Worldcoin, a cryptocurrency project co – founded by Sam Altman, CEO of OpenAI, developer of the cahtgpt robot, last week raised 115 million dollars in a series C funding round led by Blockchain Capital.
Prior to this round, WorldCoin launched the World App application at the beginning of May, the first application that allows payment, purchase and transfer using the worldcoin digital currency, digital assets and traditional currencies. The company also launched in April a new service called (World ID) to verify identity using iris scanning technology, to be an alternative to traditional passwords, and the core of the global hobby system sought by the company.
The worldcoin protocol aims to create the largest public financial network in the world, open to everyone regardless of their country, background or economic status.
So what is the new digital Worldcoin, and can there really be a global digital currency for everything.
If you are interested in new crypto currency
First, what is the new digital Worldcoin
The company (Worldcoin) was founded in 2019 by (Sam Altman) Sam Altman, and (Max Novendstern), with a new vision, namely, what if there was some way to give a share of a new digital token to every human being on Earth
Over time, Worldcoin has come to be known as a decentralized open source protocol supported by a global community of developers, economists and technologists committed to expanding participation in and access to the global digital economy. It is supposed to become a public network, owned by everyone, as it is expected to be launched during the first half of 2023, and the company plans to give 80% of the total coins to subscribers, while the coin development team will retain 10%, and the remaining 10% will be given to investors.
The worldcoin Foundation is the initial proxy for the protocol and will support the growth of the Worldcoin community until it becomes self-sufficient. It will do this by facilitating the decentralization of the project over time in line with Worldcoin's goals and mission-focused spirit, according to the Worldcoin website.
People and organizations supporting Worldcoin are developing tools that work together to help achieve its mission, including:
Creating a global identity system World ID: it is a global digital identity system designed to help solve many important identity-based challenges, including: proving an individual's unique identity through iris scanning.
Creation of the unique code Worldcoin Token: it is the first token distributed globally and free of charge to people once their identities are verified via iris scanning.
Developing an application (World App): to facilitate payments, purchases and transfers using currency tokens, in addition to cryptocurrencies and other traditional assets.
It is worth noting that the first company responsible for the development of blockchain tools and technologies and the digital identity of the new digital currency (Worldcoin) is a company called (Tools for Humanity), a global software and hardware development company based in Germany founded by Sam Altman and his partner Alex planya.
Secondly, how does Worldcoin work
To achieve its goals, Worldcoin uses a unique approach that involves using a device called an Orb-a metal ball weighing five pounds-to scan the iris of the eye to prove the identity of an individual, and once this step is completed, the person enters the new currency system, and gets a number of digital currencies for free.
Thus, the idea of the new digital currency Worldcoin is based on giving users free coins as soon as they agree to scan the iris of the eye via its device (Orb) – now available in a limited number of countries – to confirm their identities and ensure that they do not receive free coins more than once, in addition to making sure that the person who trades the currency through its crypto network is a real person, and then the fingerprint is converted into an encrypted code within the Ethereum network Ethereum on which the cryptocurrency operates.
Worldcoin has faced some concerns about the privacy implications of this biometric scanning, but has confirmed that the process is designed with privacy in mind.
The company said in a statement: “the world ID service depends on installing the World app, then authenticating the user's identity through the fingerprint inside the application, after which the user receives an encrypted code – which can be used as a global digital passport – expressing his identity inside the application, and he can use it to log in to various services and applications.
Thirdly, how can I subscribe to the Worldcoin wallet
Everything you need to know about the new digital currency Worldcoin
Getting Worldcoin coins requires installing the World app in your phone-which was launched for users of the iOS and Android operating systems on May 8 this year-and then participating in the identification process by scanning the iris of The Orb device – available in some countries only – and available locations around the world can be found through the application itself.
Once you create a Worldcoin account, you will get your free share of Worldcoin and other digital currencies using your global proof of identity ID, and you will also have access to a digital wallet that you can use to save digital money and easily send it to friends or family members around the world using their phone contact or crypto address for free.
It should be noted that there are now almost two million people who have subscribed to Worldcoin, and the founders intend to launch it globally over the next few weeks.
Fourth, Can there be a global digital currency for everything
Everything you need to know about the new digital currency Worldcoin
Sam Altman and Alex planea .. The founders of the Company (Tools for Humanity)
According to worldcoin's promotional materials, the company was born out of the belief that cryptocurrency technology, if used on a global level, would open social and economic doors for billions of people, and this is where the so-called universal basic income (UBI) comes in for everyone.
But at the moment; the adoption of mainstream cryptocurrencies such as bitcoin and Ethereum is not universal, according to research conducted by (TripleA) cryptocurrency payment company and revealed that there are 420 million people – that is, only 4.2% of the world's population – own some cryptocurrencies as of 2023, and this number is small and the distribution of cryptocurrencies is not fair.
In contrast, when the Worldcoin project was announced in October 2021, Altman told Wired magazine that Worldcoin would be a fair currency and an opportunity to build the largest financial network ever, and that the currency could one day be used to fairly distribute the huge profits generated by advanced artificial intelligence systems.
“As we begin the era of artificial intelligence, it is essential that individuals are able to maintain personal privacy while proving their identities, and by doing so we can help ensure that everyone is aware of the financial benefits that artificial intelligence is preparing to offer,”said Alex Plania, co-founder and CEO of Tools for Humanity and a contributor to Worldcoin.
What the founders dream of is to provide the so-called (global income) Universal income to users, as the company will not only provide a number of digital currencies for free to new subscribers, but will also provide grants from the WorldCoin currency periodically to subscribers, which is a free monthly income that will be available to any authorized person with a global identification number in eligible countries.
But is this a dream that can be applied to reality, or is it just a dream like the utopia dream predicted by Plato
So far, Worldcoin is facing many concerns about privacy and surveillance, as there will be a database containing the identity of all those who did not hesitate to provide their fingerprint in exchange for obtaining the new digital currency.
Worldcoin has been subjected to many criticisms, most notably from privacy advocate Edward Snowden, who wrote on Twitter criticizing the project, addressing Sam Altman, saying: “Don't make a (catalog) catalog for the eyes”.