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Worldcoin, the new cryptocurrency co-founded by OpenAI’s CEO Sam Altman, made an impressive debut on its first trading day. Investors showed great interest in the hype surrounding artificial intelligence, reaching a peak of $5.29 in early trading on Binance from a starting price of $0.15 on Monday.
“More than three years ago we founded Worldcoin with the ambition of creating a new identity and financial network owned by everyone; the rollout begins today. If successful, we believe Worldcoin could drastically increase economic opportunity, scale a reliable solution for distinguishing humans from AI online while preserving privacy, enable global democratic processes, and eventually show a potential path to Al-funded UBI,” a joint statement from co-founders Alex Blania, Sam Altman said.
What sets Worldcoin apart from other cryptocurrencies?
The differentiating factor is its implementation of biometric iris scans through a digital instrument- the Orb device, creating a unique “World ID” to ensure “fairness and prevent duplication”.
Origin of Worldcoin
The idea for Worldcoin originated in 2020 when co-founders Alex Blania, Sam Altman, and Max Novendstern envisioned widespread distribution of a new digital token, aiming to encourage its adoption for easy payments and even exploring the idea of equitably distributing AI-generated profits.
Altman sees Worldcoin as a tool to address income inequality
Sam Altman, the ChatGPT founder, believes Worldcoin can address income inequality, particularly in the context of generative AI reshaping the economy. He envisions Worldcoin’s potential contribution to universal basic income (UBI), a social benefits program that provides payments to every individual. With AI taking on more work currently done by people, Altman sees UBI as a way to combat income disparity. Worldcoin’s unique World ID feature can help reduce fraud when implementing UBI.
What about the orb device accessibility?
Worldcoin faces the challenge of making the Orb device accessible to more people. They plan to offer coupons and access to loans to encourage sign-ups. However, privacy, security, feasibility, and token value have been subjects of concern.
The company behind Worldcoin, Tools for Humanity, is based in San Francisco and Berlin. During its beta period, the project attracted 2 million users, and with its recent launch, Worldcoin is expanding its “orbing” operations to 35 cities in 20 countries.
(Inputs from wires)
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