Introduction
Sam Altman, co-founder and CEO of OpenAI, has introduced Worldcoin, a revolutionary financial network that utilizes biometric verification for user identification.
Key Features of Worldcoin
- Worldcoin, initiated by OpenAI’s Sam Altman, is a crypto project that emphasizes biometric verification.
- The network uses facial and iris authentication to assign each user a unique “World ID” that differentiates humans from AI.
- Over 2 million individuals have obtained a World ID through the platform.
World ID and WorldApp
The project, developed over three years, incorporates biometric verification methods like facial recognition and iris authentication to allocate a distinctive “World ID” to each user. A dedicated application, WorldApp, stores the World ID, facilitating the exchange of Worldcoin tokens (WLD).
Token Distribution and Platform Details
Worldcoin intends to reserve approximately 20% of all tokens, with an initial release of 10 million tokens over 15 years for public use, excluding the U.S. market. The platform is constructed on open-source and decentralized principles, inheriting security features from Ethereum.
Funding and Backers
Since its establishment in 2019, Berlin-based Worldcoin has raised $125 million, with support from investors including Andreessen Horowitz, Khosla Ventures, and Reid Hoffman.
Benefits of Worldcoin
Worldcoin envisions simplifying crowdfunding for significant events such as aiding India’s battle against COVID-19 and supporting Ukraine financially through its digital token. The platform aims to streamline cross-border payments.
User Statistics
Over 2 million individuals have acquired a unique World ID. In the past 30 days, the network has recorded over 60,000 digital wallet transactions, while in the last week alone, more than 48,000 accounts were created on the Worldcoin network.