2023-08-10 11:27:03
AIn all countries money is controlled by governments. But one of the first steps to change the authority’s control over money in modern times was the introduction of the cryptocurrency Bitcoin. No one can hack into the peer-to-peer money transfer system known as blockchain. The RBI has also asked not to promote cryptocurrencies that operate outside of government control.
After Bitcoin, many cryptocurrencies were introduced and some of them failed and caused huge losses to the investors. The crypto sector has been stagnant for the past two years following heavy crashes and massive scams. But now the world is suddenly shocked with the introduction of WorldCoin.
It has many other possibilities than just cryptocurrency. Nobody knows who Satoshi Nakamoto is the creator of Bitcoin. However, the creator of WorldCoin is well known to the world. That’s Sam Altman, head of OpenAI, the company behind the world-shaking AI system ChatGPIT.
Cryptocurrency is just one of the possibilities of WorldCoin. World ID is the biggest feature of the new system. The company assigns a globally unique ID to the members. As such, it is also a digital identification platform.
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WorldCoin gives every person in the world a unique identity regardless of their nationality or background. WorldCoin’s IDProof is claimed to provide unbreakable security as it will be much easier to impersonate someone in future with the advent of artificial intelligence.
This system is called Proof of Personhood. To get a World ID one has to scan the iris and submit the digital ID issued by the country. It is also said that it is never possible for anyone to create a second World ID. All these have led to controversies. But all of this is part of an effort to become the world’s first true cryptocurrency, say the people behind it.
Those who want WorldCoin can sign-up now. More than 22 lakh people have signed up so far, according to Archyde.com. Some countries also provide members with crypto for free. Sam’s dream is to establish a blockchain-centric identity and financial network.
The price of WorldCoin is not the same as the value of Bitcoin right now. Only regarding 2-2.50 dollars. But it shows consistency. WorldCoin’s white paper states that $10 billion worth of tokens will be issued over the next 15 years. There are regarding 120 million tokens in circulation so far.
The new system is collectively known as the Cryptoverse. There are many to back it, including Andreessen Horowitz, one of the world’s largest angel investment firms. Meanwhile, WorldCoin isn’t the first company to try to provide a blockchain-centric ID.
But no other company has the kind of big dreams that WorldCoin has. Altman and his colleagues are trying to spread the idea that AI bots are set to roam the Internet uncontrollably, and will have to work to identify which are humans and which are bots.
Kenya is the first country to order WorldCoin to stop iris scanning of its citizens. One of the countries that is conducting a comprehensive investigation into this system is Germany. There are many doubts regarding this. However, only the coming years will tell whether WorldCoin is a revolutionary idea or will ‘go to shit’.
However, the system claims that WorldCoin membership will be completely private and that no data regarding members will be shared unless requested by the member. Apart from that, the people behind WorldCoin say that they are ready to listen to the authorities of each country.
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