AI entrepreneur Sam Altman has unveiled an intriguing and somewhat “dystopian” cryptocurrency project known as Worldcoin. This unique initiative offers digital coins in exchange for a scan of users’ eyeballs. On its full launch day, thousands of people from various locations worldwide queued up to experience the process.
The project aims to tackle the issue of distinguishing between humans and robots online. As the chief executive of Open AI, the company behind the popular chatbot ChatGPT, Altman hopes that Worldcoin’s eye-scanning technology can play a vital role in this endeavor. He believes that cryptocurrency could not only boost economic opportunities but also preserve user privacy.
Moreover, Worldcoin claims that its system might pave the way for an “AI-funded” universal basic income. However, the specifics of how this would work remain unclear. The concept of universal basic income revolves around providing every citizen with a fixed salary, regardless of their financial status.
The first phase of Worldcoin’s vision involves encouraging millions, or even billions, of individuals to participate by scanning their irises to confirm their human identity. Over the past two years of testing, more than two million people from 33 different countries have already joined the crypto database. The majority of sign-ups come from Europe, India, and southern Africa.
Unfortunately, due to regulatory concerns, Worldcoin does not offer its crypto coins to US citizens. Nevertheless, now that the project has officially launched, the tokens are available for claiming and trading, further enhancing its popularity.
The BBC visited one of the scanning sites in London, where participants received free Worldcoin tokens after undergoing the process. The procedure involves scanning the face and iris, taking approximately 10 seconds, followed by a unique identification number assigned to the iris scan. Participants receive 25 free Worldcoin tokens as a reward, valued at approximately $2 (£1.56) each.
Critics have raised concerns about the privacy and data security aspects of this eye-scanning technology. While Worldcoin assures users that no data is stored, privacy experts remain cautious. Vitalik Buterin, co-founder of Ethereum, expressed excitement about the project’s potential but also issued a warning about potential pitfalls.
Despite the skepticism, Altman welcomes criticism, acknowledging the project’s ambitious nature. He views it as a way to drive progress and innovation. Some have likened the process to a “dystopian” experience, but others see the specialized hardware systems as a means to protect privacy.
As the project gains momentum, it will be fascinating to observe how it evolves and whether it accomplishes its objectives. Worldcoin’s futuristic vision challenges the norms of traditional cryptocurrency projects, making it a subject of both excitement and caution within the crypto community.
News Source: BBC.com
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