Worldcoin is a cryptocurrency project created by Sam Altman, OpenAI’s chief executive, co-founder for the company called Tools for Humanity.Worldcoin is a cryptocurrency project that was launched in May 2023, gained attention due to its ambitious goal of providing a form of universal basic income (UBI) by distributing tokens to individuals worldwide. These tokens can be traded globally on various cryptocurrency exchanges, with prominent exchanges like Binance, Bybit, Huobi, OKX, and Gate already confirming the listing of the “WLD” token.The project aimed to utilize iris-scanning technology for identification purposes to prevent fraud in token distribution. Every Worldcoin orb contains a camera designed to record images of a person’s irises. The orbs convert those scans into bits of numerical code, which are supposed to serve as a new type of digital ID. This concept of using eye-scanning orbs in the crypto space might seem futuristic and could potentially introduce heightened security measures for authentication and access control. However, integrating this technology into crypto systems is likely to require robust privacy measures and stringent security protocols to ensure user data protection and prevent unauthorized access and this has been promised by tools for humanity as regards worldcoin. While it’s an intriguing project, the adoption and implementation is facing challenges related to user acceptance, regulatory compliance, and technological feasibility.
Worldcoin has already made millions after launching its groundbreaking token. With a market capitalization that nearly touched $350 million, it’s the talk of the town and the envy of crypto enthusiasts worldwide at the moment.
The key aspects of Worldcoin included:
Iris Scanning for Identification: Worldcoin proposed to use iris-scanning technology to authenticate and identify individuals. Iris scanning is a biometric technology that involves capturing high-resolution images of the iris – the colored part of the eye encircling the pupil. It’s a unique and stable feature of the human eye, known for its complexity and distinctiveness among individuals.This approach is intended to prevent fraud and ensure that tokens are distributed fairly and securely.
Universal Basic Income (UBI): The project’s primary objective was to distribute tokens or cryptocurrency to people globally. This distribution was intended to serve as a form of UBI, providing financial support to individuals, particularly in regions facing economic challenges.
Technology and Implementation: The project combined iris-scanning technology with blockchain-based cryptocurrency distribution. However, concerns are being raised about the privacy implications, security measures, and the practicality of implementing such a system on a global scale.
Controversies and Debate: The project is sparking serious discussions and debates around various issues, including privacy concerns related to biometric data collection, potential risks associated with centralized control over token distribution, and the ethical implications of using iris-scanning technology for identification.The authorities in France and Germany had said, they were investigating Worldcoin’s data collection practices. Also, the government of Kenya has ordered Tools for Humanity to stop conducting scans, blaming a “lack of clarity” in its handling of sensitive information.
How To Obtain A Worldcoin ID.
To obtain your World ID, follow these steps:
Step 1. Download or Install The App:
The first step is to download the App, the mobile wallet linked to the Worldcoin platform. The app is available for download on both Android and iOS devices.
Step2. Sign Up:
Once you have downloaded and installed the World App, the signup process is simple and can be completed within minutes. While linking your mobile number to your account is optional, it is recommended to aid in recovery if you ever lose access to your phone. Additionally, the app offers a backup feature to save your details to your Google Drive, requiring authentication of your Google account.
Step 3. Physical Verification:
After signing up, you can locate the nearest physical verification orb, available at pop-up locations in 35 cities across 20 countries (with more locations to be added in the future). The verification process involves an eye-scanning procedure to confirm your identity as a human.
However, concerns about privacy, data security, and the potential misuse of biometric data have been raised in contexts where iris scanning technology is utilized, especially when integrated into large-scale identification or surveillance systems.Worldcoin, as previously discussed, aimed to distribute tokens as a form of Universal Basic Income by leveraging cryptocurrency and iris-scanning technology. The project’s objective is to provide financial support to individuals globally, utilizing UBI principles.