OpenAI CEO Sam Altman has kicked off a new adventure in the world of cryptocurrencies with the launch of his project, Worldcoin. This isn’t just your average crypto, it stands out by using an eye scan to confirm a user’s identity.
The cryptocurrency field has seen better days, with FTX’s dramatic crash and several legal challenges faced by top industry names. Despite the turbulent environment, Sam Altman, together with Alex Blania and Max Novendstern, has introduced Worldcoin to the world.
But what is Worldcoin exactly?
This new project offers users a unique digital identity, known as a “World ID.” To get this ID, users have to register in person using a special gadget called an “Orb” that scans the distinctive pattern of their iris. The aim here is to overcome one of the biggest issues in the crypto world – the widespread use of pseudonyms, which leaves the door open for spam bots and scams.
Alongside this, the team has launched the Worldcoin token. This new type of cryptocurrency is now up for grabs on selected platforms, and millions of early testers have already had the chance to try it out.
The ultimate goal?
Worldcoin wants to build the “world’s largest identity and financial public network.” The team believes that, if successful, Worldcoin could significantly boost economic opportunities, provide a reliable way to tell humans and AI apart online while keeping privacy intact, support global democratic processes, and even hint at a future where AI could fund a universal basic income.
Worldcoin has been in the making for three years, and two million people signed up for a World ID during its beta testing phase. The company plans to roll out 1,500 Orbs in various locations worldwide, enabling millions more to sign up.
Altman acknowledged the ambitious nature of the project on Twitter, saying, “Like any really ambitious project, maybe it works out and maybe it doesn’t, but trying stuff like this is how progress happens.” Co-founder Blania echoed this sentiment, stating, “This is the beginning of a long journey. Especially early on, things will not be perfect.”
As regulators take a more cautious stance on crypto, Worldcoin isn’t yet available to trade in the US due to restrictions. Nevertheless, the price of Worldcoin has seen a notable jump from its initial price of $1.70 to as high as $3.58, before settling back down to $2.28, as per CoinMarketCap. This project is undoubtedly one to watch as it embarks on its journey in the ever-evolving world of crypto.