Founded by the head of OpenAI Sam Altman (Sam Altman), the cryptocurrency startup Worldcoin began providing services around the world and introduced worldwide the cryptocurrency of the same name, which can be used only after the user confirms his identity. With offices in Berlin and San Francisco, the company has provided access to its technology in 35 cities in 20 countries. At the heart of the project is the Orb, designed to scan the user’s eyes to confirm their identity and distinguish them from robots.
According to the founders of Worldcoin, the importance of the orb scanner sphere will be recognized in the future when it becomes more and more difficult to distinguish a person from a robot due to the rapid development of AI technologies. After the user has confirmed that they are a person, they are allowed to use one of the company’s tokens.
However, the startup’s goals are hampered by increased scrutiny of digital assets by US regulators, who are reluctant to use cryptocurrencies as a vehicle for speculation and fraud. For this reason, Worldcoin tokens will not be available at launch in the US. “When we first conceived the project, we didn’t anticipate that the result would be “the world without the United States,” but it just happened. I would say that 95% of the world’s population lives outside of the US. It wasn’t the US that created this project, nor is it their place to destroy this projectsaid Altman.
The launch of Worldcoin comes amid significant advances in AI coinciding with an unprecedented period of rapid development of digital tokens and the cryptocurrency space. Despite obstacles from regulators, investors have invested around $250 million in Worldcoin, including venture groups Andreessen Horowitz and Khosla Ventures, led by internet entrepreneurs Reid Hoffman and Sam Bankman-Fried.
Worldcoin co-founder Alex Blania said the company is limited in its commercial ambitions due to scrutiny from US regulators. However, according to Tiago Sada, head of the company’s product department, the project will be profitable: “All our products are commercial. Eventually there will be many different wallets and services that make a profit.“.
Worldcoin also plans to hold about 20% of all issued tokens to fund production of scan spheres, improve its blockchain protocol, and sustain the ecosystem. Altman acknowledged that while eye scanning technology can generate discontent, with the right public relations, the company will be able to attract users to its ecosystem: “There have been many bad players in cryptocurrency and this is very disappointing. We need to earn people’s trust, so we talk a lot about how this technology works and the company’s decentralization plans.“.
Worldcoin’s success will depend on the startup’s ability to overcome resistance from US regulators, as well as its ability to build a trusting relationship with users. In the rapidly changing world of cryptocurrencies and digital assets, only carefully thought-out strategies and the will to progress can secure the project a place among the successful innovations in this field.