Why in the News?

In a recent announcement, the CEO of OpenAI officially reintroduced his Worldcoin project, which had previously taken a backseat to the widespread popularity of ChatGPT.

What is Worldcoin Project?

• The Worldcoin Project aims to establish a digital network that enables everyone to participate and claim some form of stake in the digital economy.
• The project operates on a straightforward model:
• Individuals can prove their uniqueness as humans by allowing their eyes to be scanned, and in return, they receive a cryptocurrency reward and an identification called a "World ID."
• Worldcoin relies on a device called "Orb," which is used by volunteers known as "Orb operators."
• These operators scan a person's iris pattern to collect their biometric data and facilitate the issuance of a World ID through the World app.
• Participants who have been scanned can use the World app to receive the Worldcoin cryptocurrency at regular intervals or engage in transactions using their World ID wherever applicable.
• This process, known as "proof of personhood," ensures that individuals cannot register multiple times to gain more crypto rewards.