Worldcoin Cryptocurrency Project Launches “Digital Passport” World ID to Verify Real Humans
Worldcoin, a cutting-edge cryptocurrency venture co-founded by OpenAI CEO Sam Altman, successfully launched its core offering, the World ID, on Monday. This innovative “digital passport” aims to verify users as real humans rather than AI bots. The World ID is obtained through an in-person iris scan using Worldcoin’s ‘orb,’ a state-of-the-art silver ball, which has already attracted 2 million users during its beta phase. Now, with its official launch, Worldcoin is expanding its “orbing” operations to 35 cities across 20 countries, while also rewarding users in select regions with the WLD cryptocurrency token.
Enhancing User Privacy with Blockchain Technology:
Worldcoin’s World IDs are securely stored on blockchains to ensure privacy and immunity from centralized control or shutdown by any single entity. This feature was emphasized by co-founder Alex Blania, who revealed that these digital IDs will play a crucial role in distinguishing real individuals from AI chatbots, especially in the era of highly advanced generative AI, such as ChatGPT.
Surging WLD Token Price:
Worldcoin’s native cryptocurrency token, WLD, experienced an impressive surge in early trading on Monday. On the world’s largest exchange, Binance, the price reached a peak of $5.29, rising significantly from its initial value of $0.15. The token’s trading volume on Binance’s platform amounted to $25.1 million, indicating substantial market interest in Worldcoin’s vision.
Worldcoin’s Vision to Shape the Economy:
Sam Altman, in an interview with Reuters, explained that Worldcoin aims to play a pivotal role in reshaping the economy amid the rise of generative AI. By providing an effective solution to distinguish between real individuals and AI bots online, World IDs could prove instrumental in navigating the transformative impacts of AI technology.
Worldcoin’s groundbreaking launch of the World ID, a “digital passport” capable of verifying genuine human users, marks a significant milestone in the cryptocurrency industry. With its widespread adoption and plans for global expansion, Worldcoin is poised to make a lasting impact on how AI-driven technologies interact with real-world applications.
AI’s Economic Impact and the Potential Role of World IDs in Universal Basic Income:
OpenAI CEO Sam Altman foresees a future where AI significantly impacts the economy, leading to potential solutions like Universal Basic Income (UBI) to address income inequality. Worldcoin’s “digital passport,” the World ID, could play a crucial role in ensuring the integrity of UBI programs by reducing fraud through its verification of genuine individuals.
AI’s Economic Implications and UBI:
Altman predicts that AI will revolutionize the workforce by taking over many tasks currently performed by humans. In light of this, he advocates for exploring UBI as a potential social benefits program to provide regular payments to every individual. UBI could be instrumental in counteracting income inequality caused by AI-induced job displacements.
World IDs: Combating Fraud in UBI Implementation:
With the implementation of World IDs, the risk of fraudulent claims in UBI programs could be minimized significantly. As these digital passports uniquely identify real individuals, they can serve as a reliable means of ensuring that only eligible recipients receive UBI payments.
The Path Forward:
While Altman acknowledges that the realization of a world with UBI might be distant, he emphasizes the need to initiate experimentation to find viable solutions. Worldcoin’s introduction of the World ID lays the groundwork for potential UBI implementation and serves as a stepping stone towards understanding the possibilities and challenges associated with such programs.
As AI continues to shape the global economy, the concept of Universal Basic Income gains traction as a potential measure to address income inequality. Worldcoin’s innovative World ID holds promise in supporting the effective and fraud-resistant implementation of UBI, providing a glimmer of hope for a future where AI-driven transformations can be harnessed for societal benefit.