Sam Altman's Worldcoin plans Global ID network like India's Aadhaar
What's the story
Worldcoin, a cryptocurrency initiative spearheaded by OpenAI CEO Sam Altman, aims to develop a global ID network similar to India's Aadhaar biometric ID system, as revealed by Tiago Sada, the firm's product chief.
Over 24 lakh individuals have already enrolled in the service, allowing Worldcoin's "orb" devices to scan their irises in return for a digital ID and complimentary cryptocurrency.
The company's objective is to establish a global identity and financial network with numerous ambitious applications.
Details
Emulating India's Aadhaar system
"A really good analogy for the type of impact something like Worldcoin can have is the Aadhaar project in India," Sada explained.
By forming a worldwide identity network, Worldcoin intends to differentiate humans from AI bots and offer a method for distributing universal basic income (UBI).
What Next?
Over 2.4 million users have signed up with Worldcoin
In spite of apprehensions from privacy activists regarding potential abuse of the database, over 2.4 million people have signed up to have their irises scanned by Worldcoin's orb devices.
Participants receive a digital ID and free cryptocurrency as part of the system. The firm emphasizes that its main focus is to build a global identity and financial network with an array of ambitious use cases.
Insights
Regulatory scrutiny following launch
Regulatory authorities in countries such as the United Kingdom and Germany have indicated they are examining Worldcoin following its July debut.
The cryptocurrency project has attracted considerable interest due to its lofty objectives and possible privacy ramifications.
As Worldcoin continues to expand and evolve, it is likely to encounter increased scrutiny from regulators worldwide.
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