The new digital currency, named Worldcoin, is the brainchild of Tools for Humanity, a company that co-founder of OpenAI Sam Altman co-created. The release not only signifies a pivotal milestone in the cryptocurrency industry but also marks the convergence of blockchain technology and artificial intelligence.
Details of the Worldcoin token distribution will also be disclosed, according to unnamed sources familiar with the matter. However, representatives from Tools for Humanity have remained tight-lipped, neither confirming nor denying the reports. A cryptic message on Worldcoin's Twitter account, stating "It’s time. 24.7.23," fueled the speculation, although it refrained from providing further specifics.
The Worldcoin project has recently attracted substantial investment, securing $115 million from several notable investors, including Blockchain Capital, Andreessen Horowitz's crypto team, Bain Capital Crypto and Distributed Global. The influx of funds is intended to drive the expansion of Worldcoin's product offerings and to facilitate the recruitment of new talent, supplementing the existing 150-member team.
Worldcoin is built on the vision of creating a digital identity for every individual on the planet. To achieve this, Tools for Humanity has developed a unique device that scans users' irises, thus establishing unique digital identities through the blockchain. CEO Alex Blania underlined the importance of this technology in an era when AI has blurred the lines between what is human and what is not on the internet.
Blania also emphasized that Worldcoin's decentralized nature, ensured by blockchain technology, sets it apart from other crypto start-ups. The CEO further highlighted the potential of Worldcoin in facilitating a universal basic income (UBI) system. By integrating an economic layer with an identity system, Worldcoin could become instrumental in distributing UBI, particularly in a world where AI might render many jobs obsolete.