WorldCoin is a new cryptocurrency project in the market. The cryptocurrency is backed by San Fransisco and Berlin-based company Tools for Humanity. It is cofounded by Openai CEO Sam Altman and Alex Blania, who is also the CEO of the company.
What differentiates WorldCoin from other cryptocurrencies is its use of biometrics. They have installed many physical signup locations in the major cities of the world. India has at least 17 signup locations mostly in metro stations of the Delhi NCR region and a few in Bengaluru. The United States has 10 locations and Japan has three locations, according to the WorldCoin website.
“Worldcoin aims to establish universal access to the global economy regardless of country or background. It is designed to become the world’s largest human identity and financial network, giving ownership to everyone. All with the intention of welcoming every person on the planet and establishing a place for all of us to benefit in the age of AI” says the WorldCoin website.
For signing up the WorldCoin, you need to verify yourself by doing an in-person eye scan at various locations, where the iris would be scanned through a ball-like structure, called an orb. After verifying, a World ID would be created. WorldCoin is also offering incentives to its new users.“Eligible verified users can claim 1 free WLD token per week with no maximum and the amount is consistent across applicable regions,” the website says.
The WorldCoin project has drawn severe criticism on privacy issues from all around the globe. On the other hand, many Silicon Valley investors have shown a massive interest in the cryptocurrency project.