Sam Altman’s crypto project, Worldcoin, has sparked privacy and security debates with its vision of UBI distributed through blockchain. Worldcoin seeks to give everyone on earth an equal share of this digital currency, a concept inspired by the UBI model. To gain access to this innovative financial system, users must scan their iris, which has raised concerns regarding data security.
At the heart of Worldcoin’s ecosystem lies the World App, a platform crafted to serve multiple purposes. It functions as a digital wallet, a private digital identity verifier, and a conduit for the new financial system. The World App is powered by the World ID, a distinct digital identity system that functions as a passport for individuals to access online services. Eligible users can also claim monthly Worldcoin Grants, recurring stipends available to any verified person with a World ID in eligible countries.
Worldcoin has attracted significant financial attention. The project has reportedly closed a $100 million funding round, and prominent venture capital firms have played a crucial role in an earlier funding round that valued the project at around $3 billion. The initial goal of Worldcoin is to distribute 10 billion tokens in total, 80% of which are planned to go to users.
The potential for a more inclusive financial ecosystem might inspire other blockchain projects to adopt similar measures. This could lead to new developments in the crypto space, driven by a renewed focus on social impact and equity. Worldcoin’s success will ultimately depend on its ability to navigate regulatory hurdles, address privacy concerns, and demonstrate the real-world utility of its token. The world watches with bated breath.
