Cryptocurrency Worldcoin, co-founded by OpenAI CEO Sam Altman, has seen its value skyrocket in recent weeks. The price doubled to $5.36, reaching an all-time high, and the market cap sits at around $700 million.
This surge coincides with the launch of OpenAI’s new AI model, Sora, and a broader interest in AI-related tokens.
What Is Worldcoin?
Worldcoin is a blockchain-based digital identity startup that uses AI technologies alongside cryptocurrencies and blockchain in an open-source protocol to provide universal access to a global economy.
By offering a unique World ID, Worldcoin ensures individuals prove themselves to be actual persons rather than bots or AI systems. This distinctive identifier relies on irises, which are as unique as fingerprints, making them ideal for establishing personal identification.
How Does Worldcoin Work?
To obtain Worldcoin, participants must use a spherical device known as the Orb to scan their irises, ensuring that every user registers only once.
Once verified, individuals receive Worldcoin’s native WLD token, which can be used within the ecosystem or traded on various cryptocurrency platforms.
Worldcoin’s ultimate objective is to implement a worldwide Universal Basic Income system, rewarding individuals who verify their identities using the Orb.
Worldcoin Unique Identity System
Worldcoin has a unique identity system: users scan their retinas with physical orbs to create a digital identity.
However, the project has faced criticism for potential privacy concerns and regulatory hurdles in various jurisdictions.
- Price Surge: Driven by the launch of OpenAI’s Sora AI model and growing interest in AI tokens, Worldcoin’s price doubled in a week.
- AI and Crypto Intersection: Sora’s ability to generate realistic videos sparks interest in AI’s potential for decentralization and image verification using blockchain technology.
- Worldcoin’s Growth: The World App, associated with Worldcoin, surpassed 1 million daily users, a significant increase from November 2023. Additionally, over 1% of Chileans signed up, and Singapore allows Orb hardware devices.
- OpenAI Connection: Sam Altman’s involvement in both projects fuels investor interest and trading volume for Worldcoin.
Despite these issues, the intersection of AI and crypto holds promise for the future. Worldcoin’s recent surge reflects broader market trends and project growth, but navigating regulatory and privacy concerns will be crucial for its long-term success.
