Indexing the 1940 U.S. Census Project involved tens of thousands of volunteers. Here is a description of the project from the FamilySearch 1950 United States Census website.
FamilySearch and Ancestry, working with genealogy societies, other organizations, and an army of volunteers, will create a searchable index to these records. This index will then enable experiences to help you find your own family members in these records. If you were alive in 1950, you will even be able to find yourself and refresh your memory of this time in history.
Join thousands of volunteers as we all work together to provide a rich and detailed index of every person living in the United States in 1950. Starting with a computer-generated index provided by Ancestry, you can help ensure the index is complete and accurate by reviewing and improving what has been done through automation.
The index will be created by Optical Character Recognition and Handwriting Recognition programs by Ancestry.com. The volunteers will be spot-checking the results. Both OCR and Handwriting Recognition have advanced to the point where the time spent in indexing is being incredibly compressed.
From my perspective, this will be the first Census I will appear in. I am not sure that is an honor of any kind.