OpenAI CEO, Sam Altman, launched the beta version of his new cryptocurrency, Worldcoin, on July 24.
He aims to build a new identity and financial network that will use eyeball scans to distinguish between humans and AI.
Free tokens for eyeball scans
Sam Altman, one of the people behind the popular chatbot ChatGPT, broke the internet with the launch of his new cryptocurrency Worldcoin.
Digital money enthusiasts have started signing up for it using the World App. Those who do it this week will receive 25 tokens just for registering and verifying. It has attracted over two million people so far.
To pass the verification process, you have to scan your eyeball with a so-called Orb. At the moment, there are over 1,500 Orbs in more than 35 cities across the world.
The entire process takes just 15 seconds and participants have to consent to the terms and conditions.
Once you finish the scan, you receive a World ID that serves as your digital passport. It proves you’re a real person and not an AI while keeping you anonymous. Then, you can use your smartphone to access your crypto wallet.
This type of distribution is what sets Worldcoin apart from the industry leaders such as Bitcoin and Ethereum.
The price of WLD at the time of writing stands at $2.17 on the world’s largest exchange, Binance.
Altman said that this new project can have a huge effect on our lives. It has the potential to aid finances, reduce fraud, and verify individuals eligible for benefits.
According to the Worldcoin website, it could also eventually be used as your voter ID in elections.
Financial security in the age of AI
Altman and the project co-founder Alex Blania said that privacy preservation is one of the key parts of Worldcoin.
They added that such a currency will be essential in a world in which AI models are becoming more and more available.
However, some concerns are already being raised over privacy and security regarding Worldcoin.
Ethereum co-founder, Vitalik Buterin, has already stated in an essay that iris scans can reveal private information such as medical conditions.
Not only that, but he has also expressed his concerns over the fact that anyone can apply to be an orb operator. All they have to do is pass a basic training program.
Another problem Buterin talked about is that hackers can steal a person’s World ID if they access their smartphone.
Privacy campaign group Big Brother Watch also said cybercriminals could exploit biometric data if they steal it.
Due to all these risks, the UK data protection watchdog is already keeping an eye on the project.