Worldcoin, the cryptocurrency startup headed by Sam Altman, is launching its revolutionary eyeball-scanning crypto services worldwide, with the aim of creating a dependable solution for distinguishing humans from AI in the online world.
The company also seeks to promote global democratic processes and significantly enhance economic opportunities. Backed by prominent investors, including Andreessen Horowitz, Khosla Ventures, and Reid Hoffman, Worldcoin has successfully raised approximately $250 million in funding.
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The startup is now deploying its identity technology and token across international markets. Users can access the World App, the company’s protocol-compatible wallet software, and visit the Orb, a helmet-shaped eyeball-scanning verification device, to acquire their unique World ID.
Co-founded by OpenAI CEO Sam Altman and Alex Blania, the startup aims to equip every smartphone with a crypto wallet containing their digital currency.
However, accomplishing this objective requires an effective method to verify individual identity and ensure they are not AI entities.
The development of Worldcoin has been underway for over three years, during which time the company has been discreetly enrolling individuals from various countries, rewarding them with 25 Worldcoin tokens during the onboarding process.
Despite progress, the project has faced criticism for exploitative practices, particularly in impoverished nations. To date, over 2 million individuals have verified their World IDs at places spread across more than 30 countries.
The Worldcoin website highlights several potential applications for its technology, including bolstering incentive strategies such as coupons and loyalty programs that are susceptible to fraud.
Additionally, the company aims to combat bots by implementing identity verification and contribute to globally democratic governance mechanisms. Presently, Worldcoin is withholding around 20% of its tokens and will not launch them in the United States for the time being.
Over the first 15 years, the company is capping the total token supply at 10 billion “WLD” tokens. The initial maximum circulating supply of the ERC-20 based token is set at 143 million, according to the whitepaper released by Worldcoin.
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In a statement, Worldcoin expressed its belief that the project could significantly enhance economic opportunities, provide a reliable means of distinguishing humans from AI online while ensuring privacy, enable global democratic processes, and potentially pave the way for AI-funded Universal Basic Income (UBI).
Describing Worldcoin as an “attempt at global scale alignment,” the project got a light-hearted response from Jack Dorsey, co-founder of Twitter and no stranger to the world of cryptocurrency, who found it “cute.”
