Worldcoin, a financial network that uses biometric verification to create unique “World IDs” for its users, has officially launched. The project was founded by OpenAI co-founder Sam Altman, and it has raised $125 million from investors such as Andreessen Horowitz, Khosla Ventures, and Reid Hoffman.
How Worldcoin Works:
Worldcoin users are assigned a unique “World ID” by scanning their iris or face. This ID is then stored in the WorldApp, a mobile app that allows users to exchange Worldcoin tokens (WLD). WLD tokens can be used to make payments, send remittances, and participate in crowdfunding campaigns.
Why Worldcoin Uses Biometric Verification:
Worldcoin uses biometric verification to ensure that only real humans can create accounts on the network. This is important because Worldcoin wants to prevent bots and other automated entities from participating in the network.
Worldcoin’s Goals:
Worldcoin has a number of goals, including:
- Providing a global financial system that is accessible to everyone
- Making it easier to send and receive remittances
- Crowdfunding major events and causes
- Making cross-border payments simpler
Worldcoin’s Progress:
So far, Worldcoin has onboarded over 2 million users and processed over 60,000 digital wallet transactions. The project is still in its early stages, but it has the potential to make a significant impact on the global financial system.
Potential Benefits of Worldcoin:
Worldcoin has the potential to simplify crowdfunding for major events and make cross-border payments simpler. The project also claims that its digital token could be used to donate money to causes such as India’s fight against COVID-19 and Ukraine.
Criticisms of Worldcoin:
Some critics have raised concerns about the privacy implications of Worldcoin’s biometric verification process. Others have questioned the project’s long-term viability, given that it is not yet available in the United States and only has a limited number of users.
Conclusion:
Worldcoin is a new and ambitious project that aims to use biometric verification to create a global financial network. The project has the potential to simplify crowdfunding and cross-border payments, but it is also facing some privacy concerns. It remains to be seen whether Worldcoin will be successful in achieving its goals.