Sam Altman, CEO of OpenAI recently launched Worldcoin, eyeball-scanning crypto project. This cryptocurrency and digital ID project will use iris biometric verification.
The cryptocurrency and Digital ID project “Worldcoin” was headed by Sam Altman and was launched on Monday, 24 June. Project Worldcoin has been under development for three years. It will authenticate the user’s identity by scanning their iris to assign each user a separate and unique “WorldID”.
The objective of this project is to assign “World ID” to set humans apart from artificial intelligence (AI), distinguishing their identity in the world, streamlining global identity processes, and increasing economic opportunities. The application WorldApp stores a unique user identifier called “World ID” and enables users to exchange Worldcoin tokens (WLD).
A person can get a WorldID after registering themselves by using an in-person iris scan using Worldcoin ‘Orb’ – a biometric registration device. The orb’s iris scan will confirm the identity of an individual as a human and assign a WorldID to him/her. Worldcoin orb is a silver ball about the size of a bowling ball.
The verified users can use Worldcoin- a cryptocurrency and also an application that will allow users to be involved in financial affairs like payments, funds transfers, and the management of various digital assets.
The beta version of the project is able to acquire 2 million users and after the launch on Monday, the number of users is increasing because the rollout of the project is covering 35 cities of 20 countries. WorldCoin has shared that it has witnessed over 60,000 digital wallet transactions, and in the last week alone, more than 48,000 accounts were created on the Worldcoin network. Currently, it is not available in the US
Concerns about privacy dangers associated with collecting and storing biometric data for identity verification have been raised by critics. Some people consider the project’s early adopter incentives to be an unusual sort of bribery.
As per the speculations, it will work as an antidote in the rapidly growing AI world. The arrival of artificial intelligence and its accessibility has revolutionized the world. Let’s see where this new project by the OpenAI founder will lead to.