Last week marked the launch of the groundbreaking cryptocurrency project – Worldcoin (WLD), spearheaded by none other than Sam Altman, the visionary CEO of ChatGPT’s OpenAI.
But this digital currency isn’t just another addition to the ever-expanding crypto market. Worldcoin has a profound goal — to revolutionize the digital identification process by introducing a pioneering concept – the World ID. Through this innovative system, Worldcoin aims to provide users with a means to securely verify their real human identity.Â
Strap on as we explore everything there is to know about Sam Altman’s latest brainchild.
What is Worldcoin?
At the forefront of innovation, Worldcoin stands as a digital identification platform with a noble mission — to offer everyone on our planet a simple and efficient means of verifying their humanity. By leveraging the very foundations that power the vast realm of cryptocurrencies, Worldcoin has successfully constructed its digital passport system. Moreover, Worldcoin is an AI screener that ensures all cryptocurrency users are real humans, not a bot or AI algorithm in disguise. With this groundbreaking approach, Worldcoin aims to revolutionize the way digital identities are verified, providing a reliable solution in the ever-evolving world of technology.
This innovative system ensures authenticity and provides users with a seamless connection with the larger world of cryptocurrencies, resulting in a superb user experience. The platform offers seamless payment solutions and introduces its exclusive digital asset, the WLD token, fostering a vibrant ecosystem of transactions and interactions.
How Does Worldcoin Work?
Worldcoin’s success hinges upon adopting and utilizing three interdependent components — the World ID, the World app, and the World cryptocurrency token.
The World ID
At the core of the Worldcoin framework is the World ID, the key defining feature of the digital passport system. The World ID underpins the functionality of allowing users to validate their humanity online without compromising privacy. This unique “proof of personhood” is achieved through the Orb. This iris-scanning device captures the distinct iris pattern of each individual, similar to how fingerprints are unique to each person.Â
The Orb actively converts this pattern into an exclusive identification code known as IrisCode, which the team meticulously engineers to be independent of personal information, preventing users from having several World IDs. Once the Orb scans and securely stores the anonymous IrisCode, it issues the user’s World ID while permanently erasing the iris image.Â
Remarkably, subsequent identity verification doesn’t require continuous iris scanning, setting it apart from intrusive methods. Worldcoin securely adds the World IDs to the blockchain, where users can effortlessly authenticate themselves using a cryptographically secure app.
The World app
If the World ID is your unique digital key card, the World app is the safety deposit box responsible for keeping the key card and everything it unlocks safe and secure. Upholding a firm commitment to user privacy, the app offers seamless access to a diverse range of decentralized finance applications. While functioning as a crypto wallet, the World App primarily safeguards user credentials. This creates an ecosystem that allows users to verify their humanness across various third-party applications smoothly. Beyond housing your World ID, the app accommodates popular cryptocurrencies like Bitcoin, Ethereum, and USDC, with promises of expanding support for additional cryptocurrencies in the future.
The World cryptocurrency
Upon creating a World ID and downloading the World App, users gain access to the exclusive WLD cryptocurrency token. Initially distributed during the beta program, a substantial quantity of WLD was airdropped to users as part of the platform’s official launch. The token has been listed for trading on top cryptocurrency exchanges, notably KuCoin and Binance, the world’s largest exchanges by trading volume.
As outlined in the Worldcoin white paper, a total of 10 billion WLD tokens are set to be issued over 15 years. Approximately 143 million WLD tokens have been circulating since the platform’s official launch. Among this circulating supply, 43 million WLD tokens were allocated to verified World App users, while 100 million WLD tokens were designated to market makers targeting a dynamic and vibrant trading environment.Â
As a gesture of motivation, Worldcoin offers users complimentary WLD tokens during their initial iris scanning process. The specific amount of WLD tokens you’ll get varies depending on your country of residence and the project’s current stage. Also, Worldcoin generously rewards people in certain countries with 25 WLD tokens upon successful iris scanning.
Criticisms of Worldcoin
Since its launch, Worldcoin has faced considerable scrutiny regarding its ambitious objectives and controversial methodologies. Ethereum founder, Vitalik Buterin, voiced his apprehensions in a blog post, expressing concerns that the platform’s iris scans might be gathering more information than disclosed. He also raised the possibility of unauthorized iris scanning by bad actors to test for unsuspecting individuals’ possession of a World ID.
Adding to the criticism, an April 2022 MIT Technology Review article accused Worldcoin of employing deceptive marketing practices, concealing the collection of personal data, and lacking substantial informed consent. In response, the company issued a comprehensive 25-page rebuttal to MIT Technology Review’s allegations, vehemently denying any intentions of exploiting or selling users’ personal data. They emphasized that Worldcoin’s primary interest lies solely in ensuring a user’s uniqueness, ensuring they have yet to sign up for the platform, rather than ascertaining their identity.
Where Can You Find an Orb?
During its beta phase, Worldcoin successfully verified over two million individuals in more than 30 countries. Looking ahead, the platform has ambitious plans to expand its orb network to encompass 35 cities spread across 20 countries by the end of 2023. Currently, the Orb can be found in various locations, including India, Brazil, Mexico, Nigeria, Kenya, Indonesia, Philippines, Vietnam, Turkey, Egypt, Morocco, Colombia, Peru, Argentina, Chile, South Africa, Ghana, Uganda, Tanzania, and Ethiopia.Â
In India, the Orb is available in Delhi and Bengaluru. You can check whether an orb is available in your city here.
How Much is Worldcoin?
After an extensive three-year development phase, Worldcoin marked its official launch on July 24, 2023. Since its debut, the value of its token has soared impressively, surging from $0.15 to just over $2(according to coinmarketcap) as of July 31, 2023.
How Can You Get Worldcoin?
To acquire Worldcoin, simply download the World App onto your smartphone and undergo an eye scan using an orb. As a reward, you’ll receive complimentary WLD tokens in your wallet. Afterward, you can utilize or hold them according to your preference. Additionally, you can trade WLD tokens on different cryptocurrency exchanges, including popular platforms like Binance.
