Worldcoin Expanding Global Reach, Enabling Organizations to Use Its ID System
Author: Alex Turner
- August 3, 2023
Worldcoin, the revolutionary cryptocurrency project co-founded by OpenAI CEO Sam Altman, has announced its plans to expand its operations worldwide. The project, which requires users to undergo iris scans in exchange for a digital ID and free cryptocurrency in some regions, aims to create a robust “identity and financial network.”
With sign-up sites scattered across the globe, Worldcoin has garnered significant interest, with approximately 2.2 million people already enrolled, primarily during the trial phase over the past two years. Despite concerns raised by privacy advocates regarding potential misuse of biometric data, users seem eager to participate.
Ricardo Macieira, the General Manager for Europe at Tools For Humanity, the company responsible for the project, expressed their ambitious mission of building the largest financial and identity community possible. Worldcoin recently raised an impressive $115 million from renowned venture capital investors, fueling its expansion efforts.
The company’s website outlines various potential applications for its technology, including distinguishing humans from artificial intelligence, enabling global democratic processes, and even contributing to the realization of a universal basic income, though not guaranteed.
Interviews conducted by HowisCrypto.com at sign-up sites revealed that many individuals joined Worldcoin to claim the 25 free Worldcoin tokens offered to verified users.
“We don’t envision being the direct generators of universal basic income, but if we can lay the groundwork for governments or other entities to do so, we would be delighted,” remarked Macieira.
Worldcoin plans to offer its digital identity system to businesses, enabling them to utilize the technology for specific purposes. For instance, a coffee shop could use Worldcoin’s system to ensure that customers do not claim more than one free coffee without the need for collecting personal data.
As part of their commitment to community benefit, Worldcoin intends to make the technology behind the iris-scanning orb open-source, allowing anyone to build their own orb for the greater good.
This development is not entirely surprising as Binance has been under regulatory scrutiny in the U.S. Earlier, the Commodity Futures Trading Commission (CFTC) took legal action against the company’s founder and CEO Changpeng “CZ” Zhao for allegedly evading U.S. laws.
