Governance

OpenAI CEO Launches Worldcoin Crypto Project

JUL 24 2023·Updated AUG 27

Story

Image credit: Wikimedia Commons

The Facts

Worldcoin, a cryptocurrency project founded by OpenAI CEO Sam Altman, launched Monday in 35 cities and 20 countries. Its main feature is World ID, a "digital passport" created by scanning a person's eye to create a unique ID that differentiates between human and artificial intelligence (AI) bots.
Reuters
The crypto startup aims to put a crypto wallet and some of its "WLD" coin (cryptocurrency token) onto everyone's phone but to do that it needs to verify people's identities. Currently, it's giving 25 coins to each participant and plans to cap the supply at 10B coins over the first 15 years.
TechCrunch
The launch will not include the US, as regulators are cracking down on digital assets based on fears over cryptocurrencies being used as a vehicle for speculation and fraud. However, Altman said, "The US does not make or break a project like this," as it only makes up 5% of the global population.
Ars Technica
On the world's largest crypto exchange, Binance, WLD jumped from a starting price of $0.15 to a peak of $5.29 during early morning trading on Monday. Altman said he hopes it will be a tool for implementing universal basic income — claiming it will be needed as AI replaces more human workers.
Reuters
Worldcoin in a statement wrote its technology could also "increase economic opportunity," "scale a reliable solution for distinguishing humans for AI online," and "enable global democratic processes."
TechCrunch
Though it's faced regulatory pushback, investors — such as venture capital groups Andreessen Horowitz and Khosla Ventures, internet entrepreneur Reid Hoffman and, prior to the collapse of FTX, Sam Bankman-Fried — poured $250M into the project. Worldcoin also plans to hold onto 20% of its currency to fund development.
Ars Technica

Sources Split

LEFT

CENTER

RIGHT

ESTAB
CRIT

CENTER

PRO
ESTAB

The Spin

Establishment-critical narrative

Worldcoin isn't a crypto scheme, it's a potential dystopian nightmare. Companies have proven time and time again that they're incapable of protecting customers' sensitive data, which is why this project must be held under the highest level of public scrutiny. People have already given up facial, retinal, and fingerprint scans, and, with DNA samples on the horizon, we must be careful of how far these companies want to take it. No one collects biometric data for nothing, so it's time to probe the potential nefarious motives for such projects.

BeInCrypto

Pro-establishment narrative

While concerns of a dystopian Worldcoin future are understandable, the World ID technology actually has the safest potential of anything seen to date. Unlike other crypto schemes, the use of biometric data will ensure that only humans who sign up for the project will have access to it, and rid the system of fake AI accounts. Though developers must work thoroughly on its safety mechanisms, we should be excited for the future of our economy and the human race more generally as this project rolls out.