On Monday, Worldcoin, a cryptocurrency initiative established by Sam Altman, the CEO of OpenAI, which created ChatGPT, was officially introduced.
What is Worldcoin?
Worldcoin, a cryptocurrency project founded by OpenAI CEO Sam Altman, launched on Monday with its primary feature being the World ID, which the company describes as a “digital passport” designed to verify that the holder is a genuine human and not an AI bot.
To obtain a World ID, customers undergo an in-person iris scan using Worldcoin’s ‘orb,’ a silver ball about the size of a bowling ball. Once the iris scan confirms the person’s authenticity, a World ID is created.
The company responsible for Worldcoin is Tools for Humanity, based in San Francisco and Berlin.
During its beta phase, the project garnered 2 million users, and with its official launch, Worldcoin is expanding its “orbing” operations to 35 cities in 20 countries. As an incentive, individuals signing up in specific countries will receive Worldcoin’s cryptocurrency token, WLD.
Worldcoin is traded already
WLD’s value saw an increase in early trading on Monday, reaching a peak of $5.29 on the largest exchange, Binance, and then stabilizing at $2.49 by 1000 GMT from its initial price of $0.15. The trading volume on Binance amounted to $25.1 million, as reported on Binance’s website.
According to co-founder Alex Blania, World IDs are securely stored on blockchains, ensuring privacy and preventing control by any single entity or shutdown. The project believes that World IDs will be crucial in the era of generative AI chatbots like ChatGPT, as they can help differentiate between real people and AI bots on the internet.
Sam Altman explained to Reuters that Worldcoin’s initiative can also contribute to addressing the economic transformations brought about by generative AI. He mentioned the concept of universal basic income (UBI), where every individual receives regular payments as a social benefits program to combat income inequality.
Altman believes that as AI takes on more human tasks, UBI could become a necessity. The implementation of World IDs could help prevent fraud when deploying UBI, as only genuine individuals can possess such IDs.
Regarding the realization of a world with UBI, Altman admitted it is still a distant prospect, and he lacks a clear idea of the entity responsible for distributing the funds. However, he emphasized that Worldcoin’s groundwork paves the way for experimentation and exploration of potential solutions to make UBI a reality in the future.