Worldcoin: A Cryptocurrency Promising Privacy or Surveillance?

Cryptocurrencies have revolutionized the financial landscape, offering decentralization, security, and anonymity. However, the recent launch of Worldcoin, a cryptocurrency project founded by OpenAI CEO Sam Altman, has sparked debates around the concept of privacy and surveillance. Worldcoin claims to provide users with a "digital passport" called World ID to verify their human identity. But is this technology truly a step towards privacy or a gateway to increased surveillance? In this article, we will delve into the details of Worldcoin, examine its core offering, explore its potential implications, and question the balance between privacy and surveillance.

Worldcoin's flagship feature is its World ID, which is touted as a means to differentiate real humans from AI bots. To obtain a World ID, individuals are required to undergo an in-person iris scan using Worldcoin's 'orb,' a unique device resembling a silver ball. This scan verifies the person's humanity, and upon successful verification, a World ID is created. The company behind Worldcoin, Tools for Humanity, emphasizes that blockchains store these World IDs, ensuring privacy and preventing control by any single entity.

With a user base of 2 million from its beta period, Worldcoin is now scaling up its 'orbing' operations to 35 cities across 20 countries. As an incentive, those who sign up in specific countries will receive Worldcoin's cryptocurrency token, WLD. The launch of Worldcoin has generated significant interest, leading to a surge in WLD's price during early trading. Binance, the world's largest exchange, reported a peak price of $5.29 for WLD, with substantial trading volume.

The rise of generative AI chatbots, such as ChatGPT, has highlighted the need to distinguish between real people and AI bots online. Worldcoin aims to address this challenge by leveraging the World ID system. By requiring individuals to possess a World ID, Worldcoin believes it can effectively differentiate between humans and AI bots, thus mitigating potential risks associated with AI-generated content.

Sam Altman, the visionary behind Worldcoin, believes that generative AI will reshape the economy and has implications for income inequality. Altman expresses his support for universal basic income (UBI), a social benefits program that provides payments to every individual. Altman argues that as AI takes on more human tasks, UBI can help combat income inequality. Worldcoin's World IDs could play a role in reducing fraud in UBI distribution, as only real humans can possess these IDs.

While Worldcoin presents itself as a solution to verify human identity and address economic challenges, skepticism abounds. Privacy advocates express concerns about the potential surveillance implications of World IDs and the storage of personal iris scan data on blockchains. They question the extent to which individuals have control over their own data and the potential for misuse by governments or other entities.

The launch of Worldcoin raises crucial questions about striking a balance between privacy and surveillance in the digital age. On one hand, World IDs can potentially protect individuals from AI-generated content and reduce fraud. On the other hand, the collection and storage of personal iris scan data raise concerns over surveillance and the potential misuse of this information. It is essential to evaluate the safeguards in place to ensure that privacy is not compromised and that individuals' rights are protected.

Sam Altman envisions a future with UBI but acknowledges that it is a long way off. While Worldcoin lays the groundwork for UBI implementation, Altman admits the challenge of determining the entity responsible for distributing funds. Experimental steps, such as the launch of Worldcoin, are necessary to explore potential solutions and understand the implications of UBI in the context of a rapidly evolving AI-driven economy.