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About The Worldcoin Project

Context:

Recently, OpenAI CEO formally re-introduced Worldcoin project of his that was eclipsed by the popularity of ChatGPT.

Relevance:

GS III: Indian Economy

Worldcoin Project: Creating a Digital Network with Human Stakeholders

  • The Worldcoin Project aims to establish a digital network that allows everyone to claim a stake in the digital economy.
Proof of Personhood:
  • Participants in the Worldcoin Project undergo a unique verification process called “proof of personhood.”
  • Volunteer operators, known as ‘Orb operators,’ use a device called “Orb” to scan a person’s iris pattern and collect their biometric data.
  • In exchange for the iris scan, participants receive a World ID, which serves as their unique digital identity.

Crypto Rewards and Transactions:

  • Once verified, participants can collect a cryptocurrency known as Worldcoin [WLD] at regular intervals through the World app.
  • They can also use their World ID for transactions wherever it is applicable.

World’s Largest Identity and Financial Public Network:

  • The Worldcoin Project claims to be building the world’s largest identity and financial public network that is accessible to people worldwide.

Locations:

  • The project is currently active in 18 locations, primarily in Delhi, Noida, and Bangalore, where Orb operators are scanning people’s eyes to participate in the initiative.

Source: The Hindu


February 2024
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