What is Worldcoin? Sam Altman's Cryptocurrency Launches with a Mission to Create a Global Digital Identity

Sam Altman’s famous cryptocurrency project Worldcoin is rolling out globally. The company announced its worldwide launch on 24 July 2023. 

The company states: “More than three years ago we founded Worldcoin with the ambition of creating a new identity and financial network owned by everyone; the rollout begins today. If successful, we believe Worldcoin could drastically increase economic opportunity, scale a reliable solution for distinguishing humans from AI online while preserving privacy, enable global democratic processes, and eventually show a potential path to AI-funded UBI.”

Users can now download the World App and reserve their shares of Worldcoin. The company has a vision to create a more inclusive global economy by making it easier for people to participate in the digital world. 

The project believes that by providing everyone with a secure and anonymous way to identify themselves online, it can help to reduce fraud and discrimination, and it can also help to promote economic opportunity for everyone.

What Is Worldcoin?

Worldcoin is a decentralized open-source protocol that aims to create a global identity and financial network that is owned by everyone. The project was founded in 2019 by Sam Altman, the CEO of OpenAI. 

The blog from Worldcoin states “Worldcoin is an open source protocol, or system, created to help give everyone access to the global economy. It’s designed to be decentralized, meaning that ultimately its supervision and decision making will rest with its community of users.”

The project is supported by two organisations which are: The Worldcoin Foundation and Tools for Humanity. 

The Worldcoin Foundation is a non-profit organisation that carries the objective to grow and support the Worldcoin community until it is self-sufficient. 

It will do this by supporting developers, making grants and discovering ways for users so that they help in maintaining the governance of the protocol of this project. 

Tools for Humanity is a global technology company that was founded to help create an equitable economic system. They led the initial development of the Worldcoin protocol, which is a new way to identify and verify people online. TFH is also developing the World App, which is a mobile app that will make it easy for people to use Worldcoin.

How Does Worldcoin Work?

Worldcoin works by using a biometric verification device called an Orb to scan people's irises. Once a person's iris has been scanned, they are issued a World ID, which is a digital passport that proves that they are a real and unique person. 

World ID can be used to authenticate to websites, apps, and other services, and it can also be used to receive Worldcoin, a cryptocurrency that is distributed to everyone who signs up for World ID.

The company mentions three major steps to use Worldcoin: 

• Download the World App: This will help users to set up a Worldcoin account and access a digital wallet which is linked to Worldcoin, Bitcoin, Ethereum and other digital currencies. 
• Signup for World ID: You can use the World App without signing up for World ID. But it is important to sign up for World ID by visiting a Worldcoin Operator and having your unique personhood verified at an Orb so that you can receive a free share of Worldcoin Tokens. 
• Receive a free share of Worldcoin and other digital currencies: Once signed up, users can use their World ID within the World App to learn about digital currencies and receive free airdrops of Bitcoin, Ethereum, and more. Once the main net launch is complete, people in countries where the Worldcoin Token is available will also be able to use their World ID to claim their share of free Worldcoin Tokens.

In conclusion, Worldcoin is still a relatively new project, but it has the potential to make a significant impact on the way that people interact with the digital economy.