A unique cryptocurrency that involves scanning people’s irises is Worldcoin. It is reportedly to secure 100 million for Worldcoin, Sam Altman CEO of Open AI said. Worldcoin has an ambitious vision to give a share of a new digital token to every human being on earth Co-founded by Altman and Alex Blania in 2019. There arises a question in our mind what is Worldcoin? How much amid crypto winter has been attracted by it? A crypto project that aims to create a global identity and financial network for everyone is Worldcoin. A device called an orb has been used to scan people’s iris. It is done to prove they are unique and human and rewards them with a Worldcoin token.
Worldcoin has an app called WorldApp which transfers money using Worldcoin and other digital assets. It also enables payment and purchases. In the first half of 2023, Worldcoin plans to launch. It will distribute 10 billion tokens in total, out of which 80% will go to users. Alex Bania started working with Sam Altman and Max Novendstern in early 2020. These two are the co-founders of Worldcoin. They got a question with them “What would happen if there was a way to distribute freely the digital tokens to every person on the planet?”. More and more people will use this currency more will be the sending and receiving of tokens will be there on the platform.
A global distribution system for universal basic income founders envisions Worldcoin. It is essentially regular money for everyone from the government and organizations to meet basic needs. The coin could be used to distribute huge profits generated by AI systems equally among people Altman hoped. Worldcoin needed to ensure that everyone only signs up once ensuring even distribution of coins. Hence, the founders picked biometric iris scans for this. A device called Orb has been developed by them. It scans the iris of a person to prove their uniqueness and humanness. It assigns them a “World ID” which can be used as a global digital passport.
The scan is converted into a digital token called a hash. This hash is such a way created that it is impossible to recreate the image of the token even if the hash is compromised. The iris hash and a hash of a user’s public key to Worldcoin servers are sent by Orb. The hashes are added to companies database and blockchain if the person hasn’t signed up before.