In a recent conversation at the Mainnet event by Messari, Alex Blania from Tools for Humanity, the developer of the Worldcoin Project, engaged in a discussion with Ryan Selkis, founder and CEO of Messari. The conversation shed light on the intricacies of the Worldcoin Project, its motivations, and the challenges it aims to address.
Worldcoin is a digital identification platform that aims to provide each person on earth with a verified digital identity, a cryptocurrency token named Worldcoin (WLD), and a crypto wallet app. The project was founded in 2019 by Sam Altman, Max Novendstern, and Alex Blania, and is backed by VC Andreessen Horowitz.
Worldcoin’s platform verifies a user’s identity by scanning their iris to create personal, secure identification codes. The codes are saved on a decentralized blockchain, and the company claims they cannot be duplicated or spoofed to create false identities or engage in fraudulent activities. It aims to provide universal access to the global economy, establishing a place for every human to benefit in the age of AI.
The Worldcoin Project, initiated approximately three and a half years ago, was driven by the desire to build infrastructure for a world where artificial intelligence (AI) becomes increasingly powerful.
According to Alex Blania, the main motivations included developing a foundation for proving personhood in a privacy-preserving manner and creating a digital token that acts as an incentive alignment for the network.
Addressing contemporary challenges
Blania emphasized the importance of solving the problem of proving personhood on the internet, indicating that traditional solutions like government Know Your Customer (KYC) processes may not be suitable for global use.
The Worldcoin team believes that as AI becomes more powerful, a mechanism like theirs will be essential to combating issues like identity fraud and bot interactions.
He added that the Worldcoin team sees a significant role for their project in the future governance of AI systems. They believe that as AI becomes more prevalent, having a democratic mechanism for governance will be crucial.
Additionally, they anticipate the advent of Universal Basic Income (UBI) in the next two decades and consider Worldcoin a potential infrastructure to deliver on that front.
Navigating hardware and security challenges
Furthermore, Blania addressed concerns related to the hardware-centric nature of Worldcoin. The project relies on the orb, a biometric device, to ensure the uniqueness and authenticity of users.
While acknowledging the need for central manufacturing initially, he stated the project’s commitment to open-source designs, decentralization of manufacturing, and transitioning to a more distributed approach.
On the side of the tokenomics of Worldcoin, he explained that the token serves as a crucial element for aligning incentives and fostering network growth. Despite facing initial criticism for the low float, the project emphasizes its commitment to distributing tokens to as many people as possible, with a long-term vision of reaching billions.
