Worldcoin, an initiative led by Sam Altman, aims to create an identity and financial network by distributing free crypto tokens to individuals who agree to have their irises scanned. The project has launched in various cities worldwide.
According to OpenAI’s Altman and Worldcoin co-founders Alex Blania and Max Novendstern, approximately 4.4 billion people lack a legally recognized, digitally verifiable identity, which restricts their access to the global economy, government aid, financial services, and healthcare.
Worldcoin’s goal is to provide “universal access to the global economy regardless of country or background” and to facilitate “global democratic processes” in the context of artificial intelligence (AI). To achieve this, they developed the Worldcoin token, which is distributed to individuals simply for being unique. This token, along with other digital assets and traditional currencies, can be used for payments and transfers globally through the World App.
To verify uniqueness and receive the token, users undergo an eye scan using a device known as “The Orb.” The founders assert that the project has the potential to enhance economic opportunities while establishing a trustworthy method for distinguishing humans from AI online, all while maintaining privacy. Ultimately, it could lay the groundwork for an AI-funded universal basic income.
Following a successful funding round in May that raised $115 million, Worldcoin has now migrated to the OP Mainnet, announced plans to expand Orb sign-ups to over 35 cities across 20 countries, and released the World ID SDK. Additionally, a subsidiary has minted and distributed the Worldcoin token to millions of individuals who participated in the beta phase, making it transactable on the blockchain.