any such cases. Although there is a fake story about 4 AI robots attacking in Japan, allegedly killing 29 Japanese scientists (which is quite scary), I do not believe it. However, I did come across a hilarious video surfacing on the internet that definitely raises questions about the current human verification methods.
Now, return to our topic.
Apart from two main components, the Worldcoin ecosystem comes with a one-round shape hardware setup called “Orb”.
What Is An Orb?
Orb is a silver sphere biometric device that scans the human eye to create your ‘World ID’ while keeping your identity confidential. One amazing fact about Orb is that one of the Apple designers contributed to designing it. It is an iris-based scanning system to ensure that each recipient of WorldCoin is unique.
Orb’s approach is intended to prevent identity fraud and multiple token claims by the same person, offering an equitable distribution method. Once you have verified your identity with the Orb, you will receive your share of WLD tokens in your World App wallet, which is developed by Tools of Humanity.
WorldCoin has announced that they will roll out 1500 Orbs over the summer and drop them in over 35 countries. Additional Orbs will be added to meet the increasing demand, which seems likely.
Here note that one can use the Worldcoin protocol without visiting an Orb. Although, it is compulsory to visit Orb to sign up for World ID and claim Worldcoin Tokens.
Who Created the WorldCoin Project?
OpenAI CEO, Sam Altman is the main creator of the Worldcoin project along with two co-founders Alex Blania and Max Novendstern. Sam is also a renowned tech entrepreneur who developed a number of AI applications like ChatGPT. ChatGPT has gained significant attention as it can do numerous tasks from writing books, coding, computing, and calculating, and even unique applications like acting like a friend, therapist, mentor, and journal.
The team’s combined expertise spans various fields, including AI, blockchain, and business strategy, forming a formidable foundation for WorldCoin. Their shared vision is to create a new, global economic system rooted in inclusivity and universal access to financial services.
How Does WorldCoin Work?
The project works on the proof of the personhood concept to generate the digital identity of the users that utilize mainly three components– WorldID, Worldcoin Tokens, and Orbs.
The functioning of WorldCoin relies on Orb’s capacity to verify the uniqueness of each participant. An individual who wishes to receive WorldCoin is required to register themselves on the Worldcoin app by scanning their eyes. Once their WorldID is created on the application, they will be able to claim Worldcoin tokens.
WorldID can be authenticated with an Orb, an advanced iris scanner linked to the blockchain that authenticates human wallets. It is fairly simple to use; the user has to look into the Orb, which scans their iris.
This data is anonymized and used only to verify its uniqueness, with WorldCoin emphasizing stringent data protection measures. Furthermore, it does not require any ID proof or photos.
Once the uniqueness is confirmed, WorldCoin tokens are dispatched to the individual’s digital wallet. The distribution is designed to be inherently equitable, ensuring everyone gets an equal opportunity to be a part of the WorldCoin economy.
How to Get Worldcoin for Free?
Here are the four simple steps to receive free Worldcoin tokens, so let’s begin.
Step 1: Visit the Worldcoin website and select nearby locations where you can go for biometric scanning.
Step 2: Complete your eyeball biometric scanning with the help of a professional present there.
Step 3: Upon the successful completion of the process, you will receive WorldID which you can check on the Worldcoin App.
Step 4: Finally, you will become eligible to claim and transact your Worldcoin tokens (WLD) via your Worldcoin App, which works as a digital wallet.
Rise In Popularity of WorldCoin
Worldcoin was founded in 2020 by Sam Altman, the former president of Y Combinator and the current CEO of OpenAI, along with Alex Blania, an entrepreneur and engineer who previously worked at Stripe and Google.
Since its inception, the WorldCoin project has rapidly gained traction, making headlines for its ambitious vision and novel approach to crypto distribution. They were joined by other prominent figures in the tech industry.
The project was initially kept secret, as the team worked on developing the technology and testing the concept. In 2021, the project was officially announced to the public, and the Orbs were deployed in various locations worldwide.
In 2022, the project entered its beta phase, where more than 2 million users verified their identity with World ID and received their share of WLD. In 2023, the project launched its official version, where $WLD became tradable on various platforms, and World ID became compatible with various services and platforms that require human verification. The project is aiming for around 2 billion users over time.
The project’s popularity also stems from its aim to address issues of crypto accessibility and wealth disparity. By offering a pathway to financial inclusion for the unbanked or underbanked, WorldCoin is striving to democratize access to digital wealth.
Increase in the Price of WorldCoin Token $WLD
WorldCoin’s native token, $WLD, has experienced remarkable growth since its launch. The Worldcoin project’s token was immediately listed on a number of major exchanges like Binance, OKX, KuCoin, etc. Within just an hour of its listing, the token surged over 60% and went up to the price of $3.30, reflecting the project’s potential and the market’s keen interest.
Listed on several major exchanges, $WLD is currently trading at $2.05, attracting investors with its combination of novelty, potential utility, and the promise of equitable wealth distribution. The project’s clear vision, coupled with a growing acceptance of cryptocurrencies, has boosted confidence in the WorldCoin token’s future value and viability.
At the time of writing, Worldcoin has a total market capitalization of $235 million. Here note that, Worldcoin is yet to announce its roadmap to expand its ecosystem. It is more likely that Worldcoin token’s price may soar up to $10 after the official launch of the roadmap.
Also Read: How To Buy Worldcoin: A Beginner’s Guide
Conclusion:
Sam Altman’s revolutionary biometric authentication project WorldCoin, represents a groundbreaking venture at the intersection of technology, finance, and social equity. By reimagining crypto distribution methods and aiming to bring digital currency to every individual, the project signifies a bold step toward the democratization of finance.
However, as with any innovative project, it will face its share of challenges. Issues such as user privacy, global adoption rates, regulatory hurdles, and technical implementation will shape the project’s future. Yet, the vision of WorldCoin and its early success suggest a promising journey ahead in our ever-evolving digital world. Only time will reveal the full impact of this audacious endeavor.
FAQs
1. What is Worldcoin?
Worldcoin is the native cryptocurrency of the Worldcoin protocol developed by OpenAI CEO Sam Altman.
2. How much is 1 Worldcoin worth?
At the time of writing, Worldcoin’s price is revolving around $ 2.18 according to the data available on the CoinmarketCap.
3. Is Worldcoin a cryptocurrency?
Yes, Worldcoin is the native cryptocurrency linked to the Worldcoin ecosystem, which is the protocol dedicated to digital identity.
4. When Worldcoin was launched?
The Worldcoin protocol officially launched on the OP Mainnet on 24 July 2023.
5. Who created Worldcoin?
OpenAI CEO, Sam Altman has created Worldcoin along with two co-founders Alex Blania and Max Novendstern.
6. What is Orb?
Orb is the biometric scanner linked to the Worldcoin ecosystem that scans human eyes in order to create a digital identity and grant WorldID.
7. How do I become a Worldcoin Orb operator?
You have to fill an application on the Worldcoin website in order to become a Worldcoin Orb operator.
8. Is Worldcoin safe?
Worldcoin is completely safe as all users’ data stay encrypted.
9. How can I buy Worldcoin in India?
You can buy Worldcoin in India from centralized or decentralized exchanges where Worldcoin tokens are listed.
