Worldcoin, Sam Altman’s cryptocurrency project that scans the irises of people in exchange for an allotment of digital tokens, is rebranding as “World,” the company said Thursday, as it works to define its purpose and expand its scope.
The company initially launched with the goal of providing a universal basic income, using a basketball-sized biometric reader called an orb to collect the iris data in exchange for a one-time payment of the company’s WLD cryptocurrency. But since the AI frenzy touched off by ChatGPT—made by Altman’s other company OpenAI—Worldcoin parent Tools For Humanity has leaned hard into human ID verification: In a futureworld in whichAI is everywhere, we need a system to prove that people are humans, and not bots.
Once people get their eyes scanned into the orb, they are issued a “World ID,” which verifies their “proof of personhood” within World’s system. The idea is that people could verify they are not bots without giving up any other identifying information.
“Worldcoin as a name just doesn’t work anymore,” CEO Alex Blania said on stage during an event in San Francisco. Meanwhile, Altman touted the newly rebranded World as an infrastructure layer for AI, helping “humans and agents to send resources back and forth” and communicate with each other.
The name change underscores the challenges the company faced as it sought to define itself and its business, as first reported by Forbes last year. “We don’t seem to have quite nailed that yet. Which is fine—it’s hard and it’s really new,” Altman said at a May 2022 companywide summit, according to audio obtained by Forbes. “Once we’ve internally decided the direction we want to go—and I think there’s still multiple opinions there—once that is said, and if that really resonates with people, then things can really catch fire.”
A former Worldcoin employee told Forbes last year: “Definitely the new DNA of the company is the whole identity thing. They no longer say they are a crypto company.” Dropping the word “coin” from the name also comes at a time when the cryptocurrency market has lost some of its luster, after the fall of disgraced crypto exchange FTX.
The company made several other announcements at the event, including a new version of the orb, with a white coating instead of its original metallic chrome. World also said it will allow people to use its app to have their eyes on demand, with an appointment where an orb would come to them “much like a pizza you have delivered,” said Rich Heley, the company’s chief device officer. World also said it will set up orb-scanning stations at retail spaces, including coffee shops and convenience stores, around the world, starting on Thursday. The company said it has already opened “premium verification experiences” where people could get eye scans in boutique spaces with staff to answer questions, in Mexico City and Buenos Aires.
Even before its launch, World has been mired in controversy. Privacy experts worried about the potential exploitation that could come with exchanging biometric data for crypto. In 2022, BuzzFeed News reported that the company was testing its orbs in countries in the global south, with low income users upset because they traded their iris readings for their share of a cryptocurrency that took years to launch. Orb operators, contractors that do the scanning and who typically come from low income backgrounds, had also felt they were put in harm’s way, harassed and arrested by local authorities, while facing missed payments from World and shifting performance targets.
Since World’s founding in 2019, Altman’s star has risen astronomically. He’s become one of the most powerful people in technology, thanks to the success of OpenAI and ChatGPT. But Tools For Humanity has so far been a small player in Altman’s empire. Earlier this month, OpenAI announced it raised $6.6 billion, the largest venture capital fundraising round of all time. By comparison, Tools for Humanity raised $150 million last year (and a total of $240 million to date at a valuation of $2.47 billion, according to Pitchbook) — still impressive, but nowhere near the eye-popping figure of its sister company.
At the event, Altman echoed comments he made to employees at the closed-door 2022 summit, emphasizing the importance of scaling the platform to create a large network. “One joke that I use sometimes is, when in doubt, scale it up,” he said Thursday. “We want to see what happens when we do this at mass scale.”
