Worldcoin: A Vision for Secure Global Currency and Universal Basic Income
Introduction
In a world dominated by technological advancements, artificial intelligence (AI) has been both a blessing and a challenge. As #AI becomes more sophisticated, distinguishing between humans and bots has become crucial, along with addressing the potential job losses caused by this rapidly evolving technology. Enter Worldcoin, a groundbreaking start-up founded in 2019 by Sam Altman and Alex Blania. Worldcoin seeks to revolutionize the financial landscape by introducing a secure global cryptocurrency that utilizes iris-scanning technology for identification, enabling access to a universal basic income (UBI).
A Rare Bright Spot in a Challenging Sector
The #cryptocurrency sector has faced its share of challenges in recent times, with token prices experiencing sharp declines and several projects facing failure. Despite these hurdles, Worldcoin is on the cusp of securing approximately $100 million in funding from a group of both existing and new investors. Notable backers include Khosla Ventures, Andreessen Horowitz’s crypto fund, FTX founder Sam Bankman-Fried, and internet entrepreneur Reid Hoffman.
A Visionary Approach: Global Identification System and Universal Basic Income
Worldcoin's ambition goes beyond conventional cryptocurrency projects. At its core lies the concept of a global identification system that leverages iris biometrics to create a digital World ID for each individual. This unique identification system enables pseudonymous usage in various everyday applications, safeguarding user privacy while promoting inclusivity.
The Orb: Embracing Iris Biometrics
Central to Worldcoin's vision is the Orb, a device that utilizes iris biometrics to establish an individual's unique identity securely. Contrary to concerns, the company maintains that it will not store iris scans, ensuring user privacy remains a top priority. The device is designed with user safety in mind, debunking any misconceptions that it might pose a threat to users' eyes.
Universal Basic Income as a Social Safety Net
One of the key driving forces behind Worldcoin's innovation is addressing the potential job displacements caused by AI advancements. By providing a form of Universal Basic Income (UBI), #Worldcoin aims to offer a safety net to individuals affected by these technological shifts. Once users establish their identity with the Orb, they can receive free Worldcoin tokens, effectively providing them with access to UBI.
Navigating Challenges and Embracing the Future
Worldcoin has not been without its share of criticism, particularly concerning privacy risks associated with biometric scanning. The company, however, is actively addressing these concerns and reiterates its commitment to user privacy and security.
Looking ahead, Worldcoin is set to roll out its blockchain protocol and record transactions within the next six weeks, marking a significant milestone in its journey. Despite the bear market conditions and the crypto winter, Worldcoin's ability to secure substantial funding demonstrates the confidence investors place in its vision.
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