Worldcoin is a new global digital identity and cryptocurrency project. It was co-founded by Sam Altman, the current CEO of OpenAI. The project wants to develop a universal digital identity system, “World ID.” It aims to ensure cryptocurrency is fairly distributed to everyone on Earth.
Worldcoin aims to address these two pressing issues— income disparity and identity verification— by facilitating access to a new digital currency and developing a technology-driven worldwide identity. It is ostensibly meant to complement the Universal Basic Income (UBI) program, using biometric-based digital identity linked to blockchain technology. The artistic project has the goal of providing every person on the planet with a World ID. In addition, it will offer participants crypto tokens to foster active engagement in a growing digital economy.
At the core of Worldcoin is the idea of a biometric-based global digital identity system. On a practical level, this system employs an iris scanner device nicknamed the Orb. It checks each person’s specific identity. The Orb scans the iris creating a unique digital identifier that is subsequently used to create a World ID.
Worldcoin’s system incorporates a “privacy by design” principle. We celebrate the fact that we weave privacy into every aspect of our system. This touches on all aspects, from collection to storage and utility. The initiative’s aim is to limit the extent of the collection and storage of personal data. First, it gives people the tools to reclaim control over their data.
Worldcoin’s primary cryptocurrency is known as WLD. It then gets randomized and distributed to people who register for a World ID. Our goal is distribution to be fair and equitable. Our vision is to make sure that everyone can thrive in the digital economy.
The Worldcoin system has three main components. The absence of a deeper explanation on these specific aspects sticks out. To be sure, they are critical to the overall function and successful operation of the project. The Orb, the World ID and the WLD token are three important pieces. Together, these two pieces create a powerful, in-depth digital identity and cryptocurrency ecosystem.
Worldcoin represents a bold attempt to create a new global digital identity system and distribute cryptocurrency to everyone on the planet. The initiative runs into high hurdles, particularly with respect to privacy and security. It does have the power to change how we interact with the digital universe.
