📌Understanding WorldCoin (WLD)
Sam Altman, the CEO of OpenAI (ChatGPT), announced the cryptocurrency project called WorldCoin (WLD). This project was developed by Tools for Humanity, a company in which Sam Altman, the co-founder of generative AI ChatGPT, participated.
WorldCoin is a project in which Sam Altman, the co-founder of generative AI ChatGPT, participated and was developed by the company Tools for Humanity. This project offers a cryptocurrency wallet without gas fees and is not available for use in the United States. Users can register with their World ID using methods such as phone numbers or iris scans and make gas-free transactions.
📄 World ID
World ID is generated through a process that involves using the concrete device called ‘Orb’ to recognize iris information and link it to the blockchain. World ID validators can receive WorldCoin (WLD) every week through iris authentication. This can be interpreted as a means to defend against future AGI (Artificial General Intelligence) development, preventing a concentration of added value in the hands of a few AI developers. Additionally, it is claimed that iris authentication can prevent safe duplication from “sybil attacks,” where an attacker disguises themselves as multiple individuals.
📄 Various Financial Services: Remittances and Payments
WorldCoin is issued through World ID authentication and is being developed as a potential source of basic income. Furthermore, the WorldApp is expected to support various digital payment methods such as Bitcoin and legal tenders from different countries, in addition to WorldCoin (WLD). It is anticipated to handle financial services like remittances and payments.
Tools for Humanity, the company supporting the WorldCoin project, is a tech company based in the United States and operates on the Ethereum token. The project has gained attention in terms of investments, as in October 2021, it received a valuation of $1 billion and raised $25 million in investment from companies like Coinbase and Reid Hoffman. In May 2023, it secured $115 million in investments from a16z, Bain Capital, and others, led by Blockchain Capital, resulting in WorldCoin being valued at $3 billion.
However, WorldCoin is not available for use in the United States due to concerns about the use of biometric data for personal information collection and potential facilitation of fraud by virtual assets. The regulatory pressure in the US and concerns over fraudulent activities have led to the unavailability of WorldCoin’s virtual asset WLD in the country. This controversy has also prompted criticism that the premise of WorldCoin does not align with the intended purpose of blockchain. Additionally, uncertainties regarding service expansion and limitations of iris recognition devices have sparked debates about the potential for WorldCoin’s service expansion.