Following the success of ChatGPT, OpenAI’s CEO Sam Altman is venturing into a new online endeavor. Altman co-founded Worldcoin in 2019 with a vision to establish the world’s largest identity and financial network. Recent reports suggest that Altman is on the verge of securing an impressive $100 million in funds to propel the project forward. The next phase involves scanning individuals’ irises to grant them free access to the global cryptocurrency that Worldcoin aims to create.
This development has sparked concerns among commentators regarding potential ethical and privacy issues, reminiscent of the controversies surrounding OpenAI’s AI-powered bot. As Altman pushes forward with the eye-scanning technology, questions arise about the potential implications of this project and its impact on individual privacy.
Worldcoin’s overarching goal is to facilitate universal access to the global economy, transcending national borders and backgrounds. The cornerstone of this initiative lies in the Orb, a software utilizing iris biometrics to establish and verify individual identities. Once verified, users can create their digital World ID and commence receiving the cryptocurrency tokens.
Worldcoin’s recently released World ID Beta, together with the World App, offers users the ability to leverage their identities pseudonymously across various everyday applications, without revealing personal information. This unique proof of personhood protocol holds promise for addressing challenges arising from the rapid development of AI-powered tools, such as distinguishing between real individuals and bots. Furthermore, developers believe it could potentially aid in providing universal basic income to those affected by AI-induced job displacement.
Nonetheless, not everyone is enthusiastic about the concept. In 2021, renowned US whistleblower Edward Snowden raised concerns about Worldcoin, highlighting the creation of a global iris scan database, where scans would be stored as hashes for future matching.
Worldcoin, however, assures users that it does not retain eye scans and emphasizes the safety and harmlessness of the scanning device for individuals’ irises. According to sources familiar with the matter, the company is currently in advanced discussions to secure additional funding as it prepares for an imminent launch in the coming weeks.
Worldcoin has been successful in attracting investors, including prominent figures like Sam Bankman-Fried, the founder of FTX, and internet entrepreneur Reid Hoffman. Despite still operating in the Beta phase, the project has already garnered over 1.7 million sign-ups worldwide, with expectations of further growth in the near future.
