Worldcoin is a crypto project that aims to give every human on the planet a stake in the global economy. Co-founded by OpenAI CEO Sam Altman and Alex Blania, Worldcoin is a digital identity verification platform that rewards users with its native token, WLD, for scanning their irises.
Worldcoin was launched in July 2023 with a bold vision: to introduce worldwide Universal Basic Income (UBI) by distributing WLD tokens to everyone who verifies their identity with the Worldcoin network. Worldcoin believes that UBI can empower people to pursue their passions, reduce inequality, and create a more human economic system.
To achieve this vision, Worldcoin has developed a unique device called the Orb, a metallic sphere that uses multispectral sensors to scan the irises of users and verify their humanness and uniqueness. The Orb is designed to be privacy-preserving, as all images are deleted on-device by default and users can choose their level of data custody.
Worldcoin has also created World App, the first crypto wallet app that supports World ID, the global identity network powered by Worldcoin. World App allows users to claim their free WLD tokens, send and receive payments, and participate in the governance of the Worldcoin protocol. As of February 2024, World App has reached over 1 million users, a 10x increase from November 2023.
Worldcoin’s innovative approach to identity and UBI has attracted both praise and criticism from various stakeholders. On one hand, Worldcoin has been hailed as a game-changer for financial inclusion and social justice, as it offers a new way for people to access the benefits of the crypto economy. On the other hand, Worldcoin has faced regulatory challenges and privacy concerns over its use of biometric data, especially in regions such as Hong Kong, Kenya, and India.
Despite these hurdles, Worldcoin has shown remarkable resilience and growth in the crypto market. In the last week of February 2024, the WLD token surged more than 140%, reaching a new all-time high. This coincided with some major announcements from OpenAI, the AI research company co-founded by Sam Altman. OpenAI revealed its new text-to-video generator, Sora, and its ambitious plan to raise $7 trillion for its chip development.
Worldcoin is a crypto project with a vision for a more human economy. By combining digital identity, UBI, and crypto, Worldcoin hopes to create a network that gives ownership to everyone.
