Worldcoin

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Discover Worldcoin's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Worldcoin?

Worldcoin (WLD) is an open-source protocol designed to provide global access to the financial economy. It consists of three main components: World ID (a digital identity tool), World App (a self-custodial wallet), and the WLD token (a cryptocurrency distributed for free to users who verify their humanity through iris scanning). The project aims to boost economic opportunity, enable democratic processes, and potentially create an AI-funded universal basic income (UBI) program.

How is Worldcoin used?

Worldcoin (WLD) is a digital identification platform that aims to provide individuals with a secure and convenient way to prove their human identity online. The platform consists of three main components: World ID, World App, and the WLD cryptocurrency token.

World ID

World ID is a digital passport that verifies a user's identity through an iris-scanning device called the Orb. The Orb generates a unique IrisCode, which is saved on a decentralized blockchain. This IrisCode is not linked to personal information and is used solely to prevent users from acquiring multiple World IDs. The World ID is added to the Worldcoin blockchain, and users can verify their identity using a cryptographically secure app.

World App

The World App serves as a repository for users' World IDs and provides access to a growing list of decentralized finance applications. It functions as a crypto wallet, storing user credentials and enabling them to verify their identity on third-party applications. The app can hold cryptocurrencies like Bitcoin, Ethereum, and USDC, with plans to support more cryptos in the future.

WLD Cryptocurrency Token

Upon creating a World ID and downloading the World App, users gain access to the WLD cryptocurrency token. WLD tokens were distributed to beta program participants and airdropped to users during the platform's official launch. The tokens are listed on crypto exchanges like KuCoin and Binance for trading. A total of 10 billion WLD tokens will be issued over a 15-year period, with approximately 143 million tokens currently in circulation.

Usage and Benefits
  • Digital Identity Verification: Worldcoin's digital passport system, World ID, uses iris scanning to verify users' identities, ensuring that they are human and unique. This verification process is free, private, and open to every human over the age of 18.
  • Decentralized Finance: The World App provides access to decentralized finance applications, enabling users to participate in the global economy.
  • Cryptocurrency Wallet: The World App serves as a crypto wallet, allowing users to store and manage various cryptocurrencies.
  • Governance and Voting: WLD token holders gain voting rights in governance proposals that can shape the future of the platform.
  • Potential for Payments: WLD tokens may be used for payments in the future, similar to other cryptocurrencies.

Overall, Worldcoin aims to increase economic opportunity and enable global democratic processes by providing a secure and private means of verifying personhood.

How do I store Worldcoin?

To store Worldcoin (WLD) tokens, follow these best practices:

  1. Never share your password or seed phrase: Treat your seed phrase like a PIN, and never share it with anyone. This ensures sole accessibility to your wallet and prevents potential losses.

  2. Use two-factor authentication: Enable 2FA for all wallets and linked accounts. This adds an extra layer of security by requiring a unique verification method in addition to your username and password.

  3. Implement multisignature security: Use multi-sig security to protect your cryptocurrency. This requires multiple keys to verify transactions, ensuring your account remains safe even if one linked device is lost or stolen.

  1. Use secure passwords: Create strong, unrelated passwords with a mix of capital and lowercase letters, numbers, and characters. Consider using password managers, but ensure you're the only one with access.

  2. Back up your data: Regularly back up your accounts and store the backups in a secure, private location. This ensures you can recover your data if needed.

For storing WLD tokens specifically, you can use the Wigwam crypto wallet, which allows you to buy, store, trade, and stake your tokens securely. Additionally, you can store WLD tokens in your Ethereum (ETH) or Optimism (OP Mainnet) account on Ledger, where they will show under your ETH balance.

How to buy Worldcoin?

To buy Worldcoin (WLD) tokens, follow these steps:

  1. Choose a Crypto Exchange: Select a reputable exchange that supports WLD trading, such as KuCoin, Binance, Gate.io, or Bit2Me. Compare fees, security features, and supported currencies before making a choice.

  2. Create an Account: Register for a free account on the chosen exchange. This typically involves providing personal information, including your name and email address. You may need to complete Know-Your-Customer (KYC) verification to increase withdrawal limits and unlock additional features.

  3. Verify Your Account: Complete the verification process by providing the required identification documents and confirming your email address.

