While leaving a supermarket, you might have noticed people scanning their eyes on a round silvery gadget branded WorldCoin, placed on a table.
WorldCoin was launched on Monday, July 24 and immediately created a frenzy in the country, as the platform provided its users with a token close to ksh7,000 upon registration.
Now, what is Worldcoin and who is the mastermind behind this cutting-edge financial technology?
WorldCoin was designed by none other than billionaire Sam Altman, who also serves as the Chief Executive Officer (CEO) of OpenAI, the company responsible for creating the language chatbot, ChatGPT.
What Is WorldCoin?
WorldCoin is a digital financial technology based on artificial intelligence which allows its users to create an ID and trade in cryptocurrencies.
The technology comprises three core components: World ID, World App, and WLD Cryptocurrency Token.
How It Works
To gain access to the platform, users need to register and create a World ID, which involves the scanning of their eyes using a device called an Orb. The purpose of this eye-scanning process is to verify the authenticity of users, ensuring that only real human beings can utilise the platform.
"World ID can also enable global democratic processes and novel forms of governance such as quadratic voting, and it may eventually support a path to AI-funded UBI.
"To engage with the Worldcoin protocol, users must first download World App, the first wallet app that supports the creation of a World ID," WorldID says on its website.
Sam Altman
Sam Altman is a prominent figure in the technology and business world, known for his entrepreneurial nous and visionary investments.
Born in Chicago in 1985, Altman's journey to success began at Stanford University, where he initially pursued a Computer Science degree. However, his drive led him to drop out after two years.
Co-founding Loopt, a local social networking company, Altman displayed his knack for innovation early on. Under his leadership, the company flourished, culminating in a lucrative sale in 2005, fetching a staggering Ksh6 billion (USD $43.4 million). This triumph marked the beginning of his ascent in the tech world.
Altman's remarkable ability to identify promising investments and disruptive technologies has been a key factor in his rapid ascent in the business world. Investments in successful ventures like Airbnb and Reddit have solidified his reputation as a savvy investor, resulting in an estimated fortune exceeding Ksh70 billion.
In 2015, Altman co-founded OpenAI, a renowned artificial intelligence research lab, alongside visionary billionaire Elon Musk and other tech enthusiasts. As an influential leader within the company, Altman played a pivotal role in shaping its vision and direction. His contributions have been instrumental in driving groundbreaking advancements in the AI landscape, including the development of the AI chatbot ChatGPT.
Forbes recognised Altman's achievements by naming him in their prestigious "30 under 30" list in 2015.
Beyond his business ventures, Altman's contributions extend to various philanthropic efforts and support for initiatives that aim to improve society through technology.
