Worldcoin one of the most controversial projects in the digital asset space announced the launch of its WLD token. The company plans to distribute WLD to more than two million people worldwide.
Aside from some delays, Worldcoin has faced some serious concerns about potential privacy risks as it involves biometric authentication devices to receive World ID. Even so, the team behind the project believes that it can drastically increase economic opportunities and address the problem of human identification from online AI while preserving privacy if successful.
Controversial beginnings, later reports of security failures as well as allegedly deceptive marketing practices, have dominated the public conversation about Worldcoin.
The project, led by ChatGPT developer OpenAI CEO Sam Altman, has registered users around the world with the help of a physical imaging device called 'Orb'. This project aims to give WLD to every individual on the planet after registration while their account is anonymous.
However, this launch comes at a time when authorities in the United States have increased restrictions on token issuers in the country. Although Worldcoin is expanding its operations to 35 cities in 20 countries, WLD tokens will not be available in the US.
A letter by founders Alex Blania and Sam Altman announcing the launch reads,
“Worldcoin is an attempt at coordination on a global scale, the journey will be challenging and the outcome uncertain. But finding new ways to broadly share the coming technological prosperity is a critical challenge of our time. We hope you will join us.”
Worldcoin raised $115 million in a Series C funding round led by Blockchain Capital in May this year. This funding round was also joined by a16z, Bain Capital, and Distributed Global.
Worldcoin's ultimate goal is to eventually demonstrate the potential for an AI-funded UBI, known as "universal basic income," which is a government social benefit program that gives every individual the right to receive periodic payments. However, Altman believes an AI-powered UBI has the potential to overcome income inequality while fighting fraud.
Some community members joked about the unique process of scanning eyeballs, others likened this crypto project to a “digital government.” The privacy argument has had little impact on crypto exchanges such as Binance, which announced plans to list the WLD token on July 24. Other leading platforms, including Huobi, KuCoin, and BitMart, are also following suit.
