Worldcoin, cofounded by tech entrepreneur Sam Altman, is betting on a new approach to identity verification using artificial intelligence (AI). The company aims to create a universal basic income (UBI) program, which will require a way to ensure that the funds are distributed fairly and securely.
Traditional methods of identity verification, such as passwords or biometric scans, are not foolproof and can be easily compromised. Worldcoin is looking to use AI to solve this problem by developing a new type of identity verification that is based on human movements and biometrics.
The company has already raised $25 million in funding from high-profile investors such as LinkedIn co-founder Reid Hoffman and Y Combinator. Worldcoin’s approach to identity verification involves creating a new type of camera, called a “Worldcamera,” which captures a 3D scan of a person’s face and body movements.
The data captured by the Worldcamera is then used to create a digital “passport” that can be used to verify the identity of the person. The passport is then stored on a blockchain, which provides a secure and tamper-proof way to store and manage the data.
The Worldcoin team believes that this approach to identity verification will be a game-changer, as it is more secure, accurate, and reliable than traditional methods. In addition, the company is planning to use its UBI program to help alleviate poverty and inequality in developing countries.
While the concept of a UBI program is not new, Worldcoin’s approach to identity verification could be a major breakthrough. If successful, it could provide a new way to distribute resources fairly and securely, and help to address some of the world’s most pressing social and economic challenges.