Central Idea

OpenAI CEO Sam Altman recently reintroduced Worldcoin, a project that was previously overshadowed by the popularity of ChatGPT.

What is WorldCoin?

The Worldcoin venture involves a unique model where individuals have their eyes scanned to establish their human uniqueness.
In return for the eye scan, participants receive cryptocurrency and a World ID, forming the basis of the project.
Worldcoin’s aim is to create the “world’s largest identity and financial public network,” accessible to people globally.

Orb Operators: Worldcoin relies on volunteers called “Orb operators” who use a device called “Orb” to scan people’s iris patterns and collect their biometric data.
World ID: Participants receive a World ID through the World app after getting their irises scanned. This unique ID allows them to claim Worldcoin cryptocurrency and conduct transactions.
Proof of Personhood: Scanning irises ensures that people cannot sign up multiple times to receive more crypto rewards.
Cryptocurrency and Transactions: Users can collect WLD at regular intervals or use it for transactions, similar to a standard digital currency.

WLD Token: WLD is a cryptocurrency based on the Ethereum blockchain and can be bought, sold, or traded on major exchanges.
Regulatory Compliance: Worldcoin ensures compliance with Europe’s GDPR and uses zero-knowledge proofs (ZKPs) to maintain user privacy. User data is encrypted and not sold, though it may be shared with necessary third parties.

Price Volatility: As with most cryptocurrencies, the price of WLD is subject to fluctuations. Its value can rise or fall, and users should be cautious about investing in lesser-known digital currencies.
Security Risks: Users must be wary of potential scams or hacks related to cryptocurrency investments.

Privacy Concerns: Worldcoin faced criticism over privacy concerns about the use of biometrics for verification.
Scanning in Emerging Economies: Reports indicated that Worldcoin scanned underprivileged people’s irises in emerging economies during the COVID-19 pandemic, raising ethical questions about informed consent and rewards for scans.

Orb Operators in India: Worldcoin has deployed Orb operators in various locations, particularly in Delhi, Noida, and Bangalore, where people’s irises are scanned to join the network.

Worldcoin’s vision of a global digital network with biometric identity and cryptocurrency rewards is both promising and controversial.
While it aims to foster financial inclusion and provide digital opportunities, it must address privacy and ethical concerns to gain wider acceptance and trust among users worldwide.