OpenAI’s co-founder Sam Altman, launches latest crypto token project Worldcoin. The project that was officially launched on Monday branded its service as a “digital passport”. It aims to differentiate humans from AI bots.
The cryptocurrency can only be used once a user has verified their identity. The currency’s app allows users to make payments, purchases and transfers. It also comprises of other digital assets.
According to the project’s white paper, the coin’s initial supply was capped at 10 billion tokens. The launch consisted of 143 million Worldcoins, of which 100 million were loaned to market makers and the remainder was allocated to investors.
The project uses eyeball- scanning identity verification technology to determine whether you are actually a human or an AI bot. The verification device is referred to as an “orb” that scan’s eyeballs in order to generate a unique digital identity – a ‘World ID’. This digital passport grands the holder “proof of personhood”.
CoinMarketCap data showed that, after the launch of the project, Worldcoin jumped to as high as $3.58 from the initial amount of $1.70 and then reverted back to $2.52. By this time roughly $145 million worth of the token had been traded.
The project was founded 3 years ago with plans to create a new identity and financial network owned by everyone.
Founders believe that Worldcoin could drastically increase economic opportunity, scale a reliable solution for distinguishing humans from AI online while preserving privacy. It also holds the potential to enable global democratic processes, and eventually show a potential path to AI-funded UBI.
The World App is now downloadable, and will be the first protocol-compatible wallet. After visiting an Orb, a biometric verification device, the user will receive a World ID. This authentication process will determine whether the user is a real person while preserving the privacy of your identity. The verification process can be conducted online.
