OpenAI's Sam Altman Unveils Worldcoin Crypto Project By CIOTechOutlook Team

OpenAI's Sam Altman Unveils Worldcoin Crypto Project

CIOTechOutlook Team | Monday, 24 July 2023, 08:48 IST

Sam Altman, the chief executive officer of OpenAI, launched the cryptocurrency Worldcoin, which goes live on July 24. The main feature of the initiative is its World ID, an account that can only be obtained by actual people. A consumer registers to perform an in-person iris scan using Worldcoin's "orb," a silver ball about the size of a bowling ball, in order to obtain a World ID. A World ID is generated once the orb's iris scan confirms the user is a real human.

Tools for Humanity, based in Berlin and San Francisco, is the organization that created Worldcoin. Since the project's beta phase, it has gained 2 million users. With the launch, Worldcoin is expanding its "orbing" activities to 35 locations in 20 nations. Those who register in particular nations will receive the WLD cryptocurrency token from Worldcoin as an incentive.

As per the co-founder Alex Blania, the cryptocurrency component of the World IDs is crucial because cryptocurrency blockchains can store the World IDs in a way that maintains anonymity and cannot be controlled or shut down by a single institution. According to the initiative, World IDs will become more important when generative AI chatbots like ChatGPT, which produce surprisingly human-like language, become more prevalent. Online, World IDs could be used to distinguish between actual individuals and AI bots.

The biggest cryptocurrency exchange, Binance, said that it would list Worldcoin, with a potential trading start time of 9am GMT (5pm, Singapore time). Worldcoin, Altman continued, can also assist in addressing how the economy will change as a result of generative AI.

"People will be supercharged by AI, which will have massive economic implications,” he said.