Worldcoin Project

Why in news?

• Open AI CEO Sam Altman along with two co-founders launched the Worldcoin crypto project to grant users a verified digital identity and access to a financial project.

About Worldcoin Project:

• It is an initiative to create a digital network in which everyone can claim some kind of stake, and join the digital economy.
• Using a device called “Orb,” Worldcoin volunteers known as ‘Orb operators’ scan a person’s iris pattern to collect their biometric data and help them get a World ID through the World app.
• With the app, scanned participants can collect a cryptocurrency called Worldcoin at regular intervals or make transactions with their World ID where possible.
• This process is called “proof of personhood” and makes sure that people do not sign themselves up multiple times in exchange for crypto.
• Worldcoin claims it is building the “world’s largest identity and financial public network” open to people worldwide.
• Worldcoin lists 18 locations — largely in Delhi, Noida, and Bangalore — where Orb operators are scanning people’s eyes.

PRACTICE QUESTION

Consider the following statements regarding ‘Worldcoin Project’:

1. It aims to create a universal and decentralised digital identity

2. It is owned by Tools for Humanity (TFH), a technology company dedicated to leveraging innovative solutions to address societal challenges

Which of the statements given above is/are correct?

(a) 1 only

(b) 2 only

(c) Both 1 and 2

(d) Neither 1 nor 2

Answer