Worldcoin, founded by Sam Altman, the CEO of OpenAI, aims to implement a concept called “proof of personhood” to prevent AI bots from accessing its global financial network. Users in the Worldcoin ecosystem must verify their “personhood” to participate, which involves acquiring a WorldID through an iris scan using a device called the Orb. The unique IrisCode generated from the scan is saved on Worldcoin’s decentralized blockchain, ensuring its authenticity and preventing fraudulent manipulation.

Worldcoin’s World App serves as a cryptocurrency wallet, a two-factor authentication service, and a gateway to decentralized finance applications. It allows users to securely interact with others verified as humans, reducing the risk of Sybil attacks. The platform supports crypto tokens like Bitcoin, Ethereum, and USDC, with plans to include more in the future. Additionally, Worldcoin introduced its cryptocurrency token, WLD, with a total issuance of 10 billion over 15 years, and aims to provide it to users participating in ID verification.

However, Worldcoin has faced criticism before and after its launch. It has been accused of deceptive marketing practices and collecting excessive personal data. Concerns were raised about data security protocols, and hackers gained access to the system. Ethereum co-founder Vitalik Buterin expressed reservations about the collection of iris scan data and the risk of centralization. Despite the concerns and hesitations, a successful proof of personhood verification system could hold significant value in the crypto world.