Worldcoin, the cryptocurrency project behind OpenAI CEO Sam Altman and Alex Blania of Tools for Humanity, launched on Monday.
The main offer of that project is the creation of a “digital passport” – World ID, which proves that its bearer is a human being. Reuters reported that the scanning procedure is done with the help of a “worldcoin orb,” a silver ball the size of a bowling ball.
To get a World ID, customers must register by performing an in-person iris scan using the mentioned orb. Once the scan confirms the person’s authenticity as a real human, the device generates a digital passport.
The company calls the procedure of scanning and creating a digital passport “orbing.” This procedure will be available in 35 cities, i.e., 20 countries, Reuters reported, reminding that the cryptocurrency worldcoin already has two million users. In some cities, a worldcoin token comes as a “gift” with the scan.
The value of worldcoin on the Binance crypto exchange fluctuated quite a lot. It ranged from an initial $0.15 to a maximum of $5.29 on Monday. Afterward, it fell to $2.49 in the middle of the day.
The company issued one hundred forty-three million worldcoins, and the initial supply has a limit of 10 billion “coins.”
Societe Generale Received a License for Crypto Services
French bank Societe Generale has become the first company in France to receive a license for crypto services, as an increasing number of mainstream financial companies globally embrace cryptocurrency trading.
Forge, the crypto unit of Societe Generale bank, received a license this week to provide services including cryptocurrency custody, trading, and sales, the French bank said, Reuters reported, citing CoinDesk.
Several crypto companies, including the largest exchange Binance, have already registered. Licensed firms, however, are subject to stricter rules in several areas, including corporate governance, IT and compliance.