India’s Aadhaar inspires Sam Altman’s crypto project Worldcoin
Worldcoin, a cryptocurrency and digital identity project led by OpenAI CEO Sam Altman, aims to establish a global network inspired by India’s Aadhaar system, Reuters reported.
India’s Aadhaar, lauded as the “world’s most advanced ID programme globally”, was introduced in 2012 to provide each Indian resident with a unique identification number and combat the misuse of fraudulent IDs in government programmes and welfare schemes.
It is managed by the Unique Identification Authority of India.
Tiago Sada, Worldcoin’s Head of Product, Engineering, and Design said that the potential impact of Worldcoin could be compared to the Aadhaar project in India.
“(A) really good analogy for the type of impact something like Worldcoin can have is the Aadhaar project in India,” Sada was quoted as saying by Reuters.
What is Worldcoin?
Launched earlier this year by Sam Altman, along with Alex Bania and Max Novendstern, Worldcoin employs an eye-scanning “orb” to provide users with a unique digital identity for verification purposes.
Verified users are then granted access to a cryptocurrency called the Worldcoin token, enabling them to conduct transactions, make purchases, and transfer digital assets, including being listed on certain cryptocurrency exchanges like Binance.
The company claims to address the issues related to the lack of a legally verifiable digital identity, faced by an estimated 4 billion people worldwide.
Also watch | Worldcoin: Sam Altman’s crypto venture, to replicate India’s Aadhaar | World News | WION
Altman has said in the past that Worldcoin’s objective is to create a “global financial and identity network based on proof of personhood,” while asserting its purported significance in an era dominated by AI.
Challenges for Worldcoin
Worldcoin has been facing a number of technical challenges since its launch, including issues where some users who were scanned reported difficulties claiming their tokens.
Additionally, there have been complaints about Worldcoin’s reliability after its network went offline shortly after the launch, as well as instances where the orb allowed multiple accounts to be created for the same individual due to an alleged breach.
(With inputs from agencies)
