24 Jul, 2023

Worldcoin Launches New Token to Differentiate People from Bots

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Worldcoin Launches New Token

TLDR

Worldcoin, a project co-started by OpenAI’s CEO Sam Altman, launched its token on July 24 to mixed reviews. The project aims to tackle income inequality and online identity verification through its worldwide digital ID system, World ID. Worldcoin also offers a zero-fee crypto wallet for verified humans. Despite challenges like counterfeit tokens, the project has over 2 million sign-ups and aims to reach 2 billion users. Supported by $115 million in funding, Worldcoin plans to use AI technology to provide a decentralized, privacy-preserving online identity management solution.

From Idea to Launch of Worldcoin

Sam Altman, CEO of OpenAI, has partly initiated a project named “Worldcoin,” which unveiled its ecosystem token on July 24. The project has stirred diverse responses, from those admiring its lofty goals to those uneasy about its futuristic approach. Despite mixed feedback, Worldcoin strives to tackle income inequality and online identity verification.

Worldcoin first saw daylight on March 14, alongside a waitlist for its software development kit (SDK). The Worldcoin team envisions World ID as a worldwide digital ID that individuals can keep on their mobile devices. They suggest this ID could verify a user’s humanity, eliminating the need to share personal details like website phone numbers.

On May 8, Worldcoin introduced its zero-fee crypto wallet, available only for verified humans. After signing up for a World ID, users could enjoy cost-free transfers. This process requires either a phone number or an iris scan.

The project assures users that their data will not be stored. Instead, it uses a zero-knowledge proof to confirm a user’s humanity without exposing the information that led to that verification.

Several cryptocurrency exchanges, including Binance, Bybit, OKX, Gate.io, and Huobi, announced their intent to list the token with the token launch.

However, there have been some hiccups. Blockchain security company PeckShield revealed that a counterfeit Worldcoin token has already performed a “rug pull.”

Reactions to Worldcoin and Altman Plans

Reactions from the community are diverse. For instance, ex-Twitter CEO and Bitcoin enthusiast Jack Dorsey voiced his opinion, stating corporations or governments should not own any part of the worldwide financial structure.

Relatedly, Altman made headlines in an AI safety Senate hearing.

On another positive note, over 2 million individuals signed up for the World ID project by July 14. Altman shared his aspiration to boost this figure to a staggering 2 billion during the token launch.

Worldcoin’s Funding and Future Plans

Worldcoin’s efforts were fueled by securing $115 million on May 25. The funding will be directed towards their decentralized identification system and crypto wallet, the World App. By leveraging emerging AI technology, the team proposes a “decentralized, privacy-preserving solution” to protect online users and empower individuals to manage their identities.