ChatGPT’s Sam Altman creates new cryptocurrency called Worldcoin, meant ‘only for humans’

Worldcoin, a cryptocurrency initiative founded by OpenAI’s CEO Sam Altman, is commencing its launch on Monday.

At the core of this project lies the World ID, an exclusive account accessible only to real individuals. To obtain a World ID, customers must undergo an in-person iris scan using Worldcoin’s ‘orb,’ a silver ball resembling the size of a bowling ball. Once the orb confirms the person’s authenticity, a World ID is created.

Tools for Humanity, a company based in San Francisco and Berlin, is the driving force behind Sam Altman’s latest crypto project.

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During its beta phase, the project amassed 2 million users. Now, with the official launch on Monday, Worldcoin is expanding its ‘orbing’ operations to 35 cities across 20 countries. As an incentive, individuals signing up in select countries will receive Worldcoin’s cryptocurrency token, WLD.

The incorporation of cryptocurrency into World IDs is crucial as it enables the storage of these IDs on blockchain technology, ensuring privacy and immunity from control by any single entity.

World IDs are deemed essential in the era of advanced AI chatbots like ChatGPT, which produce remarkably human-like language. These IDs can be employed to distinguish between genuine individuals and AI bots online.

Binance, the largest cryptocurrency exchange, has announced its intention to list Worldcoin, with trading expected to tentatively begin on Monday at 09:00 GMT.

Altman also shared how Worldcoin can contribute to reshaping the economy under the influence of generative AI. He envisions AI empowering people and foresees significant economic implications. Altman highlights universal basic income (UBI) as an example—a social benefits program where each individual receives regular payments. With AI taking over more human tasks, Altman believes UBI can combat income inequality. Moreover, since only real people can possess World IDs, it could help reduce fraud when implementing UBI.

Although Altman acknowledges that a world with UBI is distant and lacks a clear entity to oversee it, he sees Worldcoin as a stepping stone towards making it a reality. He emphasizes the importance of experimenting with innovative ideas to determine the best course of action.