Worldcoin comes at a time when personal data is becoming more vulnerable. The crypto project has introduced an innovative way of verifying biometrics in an effort to redefine the digital identity landscape. This article will discuss in detail everything you need to know about Worldcoin.
Worldcoin Defined
Worldcoin is a crypto project that scans people’s irises to give them unique digital identities without obtaining their personal details. The project aims to build a global network of unique individuals. As of this writing, more than 2.3 million people have been scanned irises and given digital identities.
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Worldcoin’s 4 Major Components
World App
This app serves as a crypto wallet, which holds multiple cryptocurrencies, including Ethereum, USDC, and WLD, the native token of the project. Additionally, the World App stores your World ID.
World ID
After you verify your identity through the iris scans, Worldcoin issues you a world ID with a unique identification code generated during the biometric verification procedure.
Proof of Personhood
Worldcoin introduced this concept to provide an effective method for proving an individual’s authenticity in the digital world using the unique World ID. The goal is to separate AI-generated personas from real humans.
Universal Basic Income
Worldcoin aims to distribute its native token to verified individuals, which can be used to conduct various transactions or explore the project’s ecosystem within the World App.
Moreover, Worldcoin is advocating for the implementation of the universal basic income concept, which involves governments issuing all citizens a regular amount of money to meet their basic needs. The project believes WLD can be used to implement this concept.
Meet the Worldcoin’s Team
So, who founded Worldcoin? Physicist Alex Blania and OpenAI co-founder Sam Altman are the men behind the iris-scanning project. Altman serves as Worldcoin’s Chairman, while Blania is the project’s CEO. It’s worth mentioning that Blania is also the CEO of Tool for Humanity, the technology firm that developed Worldcoin.
Altman and Blania have managed to convince prominent investors like Khosla Ventures and Andreessen Horowitz to inject funds into their project. Worldcoin secured over $100 million in a recent funding round.
How Worldcoin Works
Here is how you can be involved in the Worldcoin project:
Step 1: Download and Install the World App
You can get the World App from worldcoin.org or the Play Store and App Store. After installing, create an account.
Step 2: Get the World ID
To obtain a World ID, you will need to visit an Orb operator. Orbs are the devices used to scan your iris. They are available in more than thirty cities. Within the World App, you can check the nearest orb operator.
Step 3: Receive Free WLD Tokens
Once you verify your identity and you’re given a World ID, Worldcoin will issue you free WLD tokens that can be cashed out at any time.
The WLD Token
WLD lives on the Ethereum blockchain. The token’s value surged significantly in July when it was listed on leading crypto exchanges like OKX and Binance. Data from CoinGecko shows WLD is priced at $1.17, with a market cap of $150.1 million, as of September 2, 2023.
WLD’s Tokenomics and Usage
WLD’s total supply is 10 billion tokens, with 126.3 million already in circulation. About 77% of WLD tokens will be distributed to verified humans. The Worldcoin development team will receive 10%, and investors who supported the project before it was launched will get 13%.
As of this writing, WLD only serves as a utility token, allowing holders to settle various transactions. However, the Worldcoin team says the token will be used in governing the project when it is fully decentralized in the future. That means anyone holding WLD and a World ID will be able to influence the direction of Worldcoin.
WLD Wallets
Besides the World App, WLD is supported by several popular crypto wallets, including Atomic Wallet, Ambire, Coinomi, Binance Chain Wallet, and Trust Wallet.
Conclusion
Worldcoin is changing how humans interact in the digital realm through its innovative orbs technology. The project is also giving verified individuals the opportunity to earn tokens. However, while Worldcoin’s future is promising, the crypto project has yet to address concerns regarding data privacy.