Worldcoin, a cryptocurrency project founded by OpenAI CEO Sam Altman, officially launched with its core offering known as the “World ID”. Described as a “digital passport,” the World ID is designed to distinguish real humans from AI bots. To obtain a World ID, individuals must undergo an in-person iris scan using Worldcoin’s ‘orb,’ a device resembling a silver ball.
During its beta period, the project amassed 2 million users, and with the recent launch, Worldcoin plans to expand its “orbing” operations to 35 cities across 20 countries. As an incentive, participants in certain countries will receive Worldcoin’s cryptocurrency token, WLD.
The value of WLD surged during early trading on Monday, reaching a peak of $5.29 on the prominent exchange Binance, starting from an initial price of $0.15. This resulted in a trading volume of $25.1 million.
The primary purpose of World IDs is to address the growing influence of generative AI chatbots, such as ChatGPT, which can produce remarkably human-like language. These IDs would help differentiate between real individuals and AI bots in online interactions.
According to Sam Altman, Worldcoin’s CEO, the project also aims to contribute to reshaping the economy in the age of generative AI. He believes that AI will significantly impact the job market, making programs like Universal Basic Income (UBI) crucial in combating income inequality. By linking UBI to World IDs, the risk of fraud in its implementation could be minimised, as only genuine individuals would be eligible.
While Altman acknowledges that achieving a world with UBI may be far in the future, Worldcoin lays the foundation for experimentation and paves the way towards its realisation.
