In the realm of cryptocurrencies and blockchain technology, one project has captured the attention of many: Worldcoin. Led by Sam Altman, co-founder of OpenAI, Worldcoin aims to combine blockchain and Universal Basic Income (UBI) to spark debates on privacy, security, and socio-economic reform. What sets Worldcoin apart is its unique approach to distribution—by scanning users’ irises.
What is Worldcoin?
Launched in 2019, Worldcoin represents a fresh perspective on cryptocurrency, fueled by the idea of achieving more equitable global wealth distribution. Inspired by the concept of Universal Basic Income (UBI), Worldcoin strives to provide every individual on Earth with an equal share of this digital currency.
UBI, a form of social security, guarantees a regular sum of money to all citizens, irrespective of their income or employment status. Its key principles include universality, unconditionality, and regularity.
How Does Worldcoin Work?
At the core of Worldcoin’s ecosystem lies the World App, a versatile platform designed to serve multiple functions. It operates as a digital wallet, a private digital identity verifier, and a gateway to the new financial system. Anchoring the World App is the World ID, a unique digital identity system that acts as a passport for individuals to access online services.
Users can privately verify their identities using a specialized device called an Orb. Once verified, the World ID can be used to sign in to various platforms, including websites, mobile apps, and decentralized applications (dApps). This streamlined process ensures each user’s uniqueness and authenticity while safeguarding personal information like names and email addresses.
Beyond identity verification, the World App also presents economic opportunities. Eligible users can claim monthly Worldcoin Grants, recurring stipends available to any verified individual with a World ID in eligible countries.
Worldcoin’s ambitious mission to blend blockchain technology and UBI while leveraging iris-scanning technology has sparked intrigue and ignited debates. As the project continues to evolve, the potential impact on global wealth distribution and the future of socio-economic systems remains a subject of great interest.
