Worldcoin, an identity-proving cryptocurrency project co-founded by OpenAI LP chief executive Sam Altman, launched its protocol and application today with plans to expand globally.

The company behind Worldcoin, Tools for Humanity, uses iris-scanning technology to determine that people signing up for accounts are actual human beings and not bots in order to provide them a World ID, which the company says provides “proof-of-personhood.”

To do this, users need to use a seemingly weird scanner called “Orbs,” which are large balls containing the scanning technology. This creates a biometric authentication for each person and also provides WLD cryptocurrency that can be used for transactions on the Worldcoin network.

According to the project, the iris scans are not stored in the network. Instead, it uses specialized cryptographic hashes that represent the scans to prove their humanity.

“In the age of AI, the need for proof of personhood is no longer a topic of serious debate; instead, the critical question is whether or not the proof of personhood solutions we have can be privacy-first, decentralized and maximally inclusive,” said Alex Blania, the Worldcoin project’s co-founder and Tools for Humanity chief executive.

The project argues that as AI bots become more intelligent and humanlike, it will become more difficult to tell the difference between them and actual people. As a result, preserving trust will become a more important part of our lives and coupling biometric proof with blockchain technology will allow that to happen.

In conjunction with the launch of the Worldcoin Protocol, users will now gain access to both World ID and World App, which will allow them to use the cryptocurrency they earned by scanning their eyes to transact on the network for services and goods using their smartphones. Although the current uses for World App are limited, during the beta test it had a number of use cases, including proof of personhood, “Worldcoin Grants,” which are token stipends distributed on a weekly cycle to eligible individuals, and the ability to send and receive tokens.

According to Worldcoin, the project has deployed Orbs worldwide and surpassed 2 million World ID signups during its beta phase since its launch in 2021. The company deployed Orbs in a number of cities including Barcelona, Berlin, Buenos Aires, New York, Seoul and Tokyo. The company said it intends to scale up its operations to more than 35 cities in 20 countries post-launch in order to increase signups.

As an enticement to get people to scan their eyes, Worldcoin pays users in WLD for signups at Orbs.

Upon release, the Worldcoin system raised concerns with privacy advocates due to its use of iris-scanning in order to produce its “proof-of-humanity” network and what kind of data is kept on the network. However, the project said the actual images of people’s eyes are never stored, just cryptographic representations of their unique irises that are used to identify them in order to prevent multiple signups.

In May, Tools for Humanity raised $115 million in a Series C funding round led by Blockchain Capital, providing the company a sizable tranche of funds for its global expansion. At the time the company also stated that it intended to build the network to support a kind of universal basic income should artificial intelligence begin to disrupt labor.

Worldcoin’s WLD are now available for access in personal cryptocurrency wallets. The token is listed on major crypto exchanges, including Binance, Huobi and Bybit. Other exchanges such as MEXC, Bitget, BitMart, LBank, Bitrue, Bithumb and KuCoin also announced WLD listings.

Image: Worldcoin