Tools for Humanity, a San Francisco and Berlin-based corporation, launched the Worldcoin concept in 2019.

The initiative, which uses iris biometric technology and was started by OpenAI CEO Sam Altman, Max Novendstern, and Alex Blania, is supported by renowned venture capitalists Andreessen Horowitz.

The purpose of Worldcoin's token, WLD, is to propel a broader initiative toward an Internet-driven, more equal and cohesive global economy.

The token is a cryptocurrency built on Layer 2 Ethereum that maintains its own asset economy while utilizing the security of the Ethereum network.

Worldcoin: A cryptocurrency venture that Altman co-founded

With its World ID, a privacy-preserving digital identity, Worldcoin aims to facilitate international democratic processes and provide a future route toward an AI-funded universal basic income.

Although World ID is accessible everywhere, its WLD is limited to areas where legal restrictions apply. Although the US is not included in this, co-founders Blania and Altman expect that legal action may be taken there to allow Worldcoin users to take use of both World ID and WLD. Worldcoin is an open-source protocol that is decentralized by nature.

The World App, a wallet compatible with several protocols, is the gateway to Worldcoin. Traders will acquire a World ID after visiting a "Orb," which is Worldcoin's biometric verification device, and downloading the app to reserve their portion.

Worldcoin compares this increased security capability to a "digital passport," supporting customer authentication while protecting the consumer's whole privacy.

Worldcoin launched in July 2023, despite being formed in 2019. Throughout five continents, the initiative has gathered a community of more than 5 million individuals throughout that period.

"Worldcoin is an attempt at global scale alignment; the journey will be challenging and the outcome is uncertain," said co-founders Alex Blania and Sam Altman. But a crucial task of our day is to come up with innovative strategies for widely distributing the upcoming technological affluence.

Assistance from The Worldcoin Foundation and Tools for Humanity
In addition to maintaining the World App, Tools for Humanity, the company that created Worldcoin, is still dedicated to helping the cryptocurrency project by creating new tools and bolstering its system.

The Worldcoin Foundation, a nonprofit organization founded to assist the expanding Worldcoin community until it achieves self-sufficiency, supports it.

Managing grant programs, making new project technology open-source, and creating avenues for user participation in protocol governance are all examples of support.

Worldcoin: Collaborating with top digital companies?

But like many other cryptocurrency initiatives, Worldcoin has had issues with data compliance and regulatory adherence at a period when co-founder Altman was involved in well-reported conflicts with his OpenAI employees, quitting the firm and then coming back.

Since then, however, the seas have somewhat calmed, and rumors are now circulating that Worldcoin is about to enter into significant new collaborations with Paypal and OpenAI.

This coincides with indications from Tools for Humanity that further cooperation with significant technology and financial firms is being tried as part of future ambitions.

"There are some natural things in how we might and will work together, but it's nothing that we're ready to announce yet," Blania adds in reference to a possible collaboration with OpenAI.

A partnership between Worldcoin and OpenAI is undoubtedly possible given the Altman connection, and it wouldn't be the company's first collaboration—Worldcoin previously collaborated with cybersecurity company Okta to develop a sign-in Worldcoin authentication service last year.

For now, though, it's a waiting game, but don't be shocked if Altman soon becomes even more prominent in the cryptocurrency space, working with OpenAI.