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