Since the launch of ChatGPT in November last year, the Artificial intelligence (AI) space has grown in popularity, witnessing adoption in various sectors. Today, there is a high possibility that most content on the Internet is generated by AI bots. And to separate bots from humans, OpenAI CEO Sam Altman launched a crypto project called Worldcoin in July 2023, letting people verify their identity in order to take part in its worldwide financial network.
Three days after the Worldcoin launch, it was reported that the project recorded new users after every 7 seconds, suggesting substantial growth. As of August 13, 2023, there are more than 2.5 million registered users.
This article explains everything you need to know about Worldcoin and what it means for AI and crypto enthusiasts.
Understanding Worldcoin and Personhood
Simply put, Worldcoin is a digital identification project. Its primary goal is to build a large network of users who have verified to be humans instead of bots. Your proof of identity is what the project is calling “personhood.” Once you are verified, you will be issued a WorldID. But how do you verify your personhood? You must scan your iris using the project’s Orb device, which generates a unique code stored in Worldcoin’s blockchain.
Note that the data taken is anonymized, meaning it cannot be traced to a specific individual. This also ensures users do not duplicate the verification process.
Worldcoin’s Orbs are available in several major cities across Africa, South and North America, Asia, and Europe. The crypto project aims to have 1,400 Orbs in 35 world’s largest cities before the year ends.
Worldcoin App and the WLD Token
Before getting your iris scanned, you need to register an account on the World App. This platform stores your WorldID and also serves as a crypto wallet. Through the App, users can explore various networks without worrying about Sybil attacks, which involve one user creating several pseudonymous accounts to gain power in a particular virtual system.
The World App currently supports the storage of USDC, Bitcoin, and Ethereum. However, the project developers recently said they would add support for more tokens soon.
Besides the three crypto assets mentioned above, users can also access Worldcoin’s native token, WLD. This digital currency made headlines during the Worldcoin launch when it was airdropped to users who participated in the project’s beta program.
As of this writing, WLD is listed on several centralized exchanges, including KuCoin and Binance.
Over 140 million WLD tokens are currently in circulation, with 42 million of this figure distributed to beta participants last month. According to Worldcoin’s whitepaper, WLD’s total supply is capped at 10 billion tokens. Notably, everyone who completes the verification process earns the WLD tokens.
Worldcoin Developers
Tools for Humanity is the company behind the Worldcoin project. One of its co-founders is OpenAI’s CEO, Sam Altman. OpenAI is known for its widely used AI innovation, ChatGPT chatbot.
Criticism of the Worldcoin Project
Worldcoin has come under heavy criticism since last year. In May 2022, MIT Technology Review published an article accusing the project of employing deceptive marketing strategies to collect personal data. As per the article, Worldcoin was violating data protection laws. Eventually, the United Kingdom Information Commission announced last month that it would investigate Worldcoin to determine if the project was operating without adhering to data security policies.
In response to MIT Technology Review, Worldcoin said it was not a data firm and was only interested in people’s uniqueness rather than their identities.
Moreover, several prominent individuals have come out to criticize Worldcoin for marketing its project heavily in developing countries.
Ethereum co-founder Vitalik Buterin is one of many crypto players that have expressed concerns over Worldcoin’s operations. He recently said the project may be obtaining more data from users than just their identity. According to him, iris scans could reveal people’s health conditions and their addresses.
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