The cryptocurrency project Worldcoin, led by Sam Altman, is rebranding as “World” as it aims to define its purpose and expand its scope. Originally launched with the goal of providing a universal basic income, the project now focuses on human ID verification through iris scanning. People who get their eyes scanned are issued a “World ID” to prove their “proof of personhood” without revealing other identifying information. The rebranding to “World” reflects the company’s shift towards becoming an infrastructure layer for AI, facilitating communication between humans and agents.
The name change highlights the challenges World faced in defining its business, as reported by Forbes last year. Altman acknowledged the difficulty in nailing down the company’s direction at a companywide summit in May 2022. The emphasis on identity verification and dropping the word “coin” from the name marks a departure from the company’s crypto origins. World also announced a new version of the orb for iris scanning and plans to set up scanning stations at retail spaces globally. The company is expanding its reach and offering premium verification experiences in select locations like Mexico City and Buenos Aires.
Controversy has surrounded World even before its launch, with privacy experts expressing concerns about the potential exploitation of exchanging biometric data for crypto. BuzzFeed News reported on user dissatisfaction in countries in the Global South, where low-income users traded their iris readings for a cryptocurrency that took years to launch. Orb operators, typically from disadvantaged backgrounds, also faced challenges such as harassment and missed payments from World. Despite these issues, Altman has seen immense success with OpenAI and ChatGPT, cementing his status as a prominent figure in the tech industry.
Altman emphasized the importance of scaling the platform at the recent event, echoing comments made at the company’s 2022 summit. World aims to create a large network that can support its infrastructure for AI and facilitate resource exchange between humans and agents. Despite Altman’s success with OpenAI, Tools for Humanity, the company behind World, has been a smaller player in his empire. While OpenAI recently raised a record-breaking $6.6 billion in venture capital, Tools for Humanity raised $150 million last year, with a total valuation of $2.47 billion.
The rebranding of World signifies a shift towards a focus on human ID verification and AI infrastructure. The company’s expansion plans include setting up orb-scanning stations in retail spaces globally and offering premium verification experiences in select locations. Despite facing controversy and challenges, World aims to scale its platform and create a large network for resource exchange. Altman’s success with OpenAI has elevated his status in the tech industry, but Tools for Humanity, the company behind World, has yet to reach the same level of prominence. The company’s focus on identity verification and AI infrastructure reflects its evolution and growing ambitions in the cryptocurrency space.
