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Worldcoin: The Cryptocurrency Revolutionizing Identity Verification
08.15.2023
After an extensive three-year development phase, the digital identity platform, Worldcoin, officially launched on July 24, 2023. Spearheaded by OpenAI CEO Sam Altman, Worldcoin strives to offer users a verified digital identity, complemented by a cryptocurrency token named Worldcoin (WLD) and an associated crypto wallet app.
Worldcoin addresses the challenges posed by the increasing difficulty in distinguishing between activities originating from humans or artificial intelligence, especially in the realms of online activity, written text, and digital artwork. The platform introduces a unique solution through a digital passport, founded on what it terms "proof of personhood."
OpenAI CEO Sam Altman expressed the simplicity of the goal as "a global financial and identity network based on proof of personhood," emphasizing its relevance in the AI era. Altman envisions Worldcoin contributing to discussions about equitable access, benefits, and governance of future AI systems.
Worldcoin's innovative platform authenticates users' identities by scanning their irises, generating secure identification codes stored on a decentralized blockchain. According to the company, these codes are resistant to duplication or spoofing, mitigating the risk of creating false identities or engaging in fraud.
During the beta testing phase, Worldcoin attracted over 2 million users, and since its official launch, the user base has expanded to 16 million, with scanning operations introduced in dozens of cities across 20 countries globally.
What Sets Worldcoin Apart?
Worldcoin operates as a digital identification platform striving to provide every individual on the planet with a convenient means to verify their status as a genuine human, as opposed to a bot or AI algorithm. The brainchild of Tools for Humanity, the company co-founded by Sam Altman, who is renowned for creating ChatGPT, Worldcoin leverages cryptographic and blockchain tools supporting the broader cryptocurrency landscape.
Key Features of Worldcoin:
World ID:
At the core of the platform is World ID, designed to enable users to "verify their humanness" online while safeguarding their privacy. Utilizing an iris-scanning device known as the Orb, World ID relies on a "proof of personhood" mechanism, creating a unique identification code, IrisCode, from each user's iris pattern. The code, unlinked to personal information, prevents individuals from acquiring multiple World IDs. The World ID is stored on the Worldcoin blockchain, and users employ a cryptographically secure app for identification.
The World Orbs are now available in numerous cities worldwide, including Hong Kong, Tokyo, Singapore, Seoul, Paris, Lisbon, Mexico City, São Paulo, Nairobi, New York, and San Francisco.
World App:
Functioning as the repository for World ID, the World App preserves users' privacy while offering access to a growing array of decentralized finance applications. While it operates as a crypto wallet, its primary purpose is to store user credentials for identity verification on third-party applications. Beyond World ID, the app can store Bitcoin, Ethereum, USDC, with plans to support more cryptocurrencies in the future.
WLD Cryptocurrency Token:
Upon creating a World ID and downloading the World App, users gain access to the WLD cryptocurrency token. Initially issued to beta program participants, WLD was officially airdropped to users at the platform's launch. Major crypto exchanges like KuCoin and Binance list WLD for trading. The Worldcoin white paper outlines a total issuance of 10 billion WLD over 15 years, with 143 million currently in circulation as of the launch.
Criticisms and Concerns:
Despite its ambitious goals, Worldcoin has faced significant criticism and skepticism. Ethereum founder Vitalik Buterin expressed concerns about the potential information harvested through iris scans. An MIT Technology Review article accused Worldcoin of deceptive marketing practices, data collection without proper consent, and more extensive data collection than acknowledged. The platform defended itself against these claims, emphasizing its focus on user uniqueness rather than identity.
Worldcoin's outreach efforts in the developing world also attracted criticism for potential exploitation. Pseudonymous crypto influencer ZachXBT raised concerns about the platform's promotion and its impact on users in developing countries.
Moreover, Worldcoin's association with Sam Bankman-Fried, the founder of the failed crypto exchange FTX, garnered attention and scrutiny during an early funding round in October 2021.
