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  <p class="is-style-lead">Worldcoin, by OpenAI’s Sam Altman, combines blockchain and UBI, igniting privacy and security debates. Will this iris-scanning global financial network shape socio-economic reform?</p> 
  <p>The internet has always been a breeding ground for the bizarre and the extraordinary. As AI technologies like large language models (LLMs) and OpenAI’s <a href="https://crypto.news/solana-incorporates-%d1%81hatgpt-into-their-network/" rel="noopener noreferrer nofollow">ChatGPT</a> continue to revolutionize digital landscapes, the line between human and machine is growing ever thinner.&nbsp;</p> 
  <p>But in this chimeric world, one name stands out: Sam Altman, the co-founder of OpenAI. Altman’s crypto project, Worldcoin, has been making waves with its vision of UBI distributed through <a href="https://crypto.news/learn/what-is-a-blockchain/" rel="noopener noreferrer nofollow">blockchain</a>.&nbsp;</p> 
  <p>Yes, you read it right — a crypto token for everyone. But there’s a twist: Worldcoin’s unique distribution mechanism involves scanning your iris.</p> 
  <h2 class="wp-block-heading" id="what-is-worldcoin">What is Worldcoin</h2> 
  <p>Worldcoin, launched in 2019, represents a new approach to cryptocurrency underpinned by the ideal of more equitable global wealth distribution.&nbsp;</p> 
  <p>Worldcoin seeks to give everyone on earth an equal share of this digital currency, a concept that draws inspiration from the UBI model.</p> 
  <p>UBI is a form of social security system where the state provides all citizens with a regular sum of money, regardless of their income or employment status. The key defining aspects of UBI are its universality, unconditionality, and regularity.</p> 
  <p>However, gaining access to Worldcoin’s innovative monetary system involves a contentious requirement: users must scan their iris.&nbsp;</p> 
  <p>This requirement implies that Worldcoin could potentially amass billions of individual biometric data profiles worldwide, a prospect that has raised significant debate about privacy and data security.</p> 
  <p>Worldcoin has countered these concerns by stating that the hashed data cannot be reverse-engineered and is secure. However, the proof of this pudding, as they say, lies in the eating.</p> 
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     <p lang="en" dir="ltr">How does private iris image capture &amp; processing work?<br><br>In a nutshell, images are processed in-memory locally on the Orb &amp; then deleted. The output is an iris code only, which is a way to numerically represent the texture of an iris.<br><br>Learn more below:<a href="https://t.co/VxPCshFCSO" target="_blank" rel="noopener noreferrer nofollow">https://t.co/VxPCshFCSO</a></p>— Worldcoin (@worldcoin) <a href="https://twitter.com/worldcoin/status/1658555997340745728?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">May 16, 2023</a> 
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  <h2 class="wp-block-heading" id="how-does-worldcoin-work">How does Worldcoin work</h2> 
  <p>At the heart of Worldcoin’s ecosystem lies the World App, a platform <a href="https://worldcoin.org/blog/announcements/introducing-world-app" target="_blank" rel="noopener noreferrer nofollow">crafted</a> to serve multiple purposes.&nbsp;</p> 
  <p>It functions as a digital wallet, a private digital identity verifier, and a conduit of the new financial system. The foundation of the World App is the World ID, a distinct digital identity system that functions as a passport for individuals to access online services.</p> 
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     <p lang="en" dir="ltr">What can you do with World App? It starts with World ID, your human passport to access new online services. <a href="https://t.co/y1x4J28Sws" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/y1x4J28Sws</a></p>— Worldcoin (@worldcoin) <a href="https://twitter.com/worldcoin/status/1657064676654448648?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">May 12, 2023</a> 
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  <p>Users can verify their identities privately using a unique device called an Orb. Once verified, this ID can be used to sign into various platforms, from websites and mobile apps to decentralized applications (<a href="https://crypto.news/learn/what-is-a-dapp/" rel="noopener noreferrer nofollow">dApps</a>).&nbsp;</p> 
  <p>This streamlined process ensures each user’s uniqueness and authenticity without disclosing personal data, such as names or email addresses.</p> 
  <p>Beyond identity verification, the World App also provides economic opportunities. Eligible users can claim monthly Worldcoin Grants, recurring stipends available to any verified person with a World ID in eligible countries.&nbsp;</p> 
  <p>In its beta phase, these grants are distributed weekly, with plans to transition to a monthly schedule post the Worldcoin launch.</p> 
  <p>Despite its beta status, the World App has already attracted a significant user base. According to a statement by Tools for Humanity (TFH), the organization behind Worldcoin, the app is currently one of the most popular ways to access crypto, with 2 million people joining the beta and over 500,000 active users monthly.</p> 
  <p> You might also like: <a href="https://crypto.news/worldcoins-world-id-program-surges-past-2m-signups/" rel="noopener noreferrer nofollow"> Worldcoin’s World ID program surges past 2m signups </a> </p> 
