OpenAI’s CEO Sam Altman launches Worldcoin cryptocurrency initiative, plans to tokenise identity of real people

Worldcoin (WLD), a project created by OpenAI CEO Sam Altman, recently introduced its token to be used within the project's ecosystem, with the launch taking place on 24 July 2023. Sam Altman tweeted on his Twitter that, “Worldcoin launches today.”

The project has been a subject of mixed opinions within the crypto space and Silicon Valley, with some praising its ambitious goal of addressing income inequality while others have expressed concerns, describing it as creepy.

The project's software development kit (SDK) waitlist and initial launch took place on March 14, 2023. The main component, called the ‘World ID,’ serves as a digital passport for the whole world that is saved on users' mobile devices. The World ID further asserts that it offers a way to authenticate one's human identity on websites without disclosing private data like phone numbers.

How to get a World ID?

To obtain a World ID,

-a person must first sign up for an in-person iris scan using Worldcoin's 'orb,' a silver ball about the size of a bowling ball

-When the orb's iris scan confirms that the individual is a real human, it generates a World ID

-After obtaining digital verification, the person can proceed to possess Worldcoin tokens and have ownership of them

The developers emphasised that user data would not be stored by the project. Instead, they employed a zero-knowledge proof to verify the user's human identity without revealing the specific data used for verification.

Before the official launch, leading cryptocurrency exchange Binance made an announcement stating their intention to list the project's token on their platform.

Mixed opinions on Worldcoin

Recently, PeckShield, a blockchain security company, identified a fake Worldcoin token that executed a rug pull, causing concerns within the crypto community. Although many individuals expressed support for the Worldcoin project, there were also opposing voices.

Notably, Jack Dorsey, the former CEO of Twitter and a prominent Bitcoin supporter, tweeted his disapproval, stating that no corporation has ownership over the global financial system.

The World ID initiative attracted a lot of attention on 14 July, 2023, and over 2 million people signed up. Sam Altman, one of the project's developers, stated before the token launch that he wanted to achieve 2 billion signups.

The World App project succeeded in securing $115 million on 25 May, 2023 to fund its decentralised identification system and cryptocurrency wallet. The team put out a decentralised, privacy-focused solution that allows people to take charge of their online identity by leveraging developments in artificial intelligence technology.