Since the rise of the popular Generative AI tool ChatGPT, its founder Sam Altman has become a hot sensation in the tech world. Today, Artificial Intelligence (AI) and Cryptocurrencies are the two most popular topics in the tech world. Now ChatGPT founder is getting popularity due to his new project. As the crypto enthusiasts were expecting, ChatGPT founder Sam Altman has finally launched a crypto project, Worldcoin (WLD).
Since the AI revolution begins and ChatGPT becomes a key component of the industry, there was a need for a digital asset like Worldcoin. However, ChatGPT and Worldcoin are not directly connected to each other but both are the product of AI. As the popularity of AI projects is growing, Worldcoin may disrupt the Crypto and AI industry. Here we will try to understand the Worldcoin project and its components.
What is Worldcoin?
Worldcoin aims to establish the world’s largest identity and financial public network, open to everyone regardless of their country, background, or economic status. The project is designed to become the world’s largest human identity and financial network, giving ownership to everyone.
The Worldcoin project vision is to welcome every person on their platform and establish a place for everyone in the age of AI. The Worldcoin Foundation is co-founded by Sam Altman, Alex Blania, and Max Novendstern. The founders of Worldcoin are running some promising ventures that can help the project to establish itself in the market.
worldcoin launches today: https://t.co/UXXE5AFznS
— Sam Altman (@sama) July 24, 2023
According to the project’s whitepaper, Worldcoin consists of a privacy-preserving digital identity (World ID) and, where laws allow, a digital currency (WLD). World ID is privacy-preserving proof of personhood that enables users to verify their humanness online while maintaining their privacy through zero-knowledge proofs, via a custom biometric device called the Orb.
Orb will help the Worldcoin project distribute the World ID to its customers worldwide. The Orb will be generated by the network of Orb centers worldwide. By visiting an Orb, the user will get a biometric verification device and will receive a World ID. As the global distribution of Orbs is ramping up, Worldcoin users can find the nearest Orb and book time to be verified with World App and at worldcoin.org.
How does Worldcoin work?
The Worldcoin project was created to help build an identity & financial network connecting billions of people in the Age of AI.
Join us 🤝 pic.twitter.com/F12p4O5L23
— Worldcoin (@worldcoin) July 5, 2023
World App is designed to make the Worldcoin and Ethereum protocols accessible to everyone globally. The World App consists of the World ID, Worldcoin wallet, and Orb Operator data. The Worldcoin protocol the three components:
- World ID: World ID is a digital passport that lets its users prove they are unique and real persons while remaining anonymous. A privacy-preserving World ID is designed to help solve important, identity-based challenges, including proving an individual’s unique personhood.
- Worldcoin token (WLD): Worldcoin is a cryptocurrency on the Worldcoin protocol. As a digital currency, Worldcoin will be freely distributed to people for just being a unique human. Worldcoin tokens are also available for public trading on the crypto exchanges like Binance.
- World App: The first World ID-compatible app, developed and operated by Tools for Humanity. The World App is available on the iOS app store and Android Play Store to install. WorldApp will enable payment, purchases, and transfers globally using cryptos and fiat-backed stablecoins.
Worldcoin developers have also launched the Worldcoin wallet which will be enabled inside the World App. People in eligible countries can also use it to claim Worldcoin Grants every month. The app will remind its users when a new grant becomes available and they can claim it by using their verified World ID.
The World App users can also instantly send digital dollars to friends or family members around the world by using their phone contact or crypto address. The users can make gas-free transactions with their verified World ID on World App. The unique transaction method is one of the most important problems that led to the foundation of the world’s first cryptocurrency Bitcoin.
As the crypto ecosystem is evolving, tech companies are trying to establish themselves in the Blockchain domain. The entry of the ChatGPT founder-backed project will add value to the whole crypto ecosystem. Since its launch, Worldcoin got listed by many popular exchanges including Binance and South Korea-based Bithumb. The popularity of ChatGPT will also help Worldcoin to establish itself in the industry.
There are many innovative minds and organizations that are supporting the Worldcoin project globally. Worldcoin is currently supported by two important organizations: The Worldcoin Foundation and Tools for Humanity. AI enthusiasts that want to tap into the crypto world are developing the tools that will help to shape the vision of Bitcoin founder Satoshi Nakamoto “Decentralization.”