An explanation of Worldcoin

In this video, TechTarget editor Katherine Finnell talks about Worldcoin.

Imagine a world where you're identified not by your name, but by your eyes.

Worldcoin is a new cryptocurrency initiative that combines AI technologies with blockchain to reshape the way we think about both identity and global transactions.

Led by OpenAI CEO Sam Altman, Worldcoin introduces a novel method of identification -- iris scans. This means that your unique iris structure becomes your digital identity, setting you apart from bots and AI.

This is particularly notable as new cybersecurity threats pop up as Web3 comes to fruition. Subscribe for more developments in crypto, AI and security.

So, how does Worldcoin work?

Unlike other cryptocurrencies that require upfront investments, Worldcoin offers tokens for the future without any initial funds needed. The goal here is to create a global economy accessible to anyone, no matter their country or financial status.

But you can't just sign up on a whim and get free crypto. You must obtain a World ID by visiting an "Orb center," available in 35 countries, where an Orb -- a spherical device about the size of a bowling ball -- scans your irises.

This scan generates a one-of-a-kind code that serves as your digital passport, similar to how fingerprints are unique to each person. This World ID is then stored on the decentralized Worldcoin blockchain to ensure its authenticity and prevent replication.

You can download the World App and create a Worldcoin account without a World ID, but you can't get the free share of Worldcoin tokens until getting scanned.

The World App provides you with a crypto wallet that can link with various other cryptocurrencies, including Bitcoin and Ethereum.

Now, you might be wondering about privacy concerns; Worldcoin claims that biometric data is either encrypted or erased.

But that hasn't stopped unease about iris scans ending up on the black market, which could lead to unauthorized access to Worldcoin accounts. So, while the concept is promising, there's still work to be done in terms of safeguarding user privacy.

Looking ahead, Worldcoin has ambitious plans. It's not just about introducing a new cryptocurrency -- it's about creating a new consumer base and reshaping authentication in the Web3 world. The goal is to expand globally, reaching more users and even offering its iris-scanning technology to other organizations for fraud prevention.

What are your thoughts on Worldcoin? Do you think it'll catch on as a new way to use cryptocurrency? Share your thoughts below, and be sure to subscribe to eye on tech.

Kaitlin Herbert is a content writer and former managing editor for the Learning Content team. She writes definitions and features.