In a move that has sent shockwaves through the tech and crypto communities alike, Sam Altman, the AI guy & CEO of OpenAI, has taken a bold bet on the future of crypto just like me. 😂
With his latest venture, Worldcoin, Altman aims to do a crossover between the worlds of blockchain and artificial intelligence (AI) to address the very real threat that AI poses to humanity. And what would that be?
AI Replacing Humans: We Are Doomed
In my previous blog titled "Death of Jobs, I explained how generative AI is going to kill jobs and cut them down by 40% by 2025. You should read it to understand the severity of the situation. This time, high-wage workers, doing routine and repetitive tasks are going to face the heat. My wife doesn't listen to me and laughs at me. But even now she has taken Chat GPT seriously because one of her colleagues using the tool to create & debug code. 😂
Let's face it, we are under constant pressure from the AI overlords taking over our jobs and turning us into obsolete relics. 😂 Well, Sam Altman, has taken up the initiative to tackle this issue head-on. Isn't that a bit ironic? xD
Nevertheless, recognizing the potential dangers of unchecked AI, Altman believes crypto can save humanity rather than leave us as mere spectators to our own tech demise.
Introducing Worldcoin
Worldcoin is loosely based on the concept of Universal Basic Income (UBI). Altman has already collected over $100M in funding via a private token sale in 2022 to VCs like Andreessen Horowitz & others at a $3B valuation. That's fkn huge. xD
It will launch on Optimism Network, an Ethereum Layer 2 scaling solution. Worldcoin's website has a link to Worldcoin Foundation but that link redirects to the main website. An interesting thing to note is that there are around 50-200 employees working at the Worldcoin Foundation (WF) as per Linkedin.
How Does It Work?
Worldcoin metaverse will have three important entities:
- Digital Id: To verify the identity without compromising privacy.
- Worldcoin: Governance token that will be distributed to anyone for existing.
- World App: To earn Worldcoin for learning about crypto & to perform wallet operations using your Digital ID.
All of them are interlinked together. Anyone can verify their identity using their digital id and earn Worldcoin.
The utility of the token is not clear yet except it is a great funnel to the world of crypto. After losing jobs, users won't have anything left but to involve themselves in decentralized economies powered by blockchain and crypto. So it makes sense!
Benefits of Worldcoin
- Universal Basic Income: One of the most exciting aspects of Worldcoin is its ambitious plan to implement a universal basic income (UBI) system. Imagine receiving a steady stream of crypto (aka Worldcoin) directly into your digital wallet, providing a safety net for all individuals, regardless of their socioeconomic status. It would lead to financial stability and social equality for all.
- Global Accessible Finance: Worldcoin aims to be truly borderless financial network that is accessible to anyone with an internet connection. This means that people in remote areas or underprivileged regions can potentially participate in the digital economy, opening up opportunities that were previously out of reach. It's like the democratization of finance, but with a futuristic twist! Maybe that's why the named it WORLDcoin.
- Efficient Identity Verification: With Worldcoin's integrated facial recognition technology, worldcoin will be able to differentiate between humans and bots without compromising privacy.
Can Worldcoin Solve AI's Threat?
Now, let's address the elephant in the server room. 🐘 Can crypto truly solve the looming threat of AI?
Worldcoin Foundation claims to have over 1.7 million users, 60k daily wallet transactions, and 25k daily World ID checks since the launch of the World App. While Worldcoin certainly brings innovative solutions to the table, it's important to remember that no single technology can single-handedly vanquish the AI threat.
We already have several networks doing this job for years and many users like me are already there. However, Worldcoin's integration of blockchain and biometric tech has the potential to provide a more equitable and inclusive future.
By leveraging the power of crypto and encouraging responsible AI development, Altman and his team are trying to move towards a brighter future where machines and humans can coexist.
Conclusion
Worldcoin is just the start. In the upcoming years, we will witness more UBI projects trying to solve the job displacement threat by generative AI.
Do you think blockchain and crypto can help? Comment below!
Posted Using LeoFinance Alpha
