Sam Altman has launched a groundbreaking cryptocurrency startup named Worldcoin. The company’s unique selling point is its use of eyeball-scanning technology, marking a significant stride in the world of digital currency.
Worldcoin aims to provide a reliable solution for distinguishing humans from artificial intelligence on the internet. This differentiation is crucial in facilitating global democratic processes and expanding economic opportunities worldwide. The startup has already attracted approximately $250 million in funding from prominent backers such as Andreessen Horowitz, Khosla Ventures, and Reid Hoffman.
The company has announced the global launch of its identity technology and token. Users can now download the World App, the startup’s protocol-compatible wallet software, and visit an Orb, Worldcoin’s unique helmet-shaped eyeball-scanning verification device, to obtain their World ID.
Worldcoin’s ambitious goal is to incentivize the global adoption of cryptocurrency by equipping every smartphone with a crypto wallet and some of their currency. However, the startup, co-founded by Altman and Alex Blania, still needs to devise a method to verify a person’s unique human identity to achieve this.
Worldcoin’s website outlines its primary potential uses, which include strengthening reward initiatives such as coupons and loyalty programs that are typically prone to fraud, battling bots by verifying identity, and enabling a universally democratic governance system.
The startup is reserving approximately 20% of all its tokens, which are not currently launching in the U.S. Worldcoin has set a cap on the total supply of its “WLD” tokens at $10 billion for the first 15 years. According to a whitepaper released by Worldcoin, the maximum circulating supply of the ERC-20-based token, at the time of its launch, stands at $143 million.