Worldcoin, co-founded by Sam Altman of OpenAI, is a groundbreaking project aimed at creating a new identity and financial network owned by everyone. Launched with the ambition to drastically increase economic opportunity, Worldcoin introduces a privacy-preserving digital identity known as World ID, alongside a digital currency (WLD) distributed simply for being human. The initiative seeks to distinguish humans from AI online while preserving privacy and enabling global democratic processes, potentially paving the way for AI-funded Universal Basic Income (UBI).
The project, which received approximately $100 million in funding from prominent investors like Andreessen Horowitz and Khosla Ventures, officially launched its cryptocurrency, WLD, on July 24, 2023. Worldcoin's innovative approach involves the use of the World App and a biometric verification device called an Orb, which uses iris scans to verify individuals' identities. This process allows users to prove they are unique and real persons online, offering a way to participate in the digital economy and access financial services, especially for those in underserved communities.
Worldcoin consists of three main segments: World ID, World App, and the Worldcoin Token (WLD). World ID serves as a decentralized, privacy-protected identity solution, the World App functions as a crypto wallet tied to the user’s World ID, and the WLD token is used within the World App for various services, including grants for verified users. The project has sparked significant interest, but also concerns over privacy and the implications of biometric data collection.