The bold eyeball-scanning cryptocurrency business Worldcoin, established by Sam Altman, CEO of OpenAI, and Alex Blania, has started to roll out its services internationally. The business aims to expand economic prospects significantly. It also seeks to facilitate global democratic processes and establish a reliable method to distinguish humans from AI online.
Worldcoin raised nearly $250 million with support from investors like Andreessen Horowitz, Khosla Ventures, and Reid Hoffman. Its game-changing influence is imminent. The startup is now launching its token and identity technologies abroad. Users can obtain their exclusive “World ID” by using the Orb, an eyeball-scanning verification device. Additionally, they can download the World App, a protocol-compatible wallet software.
Worldcoin aims to encourage cryptocurrency adoption by installing their wallet on every person’s smartphone. The goal is to make their currency widely accessible. But to do that, the startup needs to figure out a means to tell apart different people.
Worldcoin has covertly onboarded individuals from various nations, including India, over the last three years. Participants receive 25 Worldcoin tokens upon signing up. However, the enterprise has come under fire for its methods in developing nations, sparking worries about exploitation.
Between May 2021 and July 2023, Worldcoin witnessed over 2 million World ID verifications at Orbs in 30+ nations. This demonstrated significant interest in the startup’s offerings. Worldcoin’s website outlines potential applications, including enhancing incentive tactics, combating bots with identity verification, and supporting global democratic governance.
Sam Altman’s Worldcoin salespeople/volunteers/whatever have reached the neighborhood. 25 tokens for your retina scan. One of the pamphlets: pic.twitter.com/eXuUztNKVO
— Manish Singh (@refsrc) March 1, 2023
Worldcoin Ambitious Goals and Global Rollout
Notably, Worldcoin is not launching in the United States at this time and is holding back around 20% of its tokens. For the first 15 years, the business intends to cap the total token supply at 10 billion “WLD” tokens. The maximum circulation quantity of the ERC-20-based token is set at 143 million at the time of the initial launch.
The ambitious goals of Worldcoin include the potential to greatly expand economic opportunities, establish a trustworthy method for differentiating between people and AI online while protecting privacy, facilitate international democratic processes, and possibly pave the way for an AI-founded Universal Basic Income (UBI).
The firm calls itself an “attempt at global scale alignment”, which prompted Jack Dorsey, co-founder of Twitter and an authority on cryptocurrencies, to respond by jokingly calling it “cute”.
The world excitedly awaits to see how this bold initiative will affect the future of cryptocurrencies and their capacity to produce ground-breaking solutions on a global scale as Worldcoin continues its global rollout.