A cryptocurrency “that will be freely distributed among people because of their uniqueness as individuals,” as stated on the website of Worldcoin, the cryptocurrency project of Sam Altman, creator of ChatGPT. Money for everyone – straight out of thin air. To get them, you need to look inside the futuristic look of the ORB chrome sphere and scan your pupils.
The vision of the future of mankind from OpenAI in the light of the implementation of this project is very tempting. Thus, due to the most powerful automation in history, it is planned to enter the “era of abundance”, when every inhabitant of the Earth, who is a participant in the project, will receive an unconditional basic income.
This may seem like science fiction, but it’s important to understand that Worldcoin is building the world ‘s largest identity and financial network as a public service.
Worldcoin: Digital Analogue of Unconditional Basic Income
The Worldcoin cryptocurrency was created by the CEO of OpenAI (ChatGPT) Sam Altman in collaboration with venture capital fund Andreessen Horowitz. Andreessen Horowitz, also known as a16z, is a venture capital firm that has become well known for investing in companies such as Facebook, Airbnb, Twitter, Lyft and more.
Worldcoin is a project claiming to develop a digital currency to be automatically credited to every person on earth as a guaranteed basic income. This means that every person, regardless of their income or social status, will receive a certain amount of digital currency regularly.
Worldcoin is marketed as a similar idea to the concept of an unconditional basic income, as it seeks to provide a person with a fixed amount of cash to provide a minimum level of financial support for basic necessities of life.
The goal of Worldcoin as they say, is to “create universal access to the global economy regardless of country or background, accelerating the transition to an economic future that welcomes and benefits every person on the planet.”
How does WorldCoin work?
Worldcoin uses a combination of biometric data, cryptography and incentive methods to authenticate users and award them digital currency. This is handy because traditional methods that require official government documents are not available to billions of people around the world.
This method allows you to effectively determine the uniqueness of each person using an innovative approach and avoid double-counting user fraud.
Worldcoin introduced a new Proof-of-Personhood system using iris scanning. When scanned, the system creates an IrisHash, a unique code that is stored in an eye-scanning device called an “ORB.”
It is this code that guarantees the uniqueness of the Proof-of-Personhood, since the iris of each person’s eye is unique. In this way, the ORB device itself translates the physical unique identity into a digital form.
The code is supposedly protected using various cryptographic methods. Ethereum’s Layer 2 Optimism is currently in use, allowing Worldcoin to increase throughput by processing transactions in the second layer of the network, outside of the Ethereum main chain.
After verification, the user can proceed with registration and receive a unique wallet and QR code, with which he can log into his account in the Worldcoin wallet. Most users can be rewarded for joining the platform in the form of Worldcoin (WLD) tokens, equivalent to approximately $25 USD.
Worldcoin: the “answer” to the challenge of time
Now few people think about what the new world will be like and what new economic model will emerge in the era of the development of artificial intelligence. Soon we will face the reality of life among the many digital avatars. How do we determine who is in front of us? Human or AI agent? How do we deal with the huge differences in intelligence and the loss of jobs by millions of citizens? Will we be able to save the existing model of the world order? And then, when we begin to realize that the old framework and principles are no longer applicable in the new context, Worldcoin will begin to make sense, but with a twist.
Right now, there are those who voluntarily hand over their biometric data and receive “small amounts” of Worldcoin in exchange for signing up to the World ID system.
People in many southern European countries, notably Spain and Portugal, are giving their iris biometrics as proof of identity to access a cryptocurrency wallet.
The registration process involves exposing your eyes to what are known as Worldcoin’s Orb iris scanners.
Take-up in Spain, where the system first became available a year ago, is greater than elsewhere – 150,000 participants in total, 20,000 new people each day, and Barcelona is where several Orb scanners will be installed.
Portugal is not far behind, with 120,000 participants, and Germany is also said to be gearing up for the project.
Millions of “biometric credentials” are now managed by Worldcoin.
Why do people sign up for it?
“Something like World ID is going to be everywhere, because it means you’re going to have to verify (if you’re human) on the Internet, whether you like it or not,” said Worldcoin CEO Alex Blania.
“Like it or not” are the sweet words that everyone (doesn’t) want to hear about something like this, but that’s what Worldcoin’s CEO decided to say when asked to describe the future.
In this, according to Blania, digital identity will be so widespread that it will become inevitable (i.e. the ground zero will be when people are asked to implant a way to carry that identity into their bodies, without which they will be able neither to sell nor to buy).
“No one will escape identity verification if they want to be online in everything,” Blania says, linking global identity to “advances” in “artificial intelligence,” predicting that this will happen as soon as within a few years.