  1. Make a Deposit: Add funds to your account using a debit card, credit card, wire transfer, or Bitcoin. The deposit methods vary by exchange.

  2. Buy Worldcoin: Use your deposited funds to purchase WLD tokens. You can choose between a Market Order or a Limit Order. Market Orders execute quickly at the best available price, while Limit Orders specify a maximum price to buy at.

  3. Store Your Worldcoin: Once you have purchased WLD, you can store it in your exchange account or transfer it to a non-custodial wallet for added security.

Remember to research and compare exchanges, set an investment budget, and keep track of your investment performance to ensure a smooth and informed experience.

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History of Worldcoin

Worldcoin, a novel cryptocurrency project founded by Sam Altman, the CEO of OpenAI, was launched in 2023. The project aims to address the growing challenge of distinguishing human beings from AI in the digital realm by using artificial intelligence and biometrics to verify users' identities through iris scanning. Here is a brief overview of the history of Worldcoin:

  • 2019: Worldcoin was founded by Sam Altman, Max Novendstern, and Alex Blania. The project is developed by Tools for Humanity, a company based in San Francisco and Berlin.

  • 2021: The company stated that its token (WLD) is intended to drive a more unified and equitable global economy. The token is a Layer 2 Ethereum-based cryptocurrency that leverages the security of the Ethereum blockchain while having its own economy. In October 2021, the project raised an initial $25 million, followed by an additional $100 million within six months, pushing the token's value up to $3 billion.

  • April 2022: A report from MIT Technology Review raised concerns about the ethics of Worldcoin's data collection during its beta phase, accusing the project of targeting lower-income communities.

  • May 2023: Hackers stole login credentials of several Worldcoin operators' personal devices, but no personal user data was compromised. Further funding of $115 million was announced to invest in bot detection, research and development, and expanding the Worldcoin project and application.

  • July 24, 2023: Worldcoin launched out of beta with 11 orb locations in the U.S. and plans for 35 cities in 20 countries. Users in London received 25 WLD tokens for scanning their irises. WLD tokens became freely tradable on several cryptocurrency exchanges, though not in the U.S.

  • 2024: Worldcoin continues to expand its operations, with several top crypto exchange platforms listing WLD, including Binance, Huobi, Bybit, and OKX. The token's price increased by 60% following its listing on these exchanges.

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How Worldcoin works

Worldcoin (WLD) is a revolutionary cryptocurrency project that aims to create a global financial and identity network using AI and biometric identification technology. It seeks to address income inequality by providing a unique digital identity, known as the World ID, which proves that someone is a person and not a bot or AI. Here's how it works:

The Orb and Iris Scanning

To get Worldcoin, individuals need to scan their eyes through a sphere-shaped device called the Orb. The Orb is a custom, state-of-the-art device that privately and securely verifies humanness and uniqueness using an iris code. The iris structure of the subject's eyes is used to generate a special identifying code that serves as the person's unique identifier. This code is then saved on the Worldcoin decentralized blockchain to prevent others from replicating the code. The scans are anonymized so they cannot be traced back to the individual after the identifier is created.

World ID and Digital Passport

The Orb does not store biometric data but keeps an IrisHash, which is a set of generated numbers to identify the person based on their scan. After a person receives their IrisHash and crypto wallet, they get their World ID or digital passport. This digital passport is designed to let users prove they are unique and human on the internet while keeping their identity private.

World App and Wallet

To access Worldcoin, users need to download the World App, which is a fully self-custodial app built and operated by Tools for Humanity. The World App enables users to set up their Worldcoin account, hold and verify their World ID, and access a digital wallet connected to digital and traditional currencies. The app is available for both iOS and Android devices.

Tokenomics and Distribution

Worldcoin has a fixed total supply of 10 billion WLD tokens for the first 15 years. Post this period, an inflation rate of up to 1.5% could be introduced. The initial circulating supply was valued at approximately $219 million across 106 million WLD tokens. The distribution includes 75% allocated to the community and 25% to the initial team, investors, and a reserve. Market makers received loans of WLD, which influence the token's market presence and price stability.

Verification and Access

Verifying your World ID at an Orb location allows you to prove that you are human and unique in a growing number of integrated applications like Discord, Shopify, Telegram, and Reddit. World ID verification locations are managed by Worldcoin Operators and can be found on the Worldcoin website or in World App.

