Worldcoin Sets Its Sights on an International Identity System Inspired by India’s Aadhaar

OpenAI CEO Sam Altman’s crypto venture Worldcoin , aiming to set up a comprehensive identification framework by learning from India's successful biometric identification system. Aadhaar , the initiative aspires to blend identity verification with financial inclusivity.

Sam Altman, co-founder of Worldcoin, leads the project, which has already facilitated over 2.4 million people in voluntarily having their iris scans captured using the company's unique 'orb' devices.

In exchange, participants are granted a distinct digital ID along with some cryptocurrency. While privacy advocates voice concerns regarding the potential misuse of such a massive database, the excitement surrounding Worldcoin's vision is undeniable.

World App has been crafted to facilitate access to digital identities and global financial systems for everyone.

Thank you for 4 million downloads 🫶 pic.twitter.com/EmDDGhkpcV

— Worldcoin (@worldcoin) November 1, 2023

At its essence, Worldcoin aims to construct a vast network that intertwines identity and finance, presenting numerous applications as envisioned on its official website . From differentiating authentic human users from AI entities to potentially streamlining distribution methods for universal basic income (UBI), Worldcoin’s aspirations are broad and transformative.

Tiago Sada, who manages product, engineering, and design at Worldcoin, shared insights into the project's inspiration. He likened the potential ramifications of Worldcoin to India's Aadhaar project, noting, \"The Aadhaar initiative in India serves as a fitting comparison for what Worldcoin aspires to achieve.\"

Nevertheless, every groundbreaking project attracts its fair share of scrutiny. Regulatory bodies in countries like the UK and Germany have been keeping a close eye on Worldcoin, launching investigations since its introduction in July. The crypto landscape is in constant flux, and amidst this, Worldcoin shines as a striking example of how blockchain solutions are posed to challenge conventional systems.