On Monday, Sam Altman, the CEO of OpenAI, unveiled the Worldcoin crypto project, introducing a novel method of user identity verification based on eye scans.
The cryptocurrency industry has been facing challenges, including the recent collapse of FTX and legal cases against major players within the sector.
The Worldcoin Foundation announced the launch of Worldcoin, a project co-founded by Sam Altman, Alex Blania, and Max Novendstern, which is now operational. Worldcoin aims to provide users with a unique digital identity called the “World ID.” To register for this identity, individuals must use an “Orb” imaging device that scans their iris pattern in person.
This move addresses a significant issue in the crypto industry, which has heavily relied on pseudonyms for operations, making it susceptible to spam bots and scams. By offering a secure and private digital identity, Worldcoin aims to mitigate these risks.
In addition to the identity solution, Worldcoin also introduced its own cryptocurrency token, which is now tradable on select platforms and locations. Early tests saw millions of users participating and gaining access to this cryptocurrency.
The overarching goal of Worldcoin is to create the largest global network for financial and identity purposes. The founders, Altman and Blania, expressed their aspirations for the project, highlighting its potential to boost economic opportunities, establish a reliable distinction between humans and AI online while protecting privacy, enable global democratic processes, and eventually pave the way for AI-funded universal basic income.