Sam Altman, the creator of the revolutionary AI-based chatbot ChatGPT, is reportedly close to initiating the full-throttle launch of another controversial application called Worldcoin.
Worldcoin, co-founded by Altman and Alex Bania in 2019, is a unique cryptocurrency that involves scanning peopleâs irises.
It was born with an ambitious vision to give a share of a new digital token to every human being.
Altman recently revealed that he is close to obtaining $100 million for Worldcoin project, with which he aims to revolutionise the field of fintech.
"With more than 1.6 million sign-ups in beta and 500,000+ monthly active World App users, the deployments on the Optimism main net will expand access and help Worldcoin reach a values-aligned ecosystem of developers and users," the Worldcoin Foundation said in an announcement.
But what is Worldcoin, and how has it managed to raise such a whopping amount of money?
WHAT IS WORLDCOIN?
Worldcoin started with a question, âWhat if there were a way to freely distribute shares of a new digital token to every person on the planet?â
From there on, Worldcoin became a mission and a crypto project that aims to create a global identity and financial network for everyone.
It is an open-source protocol, or system that was created to help give everyone access to the global economy. It was designed to be decentralised, which will make the community of its users the stakeholders of its supervision and decision-making.
It uses a device called an orb that scans peopleâs irises to prove they are unique and human and rewards them with Worldcoin tokens.
WHAT OTHER TOOLS DOES WORLDCOIN COME WITH?
Worldcoin is not a sole unit but a group of powerful tools that will together contribute to the digitisation of currency:
World ID - a privacy-preserving digital identity designed to help solve many important, identity-based challenges including proving an individualâs unique personhood.
Worldcoin Token - the first token to be globally and freely distributed to people, for both utility and future governance, just for being a unique individual.
World App - a fully self-custodial app that enables payment, purchases and transfers globally using the Worldcoin token, digital assets, stablecoins and traditional currencies.
HOW DOES WORLDCOIN WORK?
It is a fully custodial app that enables payment, purchases and transfers globally using the Worldcoin token, digital assets, stablecoins and also traditional currencies. With the help of World IDâs unique digital identity, the human role can be demonstrated in an online world which can be populated with increasingly advanced artificial intelligence.
Worldcoin developed a device called Orb, which scans the iris of individuals to prove their uniqueness and humanness and assigns them a World ID that can be used as a global digital passport.
The scan is converted into a string of numbers known as a hash in such a way that itâs impossible to recreate the scanned image even if the hash is compromised. The Orb sends the iris hash and a hash of the userâs public key to Worldcoin servers. If the person hasnât signed up before, the hashes are added to the database and the companyâs blockchain.
CRITICISM Of WORLDCOIN
Before this can actually become a more common reality, Worldcoin also faces many challenges and criticisms. Some people are concerned about the privacy and security of their biometric data, and whether it will be used for other purposes. Others question the feasibility and scalability of the project. There is doubt whether it can reach the billions of people who are either unbanked or underbanked.
