Numerous individuals are familiar with artificial intelligence in today’s context. OpenAI is the company behind the prosperous ChatGPT bot, which is currently one of the industry leaders. The text assistant gained worldwide popularity quite rapidly, the hype around it has not subsided even to this day.
However, the CEO of the company, Sam Altman, decided to continue moving forward and introduced a brand new cryptocurrency dubbed Worldcoin. You might think, what’s the big deal? Well, a person has created yet another coin, these are popping up nearly every day. However, the concept of Worldcoin is much more global in scope. Here we will discuss what this startup entails and the potential future that awaits the company.
Project idea
Tools for Humanity, the company behind the development of Worldcoin, has attracted attention following its recent investment round led by Blockchain Capital, where it raised $115 million. Andreessen Horowitz’s crypto fund (a16z crypto) and the venture capital arm of Coinbase also participated in the process.
The aim of Worldcoin is to develop a solution that allows for the verification of human identity in a world where AI is increasingly intertwined with everyday life, making it more challenging to distinguish between humans and machines. Such a solution is called “proof of personhood”.
To achieve this, Worldcoin utilizes the Orb device, a reflective metallic sphere that scans a person’s eye orbs and records information about the iris as a cryptographic code. All those who complete this screening receive periodic grants in WLD tokens, and the system is positioned as a form of universal basic income. Just over 2 million people have now had their eyes scanned, and those who do not reside in the US will each receive 25 WLD tokens through an airdrop.
Furthermore, the devs showcased the World ID, an app that enables other platforms to authenticate users who utilize the Worldcoin platform.
Tools for Humanity refuses to disclose how much funds were allocated to Altman during the token distribution, which has caught the eye of journalists. Nevertheless, the project continues to actively develop and attract the attention of investors in the crypto space.
Worldcoin is an intriguing project aiming to combine AI and humanity, so its concept could have long-term societal repercussions.
Worldcoin ecosystem
World ID is a groundbreaking identifier created by the Tools for Humanity team specifically for users of Worldcoin. It offers a one-of-a-kind chance to verify one’s identity without the need to divulge personal information. World ID can easily authorize and register users on platforms who support the project’s ecosystem. Thus, it serves as essential evidence of the actual identity and genuineness of every user in the system.
WLD is a unique digital asset playing a crucial role in the Worldcoin ecosystem. Token holders are granted the exclusive privilege to take part in voting related to strategic decision-making for further development of the project. You can get WLD by becoming a part of the unparalleled Worldcoin system, which provides exceptional opportunities for earning tokens. Becoming a project operator and verifying other users is one way to earn rewards here.
WLD was officially launched on July 24, 2023, and as of now it is actively trading on several major crypto exchanges, including Binance, Bybit, and OKX, indicating that it sparked the interest of the crypto community.
Orb is developed by the Worldcoin team as well. This one is used to scan users’ unique irises. By applying advanced machine learning and computer vision techniques, the device recognizes and transforms visual information into a unique code that serves as a verification number and confirms the identity of already registered users. The project stands out with its unique character and emphasizes its advanced aspects in both the field of crypto and blockchain through such an innovative use of technology.
Thus, due to this ingenious solution and the relevance of the World ID and WLD among the ecosystem participants (including the usage of advanced technologies embodied in the Orb), Worldcoin deserves special attention and occupies a outstanding position amid numerous crypto-related projects.
World App
Once the user starts the app, they will be prompted to create an account by entering their phone number and setting a password. After this process, the user can undergo verification using Orb. To accomplish this, they will have to locate the nearest operator (a participant) who has such a device, and then arrange a meeting for verification.
World App offers a wide spectrum of tools that enable users to top up their balance with either crypto or fiat. Additionally, the app provides an Earn section where users can carry out different tasks and receive incentives in crypto.
This nifty app provides an easy and convenient way to manage crypto assets and earn new tokens, emphasizing Worldcoin’s progressive approach to creating unique solutions for its users.
Conclusion
The Worldcoin has the potential to achieve global success, thanks to its effective PR campaigns and airdrops. But still, as always, there will be skeptics and people who can consider this the end of anonymity era, since your eye biometrics will be included in a shared database. Anyway, all we can do is wait and observe the progression of this technology.