Importance Score: 75 / 100 🔴
In recent years, a scenario reminiscent of a science fiction series has been materializing in reality: vast numbers of individuals globally have consented to permit spherical devices to scan their eyes. In return, they receive a blockchain-based identification and a cryptocurrency known as Worldcoin.
Worldcoin’s US Debut: Iris Scan and Crypto Distribution
This week marks the commencement of Worldcoin’s availability throughout most of the United States, including on exchanges like Coinbase. Individuals who undergo an iris scan at a World orb will obtain 16 WLD. Simultaneously, users who have downloaded and registered with the World app in the US will receive a “pioneer reward” of 150 WLD deposited into their digital wallet.
Sam Altman and Tools for Humanity Expanding Worldcoin’s Reach
Tools for Humanity, the startup co-founded by Sam Altman, is collaborating with Visa to introduce a debit card later this year. This card will facilitate the conversion of WLD to fiat currency during transactions.
Altman, the current chairman of Tools for Humanity, revealed this development alongside CEO Alex Blania during a press conference in San Francisco on Wednesday, titled “At Last.”
The Spread of Worldcoin Orbs Across Major Cities
Over 7,000 World orbs will be accessible for iris scans at various “World Space” locations in key cities such as Atlanta, Austin, Los Angeles, Miami, Nashville, and San Francisco, as well as in Razer stores. Tools for Humanity unveiled an updated design for the orbs last year and hinted at a more compact “orb mini,” resembling a smartphone, on Wednesday.
Biometric Authentication and Future Vision
Since its establishment by Altman, Blania, and Max Novendstern in 2019, the startup’s primary objective has been to make World ID the principal method for authenticating humans online. The implicit aim is to tackle the societal implications of OpenAI, another venture by Altman. As AI progresses, a system like World ID is envisioned to be crucial for differentiating between AI-generated content and human-made content. In Altman’s future outlook, Worldcoin could also serve as a form of universal basic income for individuals whose jobs have been automated by AI.
A Comprehensive Overview of World App Features
Apart from the upcoming Visa debit card, the main avenue for utilizing Worldcoin is through the World wallet app. This application enables users to transfer WLD and other cryptocurrencies via a private chat service associated with World IDs. The World mobile app also includes over 150 mini-apps, including a new platform from the prediction market Kalshi. World is also initiating ID integrations with Stripe, Match Group (the parent company of Tinder), and Razer’s gaming platform.
The Regulatory Environment and Global Impact
- Despite the former SEC Chair Gary Gensler’s stringent approach to crypto, the current administration has scaled back regulatory scrutiny. This political shift has emboldened Tools for Humanity to launch Worldcoin in the US, although New York state remains excluded due to regulatory restrictions.
- Despite encountering significant opposition from various governments over its use of biometric data, Tools for Humanity has successfully established Worldcoin as one of the leading global crypto initiatives. To date, its orbs have authenticated 12 million individuals from over 100 countries on the Ethereum-based World Chain.
The value of WLD has seen substantial fluctuations. Before Wednesday’s event, its price was trading below its debut level for 2023.