The artificial intelligence (AI) boom of the past decade or so has turned what was once viewed as a distant dystopian fantasy into a present-day reality. The rise of generative AI in particular, and the emergence of AI-powered tools like ChatGPT and Gemini, have taken the world by storm, bringing a plethora of benefits with them and transforming processes and industries for the better.
But as AI becomes an increasingly prevalent presence in our lives, one can’t help but wonder if we might be getting closer to the dreaded Sci-Fi scenario of human-like robots taking over the world. Because for all the benefits that this advanced technology provides, there are also serious drawbacks and risks to consider, with deepfakes and impersonation, fraud, manipulation, and biased algorithms among the main concerns. We’ve already reached a point where we can no longer distinguish between what is real and what is an AI production, as the lines between humans and machines are getting blurrier.
With the way things are shaping up, there are only two options: we can either sit around and contemplate these issues, waiting to see how things evolve, or we can focus on finding solutions, which is exactly what Worldcoin (WLD) has set out to do. The crypto started gaining traction after being listed on platforms like Binance, where users can check the live Worldcoin price and purchase the asset. But this is far from being a run-of-the-mill cryptocurrency project. Worldcoin aims much higher than its peers, so let’s see how this groundbreaking platform plans to change the world and be of service in an AI-dominated age.
The making of a crypto pioneer
Worldcoin made its official debut in July 2023 and is the creation of a company named Tools for Humanity (TFH), founded by Sam Altman, Max Novendstern, and Alex Blania in 2019. Sam Altman is none other than the co-founder and Chief Executive Officer of OpenAI, the company that created ChatGPT. Altman being at the helm of the Worldcoin project makes perfect sense once you learn about the platform’s purpose.
Worldcoin intends to serve as a global network for digital identity verification that can help distinguish humans from bots and AI. As the person behind one of the most successful AI companies, Altman is well acquainted with the risks and pitfalls of the technology, which is precisely what prompted him to start the Worldcoin project. The crypto platform was built as a solution that can protect against the threats of AI, and at the same time, democratize finance by ensuring equitable and free access to a universal digital currency.
These goals might seem a bit too daring for a crypto project, but Worldcoin has a well-thought-out plan that combines creativity with groundbreaking technology. It all starts with the Orb, a cutting-edge spherical device (hence the name) built by TFH. The Orbs scan people’s irises, whose structures are distinct to each person, just like fingerprints. After capturing these biometrics, they attach a specific code to each scan, which then gets converted into a unique identifier known as World ID that provides users with proof of personhood.
Once the user receives their World ID, their biometrics get permanently deleted from the company’s database. Basically, people can use the World ID to demonstrate they are a real person and not an AI program or a bot, so they benefit from an authentication solution with widespread applicability in the online space.
But where does the WLD crypto fit into all this, you might wonder. Well, in order to have their irises scanned, one has to make an appointment and travel to an Orb center, which is more effort than many are willing to put in. To encourage people to take part in the project, Worldcoin gives each person who agrees to have their iris scanned a certain amount of WLD tokens. So, the only requirement for receiving WLD is being human.
If enough people get on board and become WLD holders, this would expand the circulating supply of WLD tokens and give rise to a decentralized global economy that could potentially address issues related to financial inequalities and the limited access to banking services in certain parts of the world.
Structure-wise, WLD is an ERC-20 token built on top of the Ethereum blockchain. This means that WLD inherits the security and consensus mechanism of the base layer and is compatible with the entire Ethereum ecosystem.
The challenges of bringing innovation to life
Worldcoin hopes to challenge and change perceptions about what digital currencies can do by pushing the boundaries of technology and introducing new use cases that no one has ever thought about before. As AI continues to advance and grow more powerful, it becomes obvious that the identification systems designed to tell humans and bots apart are failing to keep up.
The need for more advanced proof of personhood methods is critical right now. In this context, using blockchain technology to bring a decentralized privacy-first identification solution to the masses seems like a practical option. Worldcoin’s parent company is also confident that its technologies could eventually help make universal basic income (UBI) a practical reality.
However, as is always the case, innovation inevitably attracts criticism. Regulators in various countries have expressed concerns related to privacy, given the sensitive information that Worldcoin collects from users. There have also been speculations that the iris scans may be leaked onto the black market and fall into the wrong hands, giving bad actors access to people’s private accounts.
Worldcoin has tried to put all these concerns and rumors to rest, assuring the public that their tools and processes guarantee complete safety and confidentiality as users’ biometric data is either encrypted or deleted.
Some remain skeptical about the solutions that Worldcoin proposes, but it can’t be denied that the project is unlike anything we’ve seen so far. As a pioneer of next-gen authentication methods and a champion of financial inclusivity, Worldcoin has all the markers of a successful project, but only time will tell if it’s going to live up to its ambitious vision.
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