Worldcoin is a novel cryptocurrency that works by scanning people’s irises, and its creator, Sam Altman, the CEO of OpenAI, is close to securing $100 million. Worldcoin, which was co-founded by Altman and Alex Blania in 2019, has a lofty goal: to provide a piece of a new digital token to every person on Earth. But what is Worldcoin, and how has it managed to raise such money amid the crypto winter? Explore now.
Worldcoin: What is it?
Worldcoin is a cryptocurrency concept that seeks to build a universal identification and financial network. To verify users’ individuality and humanity, it uses a tool called an orb that scans their irises and pays them in Worldcoin tokens.
Additionally, it features a World App that allows for transfers, purchases, and payments using Worldcoin and other virtual currencies. Worldcoin intends to distribute 10 billion tokens overall, with 80% going to users, when it launches in the first half of 2023.
How does Worldcoin operate? Beginning in early 2020, Alex Blania began collaborating with Max Novendstern and Sam Altman, who founded Worldcoin. What if there were a method to freely distribute shares of a new digital token to everyone on the planet? was the basic question that drove them. The three creators had the opinion that it would be simpler to send and receive payments using a currency if more people owned it.
Universal fundamental Income, which is essentially regular money from the government or organization for everyone to meet fundamental requirements, was the founders’ ambition for Worldcoin. Altman even dreamed that the coin will one day be used to equally disperse the enormous revenues made by AI systems.
However, Worldcoin had to make sure that everyone only signed up once to ensure an equitable distribution of coins. The founders chose biometric iris scans for this purpose. They created a tool called Orb that scans a person’s iris to verify their individuality and humanity and issues them a “World ID” that serves as a digital passport that can be used anywhere in the world.
Even if the hash is compromised, it is impossible to reconstruct the scanned image from the string of integers that make up the scan. The Orb transmits to Worldcoin servers the iris hash and a hash of the user’s public key.
What is the Future of Worldcoin?
Accessibility of the Orb, or making it available to as many people as possible and growing the database, is one of the main challenges facing Worldcoin. Worldcoin intends to address this by providing discounts or access to specific loans to encourage more people to sign up.
According to reports, Worldcoin is also getting ready to release an SDK that will let programmers utilize its API and implement its technology everywhere they want, as long as a user only needs to act once.
Obstacles
Worldcoin is also subject to numerous obstacles and complaints. Some people worry about the security and privacy of their biometric information, as well as whether it will be put to other uses. Others doubt the project’s viability and scalability, as well as its ability to reach the billions of unbanked or underbanked individuals worldwide.
In addition, several experts question the Worldcoin token’s worth and usefulness as well as its ability to compete with other cryptocurrencies and fiat money. It will be interesting to see if Worldcoin can achieve its lofty goals and avoid its potential pitfalls.
Hackers recently installed password-stealing malware on the smartphones of several Worldcoin Orb operators, according to a TechCrunch article, giving them total access to the operators’ dashboards. This raises questions about the iris-scanning technology’s security and privacy.
Utilizing Worldcoin
The site has over one million sign-ups, and there are typically 100 to 200 active Orbs, according to Worldcoin. By installing the World app, which went live on May 8, and following the instructions below, you may join the expanding network.
Step 1: To create a Worldcoin account and a digital wallet, first download the World App. It may be accessed on iOS and Android devices.
Step 2: Register for World ID. One can use the World App without having their eyeballs scanned, but to receive their free Worldcoin Tokens and other digital monies, they must register for a World ID by going to a Worldcoin Operator.
Step 3: Use your World ID to get your free share of Worldcoin and other digital currencies.
Please be aware that Worldcoin is not yet able to be purchased on the app as of May 16. It will be released in the coming weeks, according to the co-founders. It’s yet unclear how and when customers in India can sign up for the site via a Worldcoin Operator.
