The world of cryptocurrency is constantly evolving, with new projects popping up every day. But there is a new token on the horizon that stands out from the rest — Worldcoin. This is because it is being launched by the OpenAI CEO, Sam Altman, and distributed under some sinister conditions. Read on to take a closer look at Worldcoin, its purpose, and what makes it so special, and discover the dangers and opportunities of the crypto and AI combo.
Before we dive into the Worldcoin overview, let’s take a look at the crypto landscape that has been highly volatile lately.
2022 was a rough year for the crypto market with its dramatic events, which have shaped the crypto landscape for ages. However, despite this situation, many investors use this environment to hone their knowledge and build the infrastructure to prepare for the future, instead of just retreating. Thus, there is a significant aspect of the 2023 crypto landscape that distinguishes this year’s market from the previous one – the intersection of AI and the blockchain technology.
Innovative AI crypto projects are emerging to reshape the landscape of the cryptocurrency market. Leveraging the power of artificial intelligence, these cutting-edge platforms are designed to improve financial decision making, streamline trading strategies, and create new opportunities for both investors and developers. A few examples of such projects are Cortex, Numerai, Ocean Protocol and the Worldcoin itself.
Sam Altman, a well-known entrepreneur and investor in the tech field, has gained the attraction of many IT giants with his project, the ChatGPT neural network, and contributed to the rise of artificial intelligence. Altman is the former chairman of Y Combinator, a leading Silicon Valley startup accelerator, and is currently the co-founder and CEO of OpenAI, an American company engaged in the technologies’ development based on machine learning. After the breakout release of ChatGPT, the previous project of Sam Altman re-asserted itself. And we are talking about OpenAI crypto token, Worldcoin.
What is Worldcoin
Worldcoin is an open-source protocol first launched in 2019 which aims to create a more unified and equitable global currency by distributing the coins to everyone on the planet. Sam Altman came up with the idea for Worldcoin after realizing that the cryptocurrency had achieved massive popularity but not the mass distribution it strived for.
To accomplish the goal of equity and universal access to the global economy, Worldcoin offered a very unusual mechanism for distributing its cryptocurrency to users, mostly to people from low-income countries, – scanning the retina with the use of a chrome sphere called Orb that, to be honest, looks a little bit sinister and intimidating. The orb is a biometric capture device that collects an image of a person’s eyeball which is then converted into a short numeric code, making it possible to check whether they have signed up already or not. This digital identification is called World ID.
WLD is the native token of the project which provides access, ownership and participation in the protocol together with a verified World ID.
On May 8, 2023, Worldcoin also launched World App, a multicurrency wallet built on the Polygon blockchain. It allows users to make payments in WLD or other supported crypto and traditional currencies, find an Orb nearby, and learn more about the project. The application is not related to custodial storage which means that Worldcoin has no control over the user's tokens.
Anyone who has verified their uniqueness via an Orb will receive their Worldcoin tokens when the Worldcoin mainnet goes live. Eligible verified users will see a Worldcoin token balance in their wallet in the World App which shows how many WLD they will receive at launch.
To get more WLD, you can become a Worldcoin Operator. Worldcoin Operators are rewarded in WLD for every securely registered user via an Orb. The Worldcoin Foundation will also provide grants in WLD to those who help move the project forward, such as developers, documentation writers, creators, people leading protocol education initiatives.
Worldcoin News and Development
The launch of Worldcoin is expected in the first half of 2023. The exact launch date will be determined by the Worldcoin Foundation, which is tasked with maintaining the protocol and growing the Worldcoin community until it becomes self-sustaining.
Worldcoin plans to reach 1 billion users in less than two years by distributing 50,000 WLD per year.
Crypto and AI: Dangers and Opportunities
Apparently, AI and blockchain technology are two of the most transformative technologies of our time. They both have the potential to change the world in profound ways, and some people think that they can be even more powerful when combined. But this combination of cryptocurrency and AI presents both benefits and drawbacks.
On the one hand, the potential for combining AI with blockchain technology includes smart contracts, detection of fraudulent activities on the blockchain, a greater level of automation that can reduce costs and increase efficiency. Moreover, AI-powered crypto coins employ sophisticated algorithms and machine learning models to analyze data and anticipate market trends, processing massive volumes of data significantly faster than human traders.
On the other hand, there’s a major difference between the infrastructure of these two technologies: AI cannot be built on the blockchain, it requires mostly centralized infrastructure to analyze data faster, while cryptocurrency is decentralized which can limit AI. AI can make phishing and other social engineering attacks far more effective with its ability to write well. Additionally, AI is still far from being perfect, it makes mistakes and wrong decisions that present a massive risk to users, especially in a financial setting like crypto.
Ultimately, if used responsibly, crypto and AI have a promising potential to revolutionize our financial systems. But it is still in the early stages of development.
In conclusion, the intersection of crypto and AI offers both dangers and opportunities. The future of Worldcoin and other projects like it is uncertain. Overall, Worldcoin is an exciting new project that has the potential to change the world of crypto providing a global currency that is accessible to everyone. However, there are also concerns about the coin's distribution method and the potential for abuse, as well as the Worldcoin value, so it is important to approach the project with caution and carefully consider its potential risks and benefits. With the right approach, Worldcoin and other projects like it could move us closer to a more equitable and just world.