Sam Altman (Worldcoin), the CEO of OpenAI, who gained widespread recognition for his impressive accomplishments with the launch of ChatGPT, is now making headlines once more. This time, the focus is on his cryptocurrency venture. After three years of dedicated efforts, navigating through fluctuations in the digital-asset market and making significant financial investments, Altman has successfully introduced the iris biometric cryptocurrency project, Worldcoin. In his statement, Altman emphasized that Worldcoin aims to achieve global scale alignment, acknowledging that the path ahead will be arduous, and the ultimate outcome remains uncertain.
Furthermore, on July 23, users received a notification prompting them to update the mobile app, which led to a temporary blockage of the app’s features. The displayed message stated, “The moment has come. Join us in the World App on July 24, 2023, at 11 am.”
A Closer Look at Worldcoin
It is essential to emphasize that Worldcoin has a primary focus on addressing two key areas: online identity verification and income inequality.
Worldcoin is a cryptocurrency initiative that incorporates iris biometrics and includes the World ID system, the Orb iris scanner, and the World App wallet. Although some experts have raised concerns about privacy and security regarding the company’s iris-scanning AI, Altman remains optimistic that these concerns will decrease with the open-sourcing of the code.
With the recent update, developers now have access to the Worldcoin software development kit [SDK], which was previously in beta mode. This enables them to create tools and applications using the project’s identity protocol called the World ID. Concurrently, alongside the introduction of the Worldcoin Protocol, the Worldcoin Foundation introduced its World ID system and expanded the availability of the World App to over 80 countries, with plans to extend its reach to cover 120 countries.
To achieve full verification, users are required to undergo iris scanning using the specialized device called Orb. This device generates a unique identifier based on their irises. It is important to note that the company guarantees Orb does not process or store any associated data locally. Once individuals have completed verification through Orb, they will receive an initial allocation of 25 WLD tokens, in addition to receiving regular grants in the future. Moreover, starting today, users have the option to reserve tokens on the World App until they can visit an Orb location for the verification process.
Introducing Orbs
Orbs, a technological creation by Tools for Humanity, were conceptualized and manufactured. The decision to make Orbs open-source was driven not only by the goal of transparency but also to enable others to produce Orbs that align with the protocol’s objectives. Tiago Sada, head of product, engineering, and design at Tools for Humanity, disclosed,
“At present, we have approximately 200 Orbs in a few cities. In the coming months, we aim to scale up to around 1,500 Orbs worldwide by the end of the year.”
Currently, Worldcoin Orbs are available in several global cities, including Berlin, Dubai, London, Mexico City, Miami, New York City, San Francisco, Seoul, and Tokyo. Furthermore, the launch of the token signifies the project’s successful migration to the Optimism network, an Ethereum Layer 2 scaling solution. Additionally, the availability of Orbs will be expanded globally in the future.
Will Worldcoin’s WLD be available on exchanges?
“We will observe the actions of other parties and see how they respond. What we can confirm is that specific features, such as certain peer-to-peer concepts, will be accessible on the World App right from the start, while other aspects will be left to the discretion of different individuals or groups.”
Currently, OKX, a cryptocurrency exchange, has introduced the Worldcoin [WLD] recharge page, facilitating transactions with support for ERC20 and Optimism. Notably, Binance, the world’s largest cryptocurrency exchange, has provided support for this project by announcing its listing. However, due to regulatory uncertainties, WLD will not be accessible in the United States.
Like many new products, facing criticism is almost inevitable, and Worldcoin was not exempt from this. Following the launch of Worldcoin, Jack Dorsey, the former owner of Twitter, made comments expressing his thoughts. Some individuals started commenting on how “Bitcoin is already a world coin,” implying that Worldcoin’s vision might not be as groundbreaking as perceived. Dorsey also took a subtle dig at the project’s vision, referring to it as “an attempt at global scale alignment… cute.”