Title: Worldcoin’s Ambitious Mission to Create a Global Identity Register
Introduction:
Sam Altman, CEO of OpenAI and co-founder of ChatGPT, is also the co-founder of Worldcoin. This crypto project aims to pair a Minority Report-style retina scanning device with a token for global distribution. Despite regulatory challenges, Worldcoin has attracted significant investment and plans to launch its token soon. The project’s ambition is to sign up all humans and create a global identity register.
Key Points:
1. Worldcoin’s Complex Structure: Worldcoin consists of various entities, including Tools for Humanity (TfH) as the lead developer, the Worldcoin Foundation as a non-profit supporting the protocol, and a for-profit entity responsible for the World App.
2. Prominent Backers and Critics: Blockchain Capital led a $115 million investment round, while some investors expressed concerns about reputation risk. Worldcoin’s valuation remained at $3 billion from March 2022 to its latest raise.
3. World ID and World App: World ID is an identity protocol to prove online authenticity, while the World App allows users to manage their verified ID and multiple cryptocurrencies. The app has already gained over half a million users.
4. Orb-based Identity Verification: Worldcoin uses orbs, weighing 2.7kgs and scanning retinas, to verify users’ identities. The project has produced and distributed around 250 orbs, with plans to increase this number after the launch.
5. Operator Program: Worldcoin compensates operators, who help onboard users through the scanning process, with stablecoins. Operators can bid for exclusive operating rights in specific areas or locations.
Hot Take:
Worldcoin’s mission to provide a global identity register is ambitious but raises concerns about privacy and surveillance. While the project has attracted substantial investment, it faces significant challenges from regulatory authorities and critics. The success of Worldcoin will depend on its ability to navigate these obstacles and deliver on its promise of financial freedom and decentralization while protecting user privacy.
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