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Worldcoin, a cryptocurrency project by OpenAI CEO Sam Altman and Alex Blania, CEO and co-founder of Tools for Humanity, is now live.

After more than three years in development – and a fair share of controversy – Worldcoin co-founders Altman and Blania announced the token was rolling out. The project announced the launch on Monday.

Worldcoin is a crypto project that consists of a privacy-preserving wallet World App and, a native token WLD. People will receive a World ID and the native WLD token when they verify their identity using the Orb, a biometric verification device currently available in select locations around the world.

According to the Worldcoin whitepaper, the initial total supply will be 10 billion WLD tokens. Distribution will see 75% of supply go to Worldcoin community, 9.8% to the development team, and 13.5% to investors of Tools for Humanity investors. According to the project, more than 2 million users are set to receive over 43 million WLD tokens.

The Worldcoin protocol is being developed by Tools for Humanity, a technology group that’s eyeing more than just economic opportunity for the global community.

It’s the iris scans that people need to complete to access the token that has created part of the controversy surrounding Worldcoin. But Altman and team have pointed out to the benefits of having a unique World ID, including in the battle against bots and online fraud in the wake of widespread use of artificial intelligence (AI) enabled tools.

Commenting in a co-founder letter, Altman and Blania said:

“If successful, we believe Worldcoin could drastically increase economic opportunity, scale a reliable solution for distinguishing humans from AI online while preserving privacy, enable global democratic processes, and eventually show a potential path to AI-funded UBI.”

While WLD will be available to people across the world, those in the US will not access it for now due to the regulatory environment. Altman and Blania added:

“Worldcoin consists of a privacy-preserving digital identity (World ID) and, where laws allow, a digital currency (WLD) received simply for being human. We hope that, where the rules are less clear, such as in the U.S., steps will be taken so more people can benefit from both.”

As Invezz reported, Tools for Humanity raised $115 million in a series C round in May. Blockchain Capital led the funding round, with participation from leading venture firms Bain Capital Crypto, a16z, and Distributed Global.

The post OpenAI CEO Sam Altman’s Worldcoin launches its token appeared first on Invezz.

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