Worldcoin’s Ambitious Mission
Worldcoin, a project co-developed by Sam Altman, CEO of OpenAI, has unveiled its ecosystem token on July 24. Despite a wave of skepticism and controversy from both the crypto sphere and Silicon Valley, the project continues its pursuit to address income inequality and online identity authentication.
Creating a Global Digital Passport
Launched initially on March 14, Worldcoin introduced a waitlist for its software development kit (SDK). The team has claimed that the World ID, an integral part of the project, would serve as a global digital passport for users. The World ID aims to help users prove their human identity without disclosing personal identifying information.
A Gas-Free Crypto Wallet for Verified Humans
The project released its gas-free crypto wallet for verified humans on May 8. The platform allows users to enjoy gas-free transfers once they register for a World ID, where an iris scan or a phone number might be required. However, developers assure that user data won’t be stored, and instead, a zero-knowledge proof will be generated to verify the user’s human identity.
Token Listing and Security Concerns
Anticipating the launch, crypto exchange giant Binance announced its intention to list the Worldcoin token on its platform. Meanwhile, blockchain security firm PeckShield reported the existence of a fake Worldcoin token that executed a rug pull.
Mixed Reactions and Future Aspirations
The project has attracted its share of criticism and support. Former Twitter CEO, Jack Dorsey, expressed his reservations, stating that no corporation or state should control any part of the global financial system. In contrast, the project reported over 2 million sign-ups to its World ID project as of July 14. During the token launch, Altman expressed his aspiration of elevating this figure to 2 billion.
Securing Significant Funding
On May 25, Worldcoin secured a whopping $115 million in funding to bolster its decentralized identification system and crypto wallet, the World App. Leveraging the surge of artificial intelligence technology, the team has pitched a “decentralized, privacy-preserving solution” aimed at safeguarding humanity online and empowering people to control their identities.
