- Worldcoin, co-founded by OpenAI CEO Sam Altman, has launched its WLD token to address digital identity verification and income inequality via iris-scanning technology.
- Amid increasing U.S. regulatory scrutiny, Worldcoin avoids token distribution in the States, fueling controversy and regulatory uncertainty.
Worldcoin, the audacious cryptocurrency project spearheaded by Sam Altman, OpenAI CEO, has successfully launched its native WLD token. Worldcoin’s mission? Tackling two monumental digital-age issues: online identity verification and income inequality.
Wtf did this dude just say? Did he literally say that he can’t talk about how WorldCoin is distributed “because of the regulatory uncertainty” in the United States? 🤦♂️
If there was ever a signal to RUN AWAY as fast as you can from a project, HERE IT IS. Is he saying he can’t… https://t.co/e2f7V7pxTa
— John E Deaton (@JohnEDeaton1) July 24, 2023
Eyeing Digital Solutions with Iris-Scanning Tech
Worldcoin’s solution marries cutting-edge iris-scanning technology with blockchain, establishing an in-person credential verification process. To date, over two million individuals have been validated via this groundbreaking method, primarily in the Global South. These verified individuals are now the recipients of the newly minted WLD tokens.
Yet the token’s debut has not been without its fair share of regulatory roadblocks and postponements. In response to mounting regulatory pressure from the U.S., Worldcoin took a strategic detour, opting not to distribute its tokens within the country. This decision cites the tumultuous regulatory landscape and the Securities and Exchange Commission’s increasingly firm hold on the crypto industry.
Worldcoin’s recent announcement shared plans to place its iris-scanning orbs in over 35 cities in 20 countries, amplifying its reach for individual verification. The company targets having around 1,500 orbs in operation by the end of 2023. Those authenticated by an orb will receive an initial allocation of 25 WLD tokens, supplemented by regular grants. Furthermore, Worldcoin is launching a token reservation system on the World App, facilitating token reservations until users can access an iris-scanning orb.
The total WLD token supply caps at 10 billion units, with a distribution strategy that favors users, operators, and ecosystems (80%), leaving the remaining 20% for the Worldcoin team and its supporters.
A Visionary Approach Incites Controversy
Worldcoin’s transition to the OP Mainnet, a Layer 2 scaling solution, has prepared the ground for the official WLD token launch. However, the project’s daring and atypical strategy for addressing identity verification and income inequality has stirred significant controversy within Silicon Valley.
Altman has leveraged advancements in artificial intelligence to secure investments for Worldcoin’s parent company, “Tools for Humanity.” He advocates for the unique ID system, enabled by the WLD token, as a tool to distinguish real users from bots—an escalating problem in the era of advanced language models like ChatGPT. Furthermore, the system is proposed as a potential fraud deterrent if governments opt to roll out “universal basic income” schemes.
The decision to exclude U.S. from the token distribution plan has raised eyebrows and sparked questions about whether U.S.-based co-founders and investors will qualify for receiving tokens overseas.
As Worldcoin continues its ambitious journey, follow us for the latest updates in the complex world of blockchain and cryptocurrency.