Sam Altman’s famous cryptocurrency project Worldcoin is being implemented globally. The company announced its worldwide launch on July 24, 2023.
The company states: “More than three years ago we founded Worldcoin with the ambition to create a new identity and financial network owned by all; the launch begins today. If successful, we believe Worldcoin could dramatically increase economic opportunity, scale a trusted solution to distinguish humans from AI online while preserving privacy, enable global democratic processes, and eventually show a potential pathway to UBI funded by AI.”
Users can now download the World app and reserve their Worldcoin shares. The company has a vision of creating a more inclusive global economy by making it easier for people to engage in the digital world.
The project believes that by providing everyone with a secure and anonymous way to identify themselves online, it can help reduce fraud and discrimination, and can also help promote economic opportunity for all.
What is Worldcoin?
Worldcoin is an open source decentralized protocol that aims to create a global identity and financial network that is owned by everyone. The project was founded in 2019 by Sam Altman, CEO of OpenAI.
The Worldcoin blog states “Worldcoin is an open source protocol or system created to help everyone have access to the global economy. It is designed to be decentralized, which means that ultimately its oversight and decision making will rest with its community of users.”
The project has the support of two organizations that are: The Worldcoin Foundation and Tools for Humanity.
The Worldcoin Foundation is a non-profit organization that aims to grow and support the Worldcoin community until it is self-sufficient.
It will do this by supporting developers, providing grants, and finding ways for users to help maintain protocol governance of this project.
Tools for Humanity is a global technology company that was founded to help create an equitable economic system. They led the initial development of the Worldcoin protocol, which is a new way to identify and verify people online. TFH is also developing World App, which is a mobile application that will make it easier for people to use Worldcoin.
How does Worldcoin work?
Worldcoin works by using a biometric verification device called an Orb to scan people’s iris. Once a person’s iris is scanned, they are issued a World ID, which is a digital passport that proves they are a real and unique person.
World ID can be used to authenticate to websites, apps, and other services, and can also be used to receive Worldcoin, a cryptocurrency that is distributed to everyone who signs up for World ID.
The company mentions three main steps to use Worldcoin:
- Download the World App – This will help users set up a Worldcoin account and access a digital wallet linked to Worldcoin, Bitcoin, Ethereum and other digital currencies.
- Register with World ID: You can use the World app without registering with World ID. But it’s important to sign up for World ID by visiting a Worldcoin trader and verifying your unique personality in an Orb so you can receive a free portion of Worldcoin tokens.
- Receive a Free Portion of Worldcoin and Other Digital Currencies: Once registered, users can use their World ID within the World app to learn about digital currencies and receive free airdrops of Bitcoin, Ethereum, and more. Once the mainnet launch is complete, people in countries where the Worldcoin token is available will also be able to use their World ID to claim their share of the free Worldcoin tokens.
In conclusion, Worldcoin is still a relatively new project, but it has the potential to have a significant impact on the way people interact with the digital economy.