Sam Altman launches a new cryptocurrency Worldcoin

According to Reuters, OpenAI CEO Sam Altman will unveil Worldcoin, a crypto initiative, on Monday.

The crypto project's main offering is its World ID, which only actual individuals can obtain. To obtain a World ID, a consumer must first sign up for an in-person iris scan utilizing Worldcoin's 'orb,' a silver ball about the size of a bowling ball. When the orb's iris scan confirms that the individual is a real human, it generates a World ID.

Tools for Humanity, located in San Francisco and Berlin, is the business behind Worldcoin.

Since its beta stage, the initiative has gained 2 million users, and with Monday's debut, Worldcoin is expanding its "orbing" activities to 35 locations in 20 nations. Those who sign up in certain countries will be rewarded with Worldcoin's cryptocurrency token WLD.

According to co-founder Alex Blania, the cryptocurrency part of the World IDs is significant because cryptocurrency blockchains can store the World IDs in a way that ensures anonymity and cannot shut down or be controlled by any single body.

According to Altman, Worldcoin can also address how generative AI will transform the economy.

"People will be supercharged by AI, which will have massive economic implications," he said.

Altman favors the concept of universal basic income, or UBI, a social welfare program often managed by governments in which every individual is entitled to payments. Altman argues that because AI "will do more and more of the work that people now do," UBI can assist in reducing income inequality. Because World IDs can only be used by genuine individuals, they might be used to minimize fraud while introducing UBI.

Altman stated that a world with UBI would be "very far in the future" and that he did not know what organization could give out money but that Worldcoin set the basis for it to become a reality.

"We believe we need to begin experimenting with things to figure out what to do," he added.