Worldcoin, the brand new cryptocurrency co-founded by means of OpenAI’s CEO Sam Altman, made an excellent debut on its first buying and selling day. Investors confirmed nice pastime within the hype surrounding synthetic intelligence, achieving a top of $5.29 in early buying and selling on Binance from a beginning value of $0.15 on Monday.
“More than 3 years in the past we based Worldcoin with the ambition of making a brand new id and monetary community owned by means of everybody; the rollout begins as of late. If a success, we consider Worldcoin may vastly build up financial alternative, scale a competent answer for distinguishing people from AI on-line whilst holding privateness, allow international democratic processes, and ultimately display a possible trail to Al-funded UBI,” a joint statement from co-founders Alex Blania, Sam Altman said.
What sets Worldcoin apart from other cryptocurrencies?
The differentiating factor is its implementation of biometric iris scans through a digital instrument—the Orb device, creating a unique “World ID” to ensure “equity and save you duplication”.
Origin of Worldcoin
The idea for Worldcoin originated in 2020 when co-founders Alex Blania, Sam Altman, and Max Novendstern envisioned widespread distribution of a new digital token, aiming to encourage its adoption for easy payments and even exploring the idea of equitably distributing AI-generated profits.
Altman sees Worldcoin as a tool to address income inequality
Sam Altman, the ChatGPT founder, believes Worldcoin can address income inequality, particularly in the context of generative AI reshaping the economy. He envisions Worldcoin’s potential contribution to universal basic income (UBI), a social benefits program that provides payments to every individual. With AI taking on more work currently done by people, Altman sees UBI as a way to combat income disparity. Worldcoin’s unique World ID feature can help reduce fraud when implementing UBI.
What about the orb device accessibility?
Worldcoin faces the challenge of making the Orb device accessible to more people. They plan to offer coupons and access to loans to encourage sign-ups. However, privacy, security, feasibility, and token value have been subjects of concern.
The company behind Worldcoin, Tools for Humanity, is based in San Francisco and Berlin. During its beta period, the project attracted 2 million users, and with its recent launch, Worldcoin is expanding its “orbing” operations to 35 cities in 20 countries.
(Inputs from wires)