OpenAI CEO Sam Altman is purportedly gathering $100 million for Worldcoin, a one-of-a-kind cryptocurrency.
Worldcoin
- Worldcoin, co-founded by Altman and Alex Blania in 2019, intends to offer a share of its digital token to every human being on the planet.
- Worldcoin is a cryptocurrency concept that aims to create a global identification and financial network for all.
- It employs the Orb, a gadget that scans people’s irises to authenticate their individuality and humanity.
- Individuals who have their iris scanned receive Worldcoin tokens.
- Worldcoin’s World App allows users to make payments, purchases, and transfers using Worldcoin and other digital assets.
- The project intends to launch in the first half of 2023 and issue a total of 10 billion tokens, with users receiving 80% of the total.
Worldcoin’s Operation
- The founders of Worldcoin intended to freely distribute shares of the digital token to everyone on the earth.
- They envisioned it as a global distribution mechanism for Universal Basic Income as well as a means to evenly disperse income earned by AI systems among individuals.
- Worldcoin uses biometric iris scans using the Orb gadget to ensure fair distribution.
- The Orb scans the iris and converts it into a hash that, even if hacked, is hard to duplicate.
- The iris hash and the user’s public key hash are sent to Worldcoin servers, and the hashes are added to the database and the company’s blockchain if the user is new to the system.
Criticisms and challenges
- Worldcoin faces problems in terms of Orb accessibility and user database expansion.
- The project intends to incentivize sign-ups by providing coupons or loan access.
- There are concerns regarding the privacy and security of biometric data, as well as its possible misuse.
- Reaching unbanked or underbanked communities raises concerns about practicality and scalability.
- The Worldcoin token’s value and usability, as well as its competitiveness with other cryptocurrencies or fiat currencies, are also being scrutinised.
Source: https://indianexpress.com/article/technology/crypto/what-is-worldcoin-iris-scanning-cryptocurrency-backed-by-sam-altman-8612851/#:~:text=Worldcoin%20is%20a%20crypto%20project,rewards%20them%20with%20Worldcoin%20tokens.