The company has created its own form of digital money called the Worldcoin token (WLD).
Linked to WLD is another of Worldcoin’s products – World ID.
World ID is a digital identity system that collects biometric data for individuals and holds it in a database that links to WLD transactions.
WLD and World ID are connected and accessed via the company’s World App.
When it’s all in place and no longer “voluntary,” these technologies will be used to create and enforce 15-minute cities, says Christine Anderson, a member of the E.U. Parliament from Germany. Watch here as Anderson describes how it will work.
World App is “an app that enables payment, purchases, and transfers globally using digital assets and traditional currencies,” according to Worldcoin.
People who voluntarily surrender their biometric data receive “small sums” in Worldcoin’s tokens in return for signing up for the World ID scheme.
Worldcoin is co-founded by Sam Altman, the head of the company Open AI, which is behind the AI-powered chatbot ChapGPT.
According to Worldcoin’s executives, World ID, or “something like” it, will soon be mandatory for anyone who wishes to partake in the day-to-day functions of society.