In a real-life scenario reminiscent of an episode from Black Mirror, millions globally have consented to allow metallic orbs to scan their irises in return for blockchain-based identification and a cryptocurrency known as Worldcoin.
Starting this week, Worldcoin (WLD) will be launched in most areas of the US, including on exchanges like Coinbase. Individuals who undergo an iris scan using a World orb will receive 16 WLD tokens. The initiative, led by the Sam Altman co-founded startup Tools for Humanity, is also collaborating with Visa to introduce a debit card later this year that allows for the conversion of WLD into fiat currency at the point of sale. This announcement was made by Altman, currently the chairman of Tools for Humanity, alongside CEO Alex Blania at a press event in San Francisco titled “At Last.”
Iris scans will be conducted at various physical “World Space” locations in cities including Atlanta, Austin, Los Angeles, Miami, Nashville, and San Francisco, as well as Razer gaming stores. Last year, Tools for Humanity revamped the orb’s design and is now unveiling a smaller and more portable version called the “orb mini.”
Since its inception in 2019 by Altman, Blania, and Max Novendstern, the group’s mission has been to establish World ID as the main method for online human verification. This effort is seen as a necessary response to the societal issues arising from the advancements in AI technologies developed by OpenAI, another organization led by Altman. The aim is to utilize a system like World ID to distinguish between AI-generated content and actual human activity. Altman envisions Worldcoin potentially providing a form of universal basic income for those displaced by AI advancements.
In addition to the upcoming Visa partnership, users will primarily engage with Worldcoin through the World wallet app. This application facilitates the transfer of WLD and other cryptocurrencies via a secure chat service that integrates with World IDs. It also features over 150 mini-apps, including one developed by the prediction market Kalshi.
While former SEC Chair Gary Gensler adopted a stringent stance on cryptocurrency, the current political climate under the Trump administration has seen a reduction in regulatory scrutiny of the sector. This shift has empowered Tools for Humanity to proceed with the launch of Worldcoin in the US; however, the token remains unavailable in New York state.
Despite facing significant opposition from various governments regarding its utilization of biometric data, Worldcoin has managed to emerge as one of the largest ventures in the cryptocurrency arena. The startup reports that its orbs have successfully verified 12 million individuals across more than 100 countries on its Ethereum-based World Chain. In contrast, the price of WLD has seen considerable volatility, trading below its initial price since debuting in 2023 leading up to Wednesday’s launch event.
This story is developing…
