Sam Altman, CEO of OpenAI, is on the verge of securing a substantial £100 million funding round for Worldcoin, an innovative cryptocurrency initiative. With the goal of providing a fraction of a digital token to every person worldwide, Worldcoin employs iris-scanning technology to authenticate individuals and reward them with tokens.
Worldcoin aims to establish a universal identity and financial network through its pioneering cryptocurrency initiative. The unique “orb” device scans individuals’ 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’s concept began to form in early 2020 when co-founders Alex Blania, Sam Altman, and Max Novendstern pondered the idea of freely distributing shares of a new digital token to every person worldwide. They envisioned broader adoption of the currency for streamlined payments and even considered its potential use in distributing AI-generated profits equally.
To ensure fair distribution and prevent duplicate registrations, Worldcoin implemented biometric iris scans. The Orb device scans an individual’s iris, assigning them a “World ID” that serves as a global digital passport.
Future Prospects and Challenges:
Worldcoin faces challenges in making the Orb widely accessible to as many people as possible. The team plans to incentivize sign-ups by offering coupons or access to certain loans. Privacy and security concerns surrounding biometric data, feasibility and scalability issues, and doubts about the value and utility of Worldcoin tokens are some challenges and criticisms.
How to join Worldcoin:
To join the Worldcoin network, users must download the World App, create an account, and register for a World ID by visiting a Worldcoin Operator. This process enables users to receive their free share of Worldcoin and other digital currencies. Worldcoin is not yet available for purchase on the app, but the co-founders plan to make it available soon.