In the ever-evolving world of cryptocurrency, a new player has emerged with a unique proposition. Worldcoin, a crypto startup co-founded by Sam Altman, has officially launched after three years of development and a somewhat turbulent trial phase. The San Francisco and Berlin-based company, Tools for Humanity, which is behind the development of Worldcoin, aims to create a global digital identity system by scanning the irises of individuals worldwide.

A Global Rollout with a Vision

Worldcoin’s vision is ambitious, to say the least. The company has begun its global rollout with 1,500 iris scanning devices, known as Orbs, distributed across major cities worldwide, including San Francisco, New York, and Miami. The company’s website boasts of 2 million sign-ups already.

The startup’s mission is to build a reliable solution for distinguishing humans from AI online, enable global democratic processes, and drastically increase economic opportunities. This audacious project, backed by Andreessen Horowitz, Khosla Ventures, and Reid Hoffman, among others, is rolling out its identity technology and token internationally.

The Worldcoin Proposition

Worldcoin’s proposition is unique. The company aims to put a crypto wallet (and some of their currency) onto every human’s smartphone. However, to do this, they need to build a way to determine whether someone is a unique human. This is where the Orb comes in. Individuals can download the World App, the startup’s protocol-compatible wallet software, and visit an Orb to receive their World ID.

The journey so far hasn’t been without its challenges. The project has faced criticism for exploitative practices in poor countries. However, between May 2021 and July 2023, more than 2 million individuals verified their World IDs at an Orb across more than 30 different countries.

Potential Applications and Future Plans

Worldcoin’s potential applications are vast. They include fortifying incentive strategies like coupons and loyalty programs traditionally susceptible to fraud, combating bots through identity confirmation, and facilitating a globally democratic governance mechanism.

The startup is holding about 20% of all its tokens, which are not launching in the U.S. for now. For the first 15 years, the startup is capping the total supply to 10 billion “WLD” tokens. At launch, the maximum circulating supply of the token, which is ERC-20 based, is 143 million.

A Privacy-Preserving Global Financial System

Worldcoin aims to serve as a “privacy-preserving” global financial system. The project requires customers to scan their retina using an Orb in exchange for a unique “World ID.” The goal is to create a global financial and identity network based on proof of personhood, which feels especially important in the AI era.

The technology is designed to help distinguish humans from bots online as artificial intelligence usage expands. It could even provide a platform to facilitate a “universal basic income” in the future by cutting down on identity fraud.

The Road Ahead

Despite the initial surge in the value of Worldcoin tokens and the backing of prominent investors, the project faces regulatory hurdles, particularly in the U.S. However, the co-founders remain hopeful that steps will be taken so more people can benefit from both the privacy-preserving digital identity (World ID) and the digital currency (WLD).

In Conclusion

As we stand on the precipice of a new era, Worldcoin presents a vision of the future that is as audacious as it is compelling. It is a vision of a world where every individual has a unique digital identity, where global democratic processes are enabled, and where economic opportunities are drastically increased. It is a vision of a world where the benefits of AI are shared equitably, and where the boundaries between the physical and digital worlds are blurred. It is a vision that challenges us to rethink our notions of identity, value, and community. And it is a vision that, if realized, could fundamentally reshape our world.