The cryptocurrency initiative, Worldcoin, which counts OpenAI CEO Sam Altman among its founders, was officially launched on Monday (24th July 2023).
At the heart of the project lies the World ID – touted as a “digital passport” that establishes its owner’s identity as a genuine human being and not an AI bot. The process to acquire a World ID involves a physical iris scan, conducted using Worldcoin’s uniquely designed ‘orb’. This spherical device, about the size of a bowling ball and finished in silver, confirms the authenticity of the user through the iris scan. Once the human verification is successfully completed, a World ID is generated.
Worldcoin price increases 3400% in First Day of Trading on Binance
Tools for Humanity, a company with operations in both San Francisco and Berlin, is the force behind the Worldcoin project.
The project already boasts 2 million users from its beta phase, and with the official launch on Monday, Worldcoin is extending its iris-scanning, or “orbing,” operations to 35 cities across 20 nations. To attract more users, those who register in specific countries will be granted Worldcoin’s own cryptocurrency token, WLD.
WLD’s value experienced a surge in the early trading hours on Monday. It reached a high of $5.29 on Binance, the largest exchange globally, and stood at $2.49 at 10am UK time, up from its initial price of $0.15. According to Binance’s website, it witnessed a trading volume of $25.1 million.
Worldcoin, The AI Crypto, Human Verification Coin. Ironic?
According to the project, the emergence of generative AI chatbots such as ChatGPT, which generate strikingly human-like language, necessitates the use of World IDs. These IDs can help distinguish between real humans and AI bots on the internet.
AI Crypto Trading Bots have been causing stirs throughout the crypto world, generating insane profits, for very little human interaction. While humans often trade on emotion and market sentiment, AI could change the game when it comes to trading cryptocurrency. Ironically, even Altman’s Worldcoin could be affected.
Worldcoins Founder, Sam Altman Hopes To Bring About a Universal Basic Income
Altman envisions a future where “people will be supercharged by AI,” leading to profound economic changes.
He often refers to the concept of universal basic income (UBI) as a prime example. UBI is a type of social benefits program, typically administered by governments, in which every individual is eligible for regular payments. As AI takes over more tasks currently performed by people, Altman posits that UBI could serve as a tool to alleviate income disparity. The utilization of World IDs, which can only be assigned to real individuals, could potentially minimize fraudulent activities associated with the distribution of UBI.