  <p>The World App also caters to users’ financial needs as a digital wallet. It allows savings in digital dollars. Users can deposit and withdraw funds using various methods, including bank accounts, local payment options, or nearby agents.&nbsp;</p> 
  <p>In addition, it empowers users to send money to friends or family across the globe using their phone contacts or crypto addresses.</p> 
  <p>As of June 16, the World App supports a range of tokens, including ethereum (<a href="https://crypto.news/price/ethereum/" rel="noopener noreferrer nofollow">ETH</a>), bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>), <a href="https://crypto.news/price/dai/" rel="noopener noreferrer nofollow">DAI</a>, <a href="https://crypto.news/price/usd-coin/" rel="noopener noreferrer nofollow">USDC</a>, and Beta WLD. It allows users to monitor their balances, receive alerts regarding significant changes, and trade with decentralized exchanges.</p> 
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   <div class="wp-block-embed__wrapper"> <iframe title="Worldcoin: Get FREE Crypto For Scanning Your Eyes??" width="1020" height="574" src="https://www.youtube.com/embed/2ROKW4yu5XM?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
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  <h2 class="wp-block-heading" id="funding-and-development-goals">Funding and development goals</h2> 
  <p>Worldcoin, with its vision, has attracted significant financial attention. The project has reportedly closed a $100 million funding round, signaling strong investor confidence despite the project’s relative infancy and the wider crypto volatility.</p> 
  <p> You might also like: <a href="https://crypto.news/openai-secures-100m-for-worldcoin-launch/" rel="noopener noreferrer nofollow"> OpenAI secures $100m for Worldcoin launch </a> </p> 
  <p>Among the backers of Worldcoin are renowned venture capital firms Andreessen Horowitz (a16z) and Khosla Ventures. These firms played a crucial role in an earlier funding round that valued the project at around $3 billion. Other prominent investors include Digital Currency Group, <a href="https://crypto.news/exchanges/coinbase/" rel="noopener noreferrer nofollow">Coinbase</a> Ventures, and Multicoin.</p> 
  <p>The initial goal of Worldcoin is to <a href="https://techcrunch.com/2021/10/21/sam-altmans-worldcoin-wants-to-scan-every-humans-eyeball-and-give-them-crypto-in-exchange/" target="_blank" rel="noopener noreferrer nofollow">distribute</a> 10 billion tokens in total, 80% of which are planned to go to users.&nbsp;</p> 
  <p>Worldcoin’s founders believe the more people that hold the currency, the easier it will become to send and receive payments. They hope this widespread adoption will facilitate the growth of a global financial network.</p> 
  <p>To achieve these goals, the Worldcoin team is improving the accessibility of their unique iris-scanning device, the Orb. This includes incentivizing sign-ups with offers of coupons or access to specific loans.&nbsp;</p> 
  <p>They also plan to launch an SDK, allowing developers to incorporate Worldcoin technology into their applications and platforms.</p> 
  <h2 class="wp-block-heading" id="worldcoin-and-the-future-of-ubi">Worldcoin and the future of UBI</h2> 
  <p>The concept of UBI is not new. However, Worldcoin’s attempt to implement a blockchain-based version of it is a new approach.&nbsp;</p> 
  <p>If successful, it could serve as a blueprint for future attempts at establishing UBI systems, potentially altering how governments approach social welfare systems.</p> 
  <p>By providing a decentralized, transparent, and globally accessible economic platform, Worldcoin could potentially empower underprivileged and marginalized communities.&nbsp;</p> 
  <p>This would be a significant stride towards achieving a more equitable global economy, something that conventional financial systems have struggled to accomplish.</p> 
  <p>Worldcoin’s success could also have ripple effects across the cryptocurrency market. It could prove that cryptocurrencies can be more than just speculative assets or mediums of exchange; they can also be tools for socio-economic reform.</p> 
  <p>The potential for a more inclusive financial ecosystem might inspire other blockchain projects to adopt similar measures. This could lead to new developments in the crypto space, driven by a renewed focus on social impact and equity.</p> 
  <p> You might also like: <a href="https://crypto.news/blockchain-capital-fuels-worldcoin-with-115m/" rel="noopener noreferrer nofollow"> Blockchain Capital fuels Worldcoin with $115m </a> </p> 
  <h2 class="wp-block-heading" id="worldcoin-s-future">Worldcoin’s future</h2> 
  <p>As Worldcoin continues its journey, it serves as a reminder of what is possible when technology is used to promote global equity.</p> 
  <p>Yet, the project’s success will ultimately depend on its ability to navigate regulatory hurdles, address privacy concerns, and demonstrate the real-world utility of its token. The world watches with bated breath.</p> 
  <p> Read more: <a href="https://crypto.news/worldcoin-integrates-with-oktas-auth0-initiates-world-id-registrations-in-germany/" rel="noopener noreferrer nofollow"> Worldcoin integrates with Okta’s Auth0, initiates World ID registrations in Germany </a> </p>
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What is Worldcoin: the iris-scanning crypto project that sparks privacy debates

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