Worldcoin, a cryptocurrency venture co-founded by Sam Altman, CEO of ChatGPT bot developer OpenAI, last week raised $115 million in a Series C funding round led by Blockchain Capital.
And before this tour; At the beginning of May, WorldCoin launched the World App , the first application that enables payment, purchase, and transfer using Worldcoin digital currency, digital assets, and traditional currencies. In April, the company launched a new service called (World ID) to verify identity using iris scanning technology, to be an alternative to traditional passwords, and the nucleus of the global hobby system that the company seeks.
The Worldcoin protocol aims to create the largest public financial network in the world, open to everyone regardless of their country, background or economic status.
So what is the new digital worldcoin, and can there really be a global digital currency for everything?
1. What is the new cryptocurrency Worldcoin?
Worldcoin was founded in 2019 by (Sam Altman) and (Max Novendstern), with a new vision, which is what if there was some way to give a share of a new digital token to every human being on earth?
Over time, Worldcoin has come to be defined as an open source, decentralized protocol supported by a global community of developers, economists, and technologists committed to expanding participation in and access to the global digital economy. It is supposed to become a public network, owned by everyone, as it is expected to be launched during the first half of the current year 2023, and the company plans to grant 80% of the total coins to subscribers, while the currency developer team will keep 10%, and the remaining 10% will be given to investors.
The Worldcoin Foundation is the initial proxy for the protocol and will support the growth of the Worldcoin community until it becomes self-sustaining. It will do this by facilitating the decentralization of the project over time consistent with Worldcoin’s goals and mission-focused ethos .
The people and organizations supporting Worldcoin are developing tools that work together to help achieve its mission, including:
- Create a global identity system World ID: It is a global digital identity system designed to help solve several important identity-based challenges including: Proving an individual’s unique identity via iris scanning.
- Created the unique Worldcoin Token: the first token distributed globally and for free to people once they verify their identities with an iris scan.
- World App development: to facilitate payments, purchases, and transfers using currency tokens, as well as cryptocurrencies and other traditional assets.
It is worth noting that the first company responsible for developing blockchain tools and technologies and the digital identity of the new digital currency (Worldcoin) is a company called ( Tools for Humanity ), a global software and hardware development company based in Germany, founded by Sam Altmann and his partner Alex Plania.
2. How does Worldcoin work?
To achieve its goals, Worldcoin uses a unique approach that involves using a device called (Orb) – which is a five-pound metal ball – to scan the iris of the eye to prove the identity of an individual, and once this step is completed, the person enters the new currency system, and gets a number of digital currencies for free.
Thus, the idea of the new digital currency Worldcoin depends on giving users free coins once they agree to scan the iris of the eye through its device (Orb) – which is now available in a limited number of countries – to verify their identities and ensure that they do not get free coins more than once, in addition to making sure that That the person who trades the currency through its encrypted network is a real person, then the eye print is converted into an encrypted code within the Ethereum network on which the encrypted currency operates.
Worldcoin has had some concerns about the privacy implications of this biometric scan, but has confirmed that the process is designed with privacy in mind.
The company said in a statement : “The World ID verification service depends on installing the (World app), then documenting the user’s identity through the eye print within the application, after which the user receives an encrypted code – that can be used as a global digital passport – expressing His identity is within the application, and he can use it to log in to various services and applications.”
3. How do I sign up for a Worldcoin wallet?
Earning Worldcoin requires installing the World app on your phone – which was released for iOS and Android users on May 8 – and then participating in the iris-scanning process with The Orb – available in some countries only – and you can find On sites available around the world through the application itself.
Once you create an account in (Worldcoin), you will get your free share of Worldcoin and other digital currencies using your global identity proof ID, and you will also have access to a digital wallet that you can use to store digital money and easily send it to friends or family members around the world using their contact Telephony or encryption address for free.
It should be noted that there are now nearly two million people who have signed up for Worldcoin, and the founders intend to launch it globally over the next few weeks.
4. Could there be a global digital currency for everything?
According to Worldcoin’s promotional materials, the company was born out of the belief that cryptocurrency technology if used globally; It will open social and economic doors for billions of people, and that’s where the so-called Universal Basic Income (UBI) for everyone comes into play.
But for now; The adoption of mainstream cryptocurrencies such as Bitcoin and Ethereum is not universal, according to research conducted by cryptocurrency payment firm TripleA. It revealed that there are 420 million people — only 4.2% of the world’s population — owning some cryptocurrency as of 2023, and that number Simple and the distribution of cryptocurrency is not fair.
In contrast, when the Worldcoin project was announced in October 2021; Altman told Wired that Worldcoin would be a fair currency and an opportunity to build the largest financial network ever, and that the currency could one day be used to fairly distribute the massive profits generated by advanced AI systems .
Alex Plania, co-founder and CEO of Tools for Humanity and a contributor to Worldcoin, said: “As we usher in the era of artificial intelligence, it is imperative that individuals can maintain personal privacy while proving their identities, and by doing so we can help ensure that everyone is aware of their identity. The financial benefits that artificial intelligence is poised to deliver.”
What the founders dream of is providing what is called (global income) universal income for users, as the company will not only provide a number of digital currencies for free to new subscribers, but will also provide grants of WorldCoin currency periodically to subscribers, which is a free monthly income that will be available to anyone Certified with a global identification number in eligible countries.
But is this dream that can be applied on the ground, or is it just a dream like the utopia that Plato predicted?
Until now; Worldcoin faces many concerns about privacy and surveillance, as there will be a database containing the identity of all those who did not hesitate to submit their fingerprint in exchange for the new digital currency.
Worldcoin has been subjected to many criticisms, most notably from (Edward Snowden), a privacy advocate, who wrote on Twitter criticizing the project, addressing Sam Altman, saying: “Don’t make (a catalog) for the eyes.
What raised Snowden’s concerns is that encrypting biometric data is neither sufficient nor fully protective; Because the company saves the encrypted code generated by the eye scans, this code will remain associated with the biometric data.
This was also mocked by many on Twitter if they predicted the inevitable data leak that could lead to biometric information being leaked and sold online, and others pointed out that there is no guarantee that the data will not reach third parties.
A recent TechCrunch report indicated that some hackers installed malware on several Worldcoin Orb devices – which are used to scan iris eyes and take high-resolution images of the bodies and faces of coin participants – giving them full access to the device operator’s dashboard. , which includes information such as: revenue, uptime, subscriptions, player ratings, and other metrics.
A security researcher, who requested anonymity, told TechCrunch that the data of at least seven operators of the (Worldcoin Orb) device had been included in the dark web over the past six months. All of this has raised concerns about the security and privacy of iris scanning technology.
in the end; It can be said that the new digital currency project (Worldcoin) is a digital crypto project that dreams of creating a global identity proof system (World ID) in return for providing digital currencies and a fixed monthly income for free, for what? This is not yet clear, nor is the effectiveness of this system or its compatibility with the global financial system clear.
It is worth noting that the (Worldcoin) currency has not been available in any Arab country yet, but according to the (Worldcoin Orb) tour around the world ; The device will be available from May to July in some cities around the world for a limited time, including: Berlin, Dubai, Tokyo, Seoul, New York, San Francisco, and others.