Worldcoin, a new cryptocurrency company, is launching a new token that uses biometrics for identity verification. The company says that its token, called Worldcoin, will be used to create a “proof of humanity” that can be used to access financial services, online accounts, and other digital goods and services.
History and Founders
Worldcoin was co-founded by none other than Sam Altman, a well-known personality known for his tenure as the president of OpenAI, a leading artificial intelligence research lab. His expertise, coupled with the entrepreneurial acumen of co-founder Alex Blania, has quickly carved out a unique niche in the crypto sphere with their innovative approach to digital currency.
Altman, a Silicon Valley stalwart, brought to the table a wealth of knowledge and experience from his time at the helm of OpenAI, where he steered the strategic direction of the company’s AI research and development. On the flip side, Blania added his business savvy, further fortifying the foundation of their budding collaboration.
Revolutionizing the Way of Identity Verification and Financial Transactions
Launching onto the scene of an already crowded and competitive blockchain industry, Worldcoin has captured tremendous attention in recent weeks. The company weds technology and finance in an unprecedented marriage, pointing the way to a potential revolution in the way identities are verified and financial transactions are conducted, standing as a testament to Altman and Blania’s forward-thinking minds.
To receive a Worldcoin, users must first scan their irises with one of the company’s Orb devices. The Orb is a handheld device that uses iris scanning technology to verify a person’s identity. Once a person’s identity has been verified, they will be issued a World ID, which is a digital record of their identity that can be used to access Worldcoin and other services.
Worldcoin says that its biometrics-based identity verification system is more secure than traditional methods of identity verification, such as passwords and social security numbers. The company also says that its system is more inclusive, as it can be used to verify the identity of people who do not have traditional forms of identification.
Worldcoin is currently available in 35 cities across 20 countries. The company plans to expand to more countries in the future.
The Growing Market for Identity Verification and Biometrics
Worldcoin has raised $25 million in funding from investors such as Andreessen Horowitz and Y Combinator. Worldcoin’s biometrics-based identity verification system is a novel and innovative approach to solving a real-world problem. The company is targeting a large and growing market that is expected to reach $18.6 billion by 2027 at a compound annual growth rate (CAGR) of 14.4% (Source: report by marketsandmarket.com).
According to a market report by Grand View Research “the global identity verification market size was valued at USD 8.48 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 16.7% from 2022 to 2030.”
Illustration by GRAND VIEW RESEARCH
Source: grandviewresearch.com
The growth in the identity verification market is driven by rising rates of identity fraud and cyber threats that are accelerating digitization initiatives. Widespread application of data security across various sectors further fuels this demand.
Simultaneously, concerted efforts by governments and corporations to fully integrate digitalization and cutting-edge technologies like artificial intelligence, machine learning, and automation, are unveiling substantial opportunities for providers in the identity verification industry.
And biometric ID verification, which confirms identity through unique biological attributes like fingerprints or retina/iris patterns, is the prevalent method in today’s market. Tellingly, it accounted for over 68.5% of the market share in 2021 according the report by Grand View Research.
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