Sam Altman, the CEO of OpenAI, has launched Worldcoin, aiming to create a 'new identity and financial network owned by everyone'. It is Altman's solution to a future dilemma where artificial intelligence potentially makes many jobs redundant, resulting in an imbalance of wealth distribution. The rich, being owners of the AI, get richer, while those losing their jobs face financial difficulties.

Worldcoin is Altman's attempt to distribute this wealth equitably through a Universal Basic Income (UBI). This UBI system would essentially provide people with an income, regardless of their work status. The primary challenge is ensuring that the recipient is a human and not an AI system.

Here's where the controversial aspect of Worldcoin comes into play. To verify that the receiver is human, the project utilizes biometric data - an iris scan, to be precise. The system uses a device known as 'The Orb,' a shiny sphere with an embedded camera. Once verified, the user can claim one Worldcoin per week.

There are many risks and uncertainties attached to this approach. Will Worldcoin create a massive honeypot of biometric data? How will governments react to this project? Are there hidden backdoors in the hardware? Who funds the UBI? Will Worldcoin be as "open source" as OpenAI?

Only time will answer these questions if Worldcoin survives the test of time. What's clear is that it is a project worth monitoring closely. For more insight, we recommend reading Jef Wilser's Coindesk article, Inside the Orb: The Untold Story of Worldcoin’s Launch.

For an even deeper understanding, consider reading Vitalik's article on biometric proof of personhood or revisiting the discussion that Scott Melker had with Seth for Privacy.

Bold texts for emphasis:

• Sam Altman, the CEO of OpenAI, has launched Worldcoin
• Worldcoin is Altman's attempt to distribute this wealth equitably through a Universal Basic Income (UBI)
• To verify that the receiver is human, the project utilizes biometric data - an iris scan