Worldcoin

Worldcoin is an iris biometric cryptocurrency project developed by San Francisco and Berlin-based Tools for Humanity. Founded in 2019 by OpenAI chief executive Sam Altman, Max Novendstern, and Alex Blania, it is backed by VC Andreessen Horowitz.[1][2][3][4][5]

Worldcoin
Denominations
CodeWLD
Development
White paperwhitepaper.worldcoin.org
Developer(s)Tools for Humanity
Website
Websiteworldcoin.org

History

In 2021, the company stated that its token (WLD) is intended to be a larger effort to drive a more unified and equitable global economy driven by the internet economy, although it will not be available in the USA. The token will be a Layer 2 Ethereum-based cryptocurrency that leverages the security of the Ethereum blockchain while having its own economy.[6][7][8]

In October 2021, the project raised an initial $25 million. Within six months, an additional $100 million was raised, pushing the token's value up to $3 billion.[9]

In April 2022, a report from MIT Technology Review cited those from the community who accused Worldcoin of "taking advantage of students" and "targeting lower-income communities", and came to the conclusion that "it's just cheaper and easier to run this kind of data collection operation in places where people have little money and few legal protections."[4]

In May 2023, TechCrunch reported that hackers had been able to steal login credentials of several of Worldcoin's operators' personal devices including their credentials to the Worldcoin operator app. However, Worldcoin's spokesperson said that no personal user data was compromised, as the operator app does not access user data.[10]

Further funding of $115 million was announced in May 2023, to be used for investment into bot detection, research and development, and expanding the Worldcoin project and application. While in beta, Worldcoin was reported to have onboarded approximately two million users.[11]

Worldcoin launched out of beta on July 24, 2023[12][13] with 11 orb locations in the U.S. and plans for 35 cities in 20 countries.[14]

In August 2023, Kenya, one of the first countries where Worldcoin was launched, suspended its enrollment in the country, citing security, privacy and financial concerns.[15][16] Worldcoin was previous ordered to stop collecting personal data by the Kenyan Office of the Data Protection Commissioner, but did not comply.[17]

Design

Worldcoin hopes to provide a reliable way to authenticate humans online called World ID,[18] to counter bots and fake virtual identities facilitated by artificial intelligence. Worldcoin attempts to recruit new users to join its network by getting their iris scanned using Worldcoin's orb-shaped iris scanner in return for some Worldcoin.[19] Worldcoin claims the distribution mechanism was inspired by universal basic income discussions.[20]

References
  1. Mascellino, Alessandro (February 13, 2023). "Iris biometrics crypto project Worldcoin reportedly looks for $120M investment | Biometric Update". www.biometricupdate.com. Retrieved April 14, 2023.
  2. Loizos, Connie (March 8, 2023). "Worldcoin, co-founded by Sam Altman, is betting the next big thing in AI is proving you are human". TechCrunch. Retrieved April 14, 2023.
  3. Nieva, Richard; Sethi, Aman (April 21, 2022). "Worldcoin Promised Free Crypto If They Scanned Their Eyeballs With "The Orb." Now They Feel Robbed". BuzzFeed News. Retrieved May 27, 2023.
  4. Guo, Eileen; Renaldi, Adi (April 6, 2022). "Deception, exploited workers, and cash handouts: How Worldcoin recruited its first half a million test users". MIT Technology Review. Retrieved May 27, 2023.
  5. "You Can Get This Free Crypto—If the 'Orb' Scans Your Eye". Wired. October 21, 2021. Archived from the original on June 29, 2023.
  6. "Sam Altman wants to give you crypto to scan your eyeballs. Can he get 8 billion people stare into a futuristic orb to prove they're not A.I. bots?". Fortune Crypto. Retrieved June 25, 2023.
  7. Matney, Lucas (October 21, 2021). "Sam Altman's Worldcoin wants to scan eyeballs in exchange for crypto". TechCrunch. Retrieved June 25, 2023.
  8. "Secure Bitcoin Exchange".
  9. Levingston, Ivan; Hammond, George (May 14, 2023). "OpenAI's Sam Altman nears $100mn funding for Worldcoin crypto project". Financial Times. Retrieved June 25, 2023.
  10. Page, Carly (May 12, 2023). "Hackers stole passwords of Worldcoin Orb operators".
  11. Melinek, Jacquelyn (May 25, 2023). "Sam Altman's crypto project Worldcoin got more coin in latest $115M raise". TechCrunch. Retrieved June 25, 2023.
  12. Hart, Robert (July 24, 2023). "What Is Worldcoin? Here's What To Know About The Eyeball-Scanning Crypto Project Launched By OpenAI's Sam Altman". Forbes.
  13. Tong, Anna (July 24, 2023). "OpenAI's Sam Altman launches Worldcoin crypto project". Reuters.
  14. Diaz, Maria (July 24, 2023). "What is Worldcoin? Eye-scanning crypto project launched by OpenAI CEO". ZDNET. Retrieved July 29, 2023.
  15. Njanja, Annie (August 2, 2023). "Kenya suspends Worldcoin scans over security, privacy and financial concerns". TechCrunch. Retrieved August 18, 2023.
  16. Roth, Emma (August 2, 2023). "Kenya suspends Sam Altman's eyeball-scanning crypto project". The Verge. Retrieved August 18, 2023.
  17. Njanja, Annie (August 15, 2023). "Worldcoin ignored initial order to stop iris scans in Kenya, records show". TechCrunch. Retrieved August 18, 2023.
  18. Pandolfo, Chris (May 16, 2023). "OpenAI CEO Sam Altman raises $100M for Worldcoin crypto project, which uses 'Orb' to scan your eye: report". FOXBusiness.
  19. "Worldcoin suspended in Kenya as thousands queue for free money". BBC News. August 2, 2023. Retrieved August 26, 2023.
  20. Browne, Ryan (October 21, 2021). "Silicon Valley entrepreneur Sam Altman wants to scan your eyes in exchange for free cryptocurrency". CNBC. Retrieved August 26, 2023.
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