Organizations and Governance

Worldcoin is supported by multiple project contributors, including the Worldcoin Foundation and Tools for Humanity. The Worldcoin Foundation is a non-profit organization setup to support and grow the Worldcoin community until it becomes self-sufficient. Tools for Humanity (TFH) is a global technology company established to accelerate the transition towards a more just economic system. It led the initial development of Worldcoin and continues to build tools and help support the protocol.

Overall, Worldcoin aims to create a global economy for all, regardless of country or economic status, by providing a unique digital identity and a decentralized payment protocol.

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Worldcoin's strengths

Worldcoin (WLD) has several strengths that contribute to its potential success and adoption:

  1. Decentralized Governance: Worldcoin is designed to be decentralized, meaning that its supervision and decision-making processes will ultimately rest with its global community of users. This decentralized structure allows for community-driven governance and decision-making.

  2. Proof of Personhood: Worldcoin's "proof of personhood" mechanism, which uses iris scanning to verify human identity, helps to prevent fraudulent activities and ensures that only unique individuals can participate in the network. This feature is particularly important in the era of advanced artificial intelligence, where distinguishing between human and AI-generated content is increasingly challenging.

  3. Experienced Team: The team behind Worldcoin includes well-experienced individuals, such as Sam Altman, who is also the CEO of OpenAI. This experienced leadership gives Worldcoin a strong foundation and increases its chances of success.

  1. Global Accessibility: Worldcoin aims to provide universal access to a decentralized financial infrastructure, enabling instant, borderless financial transactions. This global reach can foster economic opportunities and empower democratic processes worldwide.

  2. Security and Privacy: Worldcoin's digital identity system, World ID, is designed to be privacy-preserving, ensuring that users' identities are protected while still allowing them to verify their humanity online. This focus on security and privacy helps to build trust in the platform.

  3. Inclusivity: Worldcoin's token, WLD, is designed to be inclusive, granting access to a wide range of users. The token can be used for various purposes, including governance, authentication, and rewards for operators.

These strengths position Worldcoin as a promising project that addresses significant challenges in the digital age, such as identity verification and decentralized governance.

Worldcoin's risks

Worldcoin (WLD) faces several risks and criticisms, primarily related to privacy, security, and centralization. Here are the key concerns:

Privacy Risks
  • Biometric Data: Worldcoin's iris-scanning technology raises significant privacy concerns. The collection and storage of biometric data, even in hashed form, pose risks of misuse or data breaches.
  • Personal Information: The system requires users to provide personal information, which could be vulnerable to unauthorized access or exploitation.
Security Risks
  • Phone Hacking: Users' phones could be hacked, allowing unauthorized access to biometric data and compromising security.
  • Coercion and Identity Theft: There is a risk of coercion into scanning irises for someone else or selling or renting IDs, which could lead to identity theft.
  • Fake Identities: The use of 3D-printed "fake people" to dupe the scan for World IDs is another security concern.
Centralization Risks
  • Governance and Proprietary Algorithms: Worldcoin's governance and proprietary algorithms are seen as centralization concerns, although the company has committed to decentralizing over time.
  • Backdoors: The integrity of Worldcoin's Orb hardware device construction cannot be fully verified, leaving the possibility of backdoors or fake human identities being created.
Accessibility Risks
  • Physical Access: Users need to physically access a Worldcoin Orb to participate, which could limit the project's reach and create an imbalance in Worldcoin distribution favoring urban centers.
Other Risks
  • Inflation Rate: Worldcoin's whitepaper proposes an annual inflation rate of 1.5%, which could be seen as a tax on existing token holders.
  • Regulatory Scrutiny: Worldcoin is under regulatory scrutiny, with governments and organizations like EPIC expressing concerns over privacy and data handling practices.
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Worldcoin’s team

  • Sam Altman: Founder and CEO of OpenAI, also the founder of Worldcoin. He aims to use Worldcoin to fund universal basic income (UBI) initiatives.
  • Alex Blania: Co-founder and CEO of Tools for Humanity, the company behind Worldcoin. He has emphasized the need for proof of personhood in the age of AI and has been involved in the project's development and security measures.
  • Tiago Sada: Head of product for Tools for Humanity, overseeing the development of Worldcoin. He has a background in robotics and has been instrumental in the project's technical aspects.

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