The Launch Of 'Worldcoin' From OpenAI's CEO: A 'For Every Human' Ambitious Project

Anyone can be on the internet. All it takes is an internet-capable device, and an internet connection.

But most of the internet's population is bots, and that those programmable beings are already creating havoc on various websites and platforms by manipulating web traffic and engagements.

One of the proposed solution, is using 'Worldcoin,' an iris biometric cryptocurrency project developed by San Francisco and Berlin-based Tools for Humanity.

Founded in 2019 by OpenAI CEO Sam Altman, Max Novendstern, and Alex Blania, it is backed by VC Andreessen Horowitz.

Worldcoin hopes to provide a reliable way to authenticate humans online using what's called the World ID.

According to its website, "World ID is a digital passport that lets you prove you are a unique and real person while remaining anonymous."

Users of Worldcoin can simply sign in with their account to authenticate to the web, mobile and decentralized apps.

The method to prove the authenticity of someone, involves using AI to counter bots and fake virtual identities.

To register, people must visit venues where Worldcoin places a metallic, orb-shaped iris scanner. Doing so will register their identity to the network, allowing them to have an 'identity' that cannot be tampered with.

In order to gain users, Worldcoin incentives those who register using a cruptocurrency called WLD, intended to be a larger effort to drive a more unified and equitable global economy driven by the internet economy.

The token will be a Layer 2 Ethereum-based cryptocurrency that leverages the security of the Ethereum blockchain while having its own economy.

In October 2021, the project raised an initial $25 million. Within just a few months later, the project received an additional $100 million, pushing its token's valuation to a staggering $3 billion.

Then in May 2023, the project received $115 million.

By the time Worldcoin launched out of beta on July 24, 2023, Worldcoin reportedly have 2 millions users and counting.

While the method can indeed help identify people online, the practice was met with controversies, with some blaming Worldcoin for benefiting from low-income countries to grow its network.