Worldcoin Crypto Project Launched by OpenAI’s Sam Altman
In a revolutionary move, OpenAI CEO Sam Altman began rolling out Worldcoin on July 24. The cryptocurrency project aims to reinvent the way the world identifies living, breathing humans compared to AI bots. The core offering of Worldcoin is its innovative World ID, often described as a “digital passport” that serves as proof of a person’s human identity. But that is just the beginning of the project goals.
To obtain a World ID, users must undergo an in-person iris scan using Worldcoin’s revolutionary ‘orb.’ This silver ball, about the size of a bowling ball, ensures the legitimacy of the individual’s identity, subsequently creating the unique World ID.
The brains behind this revolutionary project are the San Francisco and Berlin-based organization, Tools for Humanity. During its beta phase, the project amassed an impressive 2 million users, and with the official launch on Monday, Worldcoin is rapidly expanding its ‘orbing’ operations to 35 cities across 20 countries.
In select countries, early adopters will be rewarded with Worldcoin’s own cryptocurrency token, WLD. This incentive has already driven WLD’s price to soar after the announcement. On Binance, the world’s largest, WLD reached a peak price of $5.29 and continued to trade at $2.49 (from an initial starting price of $0.15) as of 11:00 AM ET. Notably, the trading volume on Binance has reached a staggering $25.1 million.
The Role of Blockchain
Blockchains play a crucial role in this project, as they securely store World IDs while preserving user privacy and preventing any single entity from controlling or shutting down the system, according to co-founder Alex Blania.
One key application of World IDs is its ability to distinguish between real individuals and AI bots in the age of generative AI chatbots like ChatGPT, which are adept at mimicking human language. By leveraging World IDs, online platforms can effectively combat the infiltration of AI bots into human interactions.
Economic Implications of AI
Altman emphasized the economic implications of AI, stating that people will be profoundly impacted by AI’s capabilities. “People will be supercharged by AI, which will have massive economic implications,” he said.
One interesting example of what Altman believes AI can eventually provide is universal basic income (UBI), a social benefits program aimed at providing financial support to every individual. According to Altman, as AI gradually takes over many human tasks, UBI can play a vital role in mitigating income inequality. Since World IDs are exclusive to genuine human beings, they can act as a safeguard against fraud in UBI distributions.
Though Altman acknowledged that a world with widespread UBI is likely in the distant future and the logistics of such a system are still unclear, he believes that Worldcoin paves the way for experiments and solutions to tackle this societal challenge.
The launch of Worldcoin marks a significant step in the convergence of cryptocurrency and AI technologies, with potential far-reaching effects on how we identify ourselves and interact in the digital age. As the project gains momentum, financial market professionals should closely monitor the developments surrounding Worldcoin and its impact on the future of money.
Managing Editor, Channelchek
Sources
https://worldcoin.org/cofounder-letter
https://www.reuters.com/technology/openais-sam-altman-launches-worldcoin-crypto-project-2023-07-24/