Sam Altman’s groundbreaking cryptocurrency startup, Worldcoin, has made waves with its revolutionary use of eyeball-scanning technology. Having raised a substantial $250 million in funding, with support from prominent backers like Andreessen Horowitz, Khosla Ventures, and Reid Hoffman, the company has embarked on a global launch of its services. Worldcoin’s primary objective is to create a reliable solution for distinguishing humans from AI on the internet, encouraging global democratic processes, and opening up vast economic opportunities.
Unique Eye-ball Scanning Verification
Worldcoin’s ambitious plan involves equipping every human’s smartphone with a crypto wallet and some of their currency. To achieve this, the startup offers the World App, a protocol-compatible wallet software, for download. However, to obtain their World ID, users must undergo an unconventional yet innovative process – visiting an Orb, a unique helmet-shaped eyeball-scanning verification device. This cutting-edge identity technology forms the foundation of Worldcoin’s vision for a better future.
The potential applications of Worldcoin’s technology are diverse. For starters, it aims to strengthen reward initiatives like coupons and loyalty programs that are often vulnerable to fraud. By verifying identity and ensuring that real humans are participating, Worldcoin seeks to combat the menace of bots and create a more reliable and trustworthy online environment. Additionally, the technology’s potential for enabling a universally democratic governance system is a promising step towards a fairer and more inclusive society.
The Tokenomics of Worldcoin
Worldcoin’s token, known as “WLD,” plays a crucial role in the ecosystem. Notably, the startup is reserving approximately 20% of all tokens, with the initial launch excluding the United States. The company has set a cap on the total supply of WLD tokens at $10 billion for the first 15 years of operation, ensuring controlled distribution and long-term sustainability.
As revealed in the Worldcoin whitepaper, the initial circulating supply of the ERC-20-based token at the time of its launch stood at $143 million. This measured approach aims to strike a balance between early adoption and maintaining value for its community of users. According to the company, “If successful, we believe Worldcoin could drastically increase economic opportunity, scale a reliable solution for distinguishing humans for AI online while preserving private, enable global democratic processes, and eventually show a potential path to AI-funded UBI.”