Worldcoin is a revolutionary cryptocurrency project founded in 2019 by Sam Altman, Max Novendstern, and Alex Blania through their company Tools for Humanity. It aims to provide a decentralized global identity and currency system using advanced technologies. At its core is a unique iris-scanning technology that uses specialized devices called "Orbs" to capture high-resolution images of a person's iris. These iris scans are converted into anonymous identifiers called "IrisHashes" which serve as unique digital passports for users. The system relies on blockchain technology to securely store and verify these identifiers. Unlike traditional cryptocurrencies, Worldcoin offers free tokens to users without requiring upfront investment, aiming to democratize access to digital assets. The project has raised over $250 million in funding from venture capital firms. However, it has faced scrutiny over privacy concerns related to collecting and storing biometric data. Worldcoin launched out of beta in July 2023 with plans for global expansion. The project aims to solve the challenge of verifying human identity in the decentralized web, potentially accelerating the adoption of blockchain technologies worldwide. However, ongoing debates surround balancing innovation with user privacy rights as the project evolves.
What is Worldcoin?
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