Sam Altman, the OpenAI CEO, is reportedly on the verge of securing a staggering $100 million investment for Worldcoin, a distinctive cryptocurrency centered around scanning individuals’ irises. Altman, along with Alex Blania, co-founded Worldcoin in 2019, harboring an audacious vision of granting every person on Earth a portion of this novel digital token. With the cryptocurrency market experiencing a downturn, how has OpenAI Worldcoin managed to attract such substantial funding? Will it be the Next Bitcoin? Let us delve into the details.
What is OpenAI?
OpenAI is a research laboratory and company dedicated to promoting and developing benign AI for the benefit of humanity. It was launched in December 2015 and quickly gained prominence for its powerful language model, GPT (Generative Pre-trained Transformer).
OpenAI performs cutting-edge research in a variety of AI disciplines while also developing practical applications and tools that make use of artificial intelligence technology. The company is dedicated to transparency, sharing research findings, and developing the area of artificial intelligence ethically and responsibly.
What is OpenAI Worldcoin?
Worldcoin represents a crypto venture aiming to establish a comprehensive global network encompassing identity and finance for all individuals.
The OpenAI Worldcoin project employs a specialized device called an “orb” to scan people’s irises, verifying their uniqueness and humanity, and subsequently rewarding them with Worldcoin tokens. Furthermore, the coin incorporates the World App, which streamlines transactions, enables purchases, and facilitates transfers using Worldcoin and various other digital assets. The project intends to launch in the first half of 2023, distributing a total of 10 billion tokens, with 80% allocated to users. Now, let’s explore how this coin operates.
Worldcoin’s Operational Mechanism
At the outset of 2020, Alex Blania teamed up with Sam Altman and Max Novendstern, the co-founders of Worldcoin. The pivotal question driving their endeavors was deceptively simple: “What if it were possible to distribute shares of a new digital token freely among every individual on our planet?” All three founders maintained the conviction that as the currency gained wider adoption, the transactional flow of sending and receiving payments would progressively become more seamless.
Consequently, the founders envisioned Worldcoin as a global distribution system for Universal Basic Income, wherein regular financial support is provided to every person by governments or organizations to meet essential needs. Altman went as far as to speculate that the coin could potentially function as a mechanism for the equitable distribution of significant profits generated by AI systems among individuals.
However, ensuring fair distribution of coins necessitated a system that prevents individuals from signing up multiple times. To address this challenge, the founders chose biometric iris scans as a solution. They developed a device called the Orb, capable of scanning a person’s iris to verify their uniqueness and humanity, subsequently assigning them a “World ID” that functions as a global digital passport.
The iris scan is transformed into a series of numbers known as a hash, designed in a manner that renders it impossible to reconstruct the original scanned image even if the hash is compromised. The Orb transmits both the iris hash and a hash of the user’s public key to Worldcoin servers. If the person has not previously registered, the hashes are added to the database and the company’s blockchain.
What Lies Ahead for OpenAI Worldcoin?
One of the major obstacles facing OpenAI Worldcoin revolves around the accessibility of the Orb, specifically ensuring its availability to as many people as possible and expanding the database. To address this concern, the project plans to provide coupons or access to specific loans, incentivizing a greater number of individuals to sign up.
Reports suggest that OpenAI Worldcoin is on the verge of launching a Software Development Kit (SDK), enabling developers to integrate its technology into their applications and platforms, wherever the necessity for a user to act only once arises.
OpenAI Worldcoin: Challenges and Criticisms
OpenAI Worldcoin faces numerous challenges and critical viewpoints. Some individuals express apprehension regarding the privacy and security of their biometric data, pondering whether it might be exploited for other purposes. Others question the project’s feasibility and scalability, particularly regarding its ability to reach billions of unbanked or underbanked individuals.
Additionally, certain experts harbor doubts regarding the value and utility of the Worldcoin token, pondering its capacity to compete with established cryptocurrencies or fiat currencies. Only time will reveal whether the coin can fulfill its ambitious vision and surmount potential obstacles.
A recent report highlighted the installation of password-stealing malware by hackers on the devices of multiple Worldcoin Orb operators. By gaining unauthorized access, the hackers obtained full control over the operators’ dashboards, thereby heightening apprehensions regarding the security and privacy of the iris-scanning technology.
How to Utilize OpenAI Worldcoin?
As per the official website, the platform has already surpassed one million sign-ups and maintains between 100 and 200 operational Orbs at any given time. You can become part of this expanding network by downloading the World App, released on May 8, and following the steps outlined below:
- Step 1: Download the World App, available on both iOS and Android, to establish a Worldcoin account and obtain a digital wallet.
- Step 2: Register for a World ID. While it is possible to utilize the World App without undergoing the iris-scanning procedure, individuals desiring their free share of Worldcoin Tokens and other digital currencies must acquire a World ID by visiting a Worldcoin Operator.
- Step 3: Receive your allocated share of Worldcoin and other digital currencies with your World ID.
Will OpenaAI Worldcoin be the Next Bitcoin?
It is difficult to say whether OpenAI Worldcoin will be the next Bitcoin. Bitcoin is a well-established cryptocurrency with a large market capitalization. Worldcoin is a new cryptocurrency that is still in its early stages. It is possible that it could become the next Bitcoin, but it is also possible that it could fail.
Some factors could affect the success of the coin. One factor is the level of adoption by users. If Worldcoin is widely adopted, it could become a valuable currency. Another factor is the security of the Worldcoin network. If the network is not secure, it could be vulnerable to attacks.
Ultimately, the success of Worldcoin will depend on several factors. It is too early to say whether Worldcoin will be the next Bitcoin, but it is a project that is worth watching.
Here are some of the factors that could affect the success of Worldcoin:
- Adoption: Worldcoin will need to be adopted by a large number of users to be successful. This will require the currency to be easy to use and to offer many benefits to users.
- Security: Worldcoin will need to be secure to attract users. If the currency is vulnerable to attacks, it will be difficult to gain trust.
- Regulation: Worldcoin will need to comply with regulations to be successful. If the currency is not regulated, it could be difficult for businesses to accept it.
If OpenAI Worldcoin can overcome these challenges, it has the potential to be a successful cryptocurrency. However, it is important to remember that the cryptocurrency market is volatile and that there is no guarantee of success.
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