Benzinga - OpenAI CEO Sam Altman’s Worldcoin project uses eye-scanning technology to verify identities that are stored on the blockchain. The project is one of the more anticipated uses of blockchain technology because of its backing from Microsoft Corp. and OpenAI and its potential uses for secure and accurate identity verification.
Over the past week, the price of Worldcoin (WLD) is up about 150%. However, the price was up over 200% from Feb. 14-19. WLD hit a new all-time high of $7.97, allowing the token to surpass a $1 billion market cap and rank among the top 70 cryptocurrencies.
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The recent surge in Worldcoin's price is unrelated to developments of the project. Instead, the growth is likely derived from the release of another project by OpenAI called Sora.
Sora is a new application of artificial intelligence (AI) for the company that allows users to create videos from text prompts, similar to its most-used product ChatGPT. While it is not available to the public yet, previews that OpenAI released are visually stunning and in some cases, nearly impossible to differentiate from real video footage.
These developments with Sora came much sooner than AI enthusiasts expected, showing how OpenAI is leading the frontier of what is possible with the technology. This may have given them more hope that Worldcoin could be ahead of schedule. If Worldcoin is ahead of schedule, it would make sense for its price to increase.
Another event that occurred in the past week is that World App passed 1 million daily users. The app is the native wallet for the Worldcoin project. This is a big milestone for Worldcoin, as it has seen rapid growth and adoption of World App over the past several months. Additionally, many daily users are verified, meaning they went to an in-person kiosk and registered by scanning their irises in an Orb.
The project has had setbacks. It faces regulatory scrutiny in countries such as India and France and has had technological issues scanning some peoples' eyes. Though the project has been in development for some time, it seems as though these hurdles may set the project back.
Only a few places in the world have access to Orbs. For instance, there are only seven locations in the U.S. and six of them are in New York and California. This can make it difficult or not worth the travel expenses for Worldcoin enthusiasts to get verified in person.
The project is still in development and has limited uses. OpenAI and Microsoft have the capital and ability to distribute Orbs around the globe so they are likely waiting until the use cases are more apparent and the project is out of test stages before investing in infrastructure.
The introduction of Sora gives some hope that OpenAI and Worldcoin can bring the technology to the masses and potentially use the blockchain to create large benefits for society.
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