Worldcoin is one of the most audacious projects in recent memory — a company straight out of a sci-fi movie, with the promise of offering people crypto tokens if they scan their eyeballs with a futuristic orb. These checks could be used to prove people’s “humanity”, as the project describes it: a valuable asset in a society increasingly dominated by artificial intelligence.
After three years of trials, with headlines focusing on Worldcoin’s ambitious hopes, fatal flaws, and downright weirdness, the token — also called Worldcoin — launches Monday via an airdrop of orb-verified users. Other users can secure their tokens by downloading the company’s app so they can access the orb, including future airdrops, though distribution of the tokens will be limited to certain countries. Users in the US, for example, are not eligible to receive tokens amid regulatory uncertainty.
Worldcoin was founded in 2020 by Sam Altman, now known for his work with ChatGPT OpenAI developer, and Max Novendstern, who is now working on a separate investment project focused on AI. The main player behind Worldcoin currently is Alex Blania, a former Ph.D. A theoretical physics student and now CEO of Tools for Humanity, the parent organization developing Worldcoin until it achieves its goal of complete decentralization.
Worldcoin’s early days focused on its cryptocurrency. By checking the “character” by checking the eye on its orb, users will receive Worldcoin tokens launched so far as rewards. The idea was that Worldcoin could create a system where every global individual would be integrated into a financial distribution model where the token could become a centralized form of currency and be distributed through “universal basic income” programs.
The company’s first two years were defined by setbacks, which Plania attributed to standard beta testing. Media coverage highlighted the project’s vulgar method of using contractors to capture people’s iris data using orbs, as well as privacy law violations and allegations of corruption. Meanwhile, Worldcoin insisted that it was creating a private protocol that protects people’s biometric data through a complex model of encryption techniques.
As part of the token launch, Worldcoin has migrated its protocol to the Optimism mainnet, a layer 2 blockchain built on Ethereum. Tools for Humanity also releases a white paper for Worldcoin.
A completely different world
After launching ChatGPT in November and increasing public awareness of generative AI — and potential threats to employment and online identity — Worldcoin began emphasizing its “Proof of Identity” system as uniquely capable of addressing these concerns. Tools for Humanity has developed a software development kit, or SDK, where other applications can use a people’s global identifier—generated after being validated by the orb—instead of other login credentials, such as emails and passwords. Plania and his team of engineers said the Worldcoin iris-scanning protocol is the only universal way to create a global identity verification system, with the token serving as a motivational mechanism for user acquisition.
With the launch of the token, Worldcoin is entering a new phase. Right now, there are only about 150 balls in operation, and just 2 million people have signed up to the platform — a far cry from the hundreds of millions, or billions, that Worldcoin needs to create meaningful network effects. In an interview with luckPlania said Worldcoin hopes to have 1,500 orbs in operation by the end of the year, as well as expanding into new markets, where the token launch is likely to drive interest in subscriptions.
“Probably the public interest will be two notches higher than it is now,” he said. “There’s going to be a certain value attached to it — it’s just going to be a whole different world that I think none of us can really predict.”
The immediate effect of releasing the code is not clear. Worldcoin does not release its token directly on exchanges like Coinbase or Uniswap, instead it hands it over to users, who will be able to transact with it through crypto wallets. said a person familiar with the matter luck In March, about 70% of all tokens will go to registrants, with the remainder going to insiders like Tools for Humanity staff and the company’s investors.
But exchanges will inevitably start listing them, which will create a cash-driven market, which means Worldcoin will have value in the real world. While this could create potential fraud issues for Worldcoin, such as the already documented cases of people selling their credentials so others can receive airdropped tokens, Plania said Worldcoin is developing ways for people to recover and re-verify their credentials.
“Every identity system has forgeries,” he said. luck. “It’s not an actual concern of the system itself.”