In conclusion, Worldcoin's launch marks a significant milestone in the intersection of digital identity and cryptocurrency. However, the platform faces substantial scrutiny and skepticism regarding its methods, data practices, and potential impact on users, particularly in developing regions.
Worldcoin addresses the challenges posed by the increasing difficulty in distinguishing between activities originating from humans or artificial intelligence, especially in the realms of online activity, written text, and digital artwork. The platform introduces a unique solution through a digital passport, founded on what it terms "proof of personhood."
OpenAI CEO Sam Altman expressed the simplicity of the goal as "a global financial and identity network based on proof of personhood," emphasizing its relevance in the AI era. Altman envisions Worldcoin contributing to discussions about equitable access, benefits, and governance of future AI systems.
Worldcoin's innovative platform authenticates users' identities by scanning their irises, generating secure identification codes stored on a decentralized blockchain. According to the company, these codes are resistant to duplication or spoofing, mitigating the risk of creating false identities or engaging in fraud.
During the beta testing phase, Worldcoin attracted over 2 million users, and since its official launch, the user base has expanded to 16 million, with scanning operations introduced in dozens of cities across 20 countries globally.
What Sets Worldcoin Apart?
Worldcoin operates as a digital identification platform striving to provide every individual on the planet with a convenient means to verify their status as a genuine human, as opposed to a bot or AI algorithm. The brainchild of Tools for Humanity, the company co-founded by Sam Altman, who is renowned for creating ChatGPT, Worldcoin leverages cryptographic and blockchain tools supporting the broader cryptocurrency landscape.
Key Features of Worldcoin:
World ID:
At the core of the platform is World ID, designed to enable users to "verify their humanness" online while safeguarding their privacy. Utilizing an iris-scanning device known as the Orb, World ID relies on a "proof of personhood" mechanism, creating a unique identification code, IrisCode, from each user's iris pattern. The code, unlinked to personal information, prevents individuals from acquiring multiple World IDs. The World ID is stored on the Worldcoin blockchain, and users employ a cryptographically secure app for identification.
The World Orbs are now available in numerous cities worldwide, including Hong Kong, Tokyo, Singapore, Seoul, Paris, Lisbon, Mexico City, São Paulo, Nairobi, New York, and San Francisco.
World App:
Functioning as the repository for World ID, the World App preserves users' privacy while offering access to a growing array of decentralized finance applications. While it operates as a crypto wallet, its primary purpose is to store user credentials for identity verification on third-party applications. Beyond World ID, the app can store Bitcoin, Ethereum, USDC, with plans to support more cryptocurrencies in the future.
WLD Cryptocurrency Token:
Upon creating a World ID and downloading the World App, users gain access to the WLD cryptocurrency token. Initially issued to beta program participants, WLD was officially airdropped to users at the platform's launch. Major crypto exchanges like KuCoin and Binance list WLD for trading. The Worldcoin white paper outlines a total issuance of 10 billion WLD over 15 years, with 143 million currently in circulation as of the launch.
Criticisms and Concerns:
Despite its ambitious goals, Worldcoin has faced significant criticism and skepticism. Ethereum founder Vitalik Buterin expressed concerns about the potential information harvested through iris scans. An MIT Technology Review article accused Worldcoin of deceptive marketing practices, data collection without proper consent, and more extensive data collection than acknowledged. The platform defended itself against these claims, emphasizing its focus on user uniqueness rather than identity.
Worldcoin's outreach efforts in the developing world also attracted criticism for potential exploitation. Pseudonymous crypto influencer ZachXBT raised concerns about the platform's promotion and its impact on users in developing countries.
Moreover, Worldcoin's association with Sam Bankman-Fried, the founder of the failed crypto exchange FTX, garnered attention and scrutiny during an early funding round in October 2021.
In conclusion, Worldcoin's launch marks a significant milestone in the intersection of digital identity and cryptocurrency. However, the platform faces substantial scrutiny and skepticism regarding its methods, data practices, and potential impact on users, particularly in developing regions.