WORLDCOIN PROJECT (Syllabus: GS Paper 3 - Infrastructure)

News-CRUX-10     31st July 2023        
output themes

Context: Recently, OpenAI CEO formally introduced Worldcoin, a project of his that was eclipsed by the popularity of ChatGPT. 

  • The Worldcoin venture runs on a simple model: allow your eyes to be scanned in order to prove your human uniqueness, and receive some crypto and an ID (called a World ID) in exchange. 
  • Worldcoin claims it is building the “world’s largest identity and financial public network” open to people worldwide.

Worldcoin Project

  • Worldcoin is an initiative to create a digital network in which everyone can claim some kind of stake, and join the digital economy. 
  • Using a device called “Orb,” Worldcoin volunteers known as ‘Orb operators’ scan a person’s iris pattern to collect their biometric data and help them get a World ID through the World app. 
  • With the app, scanned participants can collect a cryptocurrency called Worldcoin [WLD] at regular intervals or make transactions with their World ID where possible. 
  • This process is called “proof of personhood” and makes sure that people do not sign themselves up multiple times in exchange for crypto.
output themes