- Worldcoin is a cryptocurrency project that developed a unique World ID to address income inequality.
- This crypto project includes a global currency based on ERC20 named worldcoin (WLD).
Worldcoin came across as an initiative that strives to build a digital network. In this network, users can join the digital economy by claiming some kind of staking proof. World app provides a device called “Orb” which gives access to users to scan the iris pattern of a person and collect their biometric data. This helps in getting World ID through the application. These scanned participants are further allowed to collect WLD tokens.
What Is Worldcoin?
This is a digital identity platform that aims to provide a convenient way to verify to everyone on earth that they are real humans and not an artificial intelligence algorithm. Its development company claims to be a tool for Humanity. It was co-founded by OpenAI CEO Sam Altman, who is popular for chatGPT creation.
He played a major role in sparking the AI gold rush nowadays. Ironically, this significantly worsened the limitations that Worldcoin strives to solve. This project built its interface of a digital support system via blockchain tools and cryptography to leverage the emerging world of blockchain technology along with developing a payment platform.
Working of Worldcoin
World ID is meant to be the core of this platform. This company claims it to be a privacy-based platform where users can verify whether they are human or just a chatbot or any other AI-based mechanism. They strive to be an AI-safe platform with an iris-scanning device named “Orb” that’s used as “Proof of Personhood”.
Its embedded biometric security feature provides safety and security with proper authentication of a user. Just like fingerprints, every human’s iris pattern is different. The orb feature scans it and creates a global unique ID code (IrisCode). It doesn’t inherit a user’s personal data, instead, it prevents individuals from creating multiple World IDs.
Upon iris scan, an anonymous IrisCode is generated, leading to the assignment of a World ID. The iris images themselves are permanently deleted, streamlining subsequent access without repeated biometric scanning. These World IDs are seamlessly integrated into the Worldcoin blockchain, facilitating the development and deployment of secure cryptographic applications to validate one’s identity.
About World Token (WLD)
Worldcoin has an ERC-20 protocol-based token on Ethereum’s blockchain called World Token (WLD). During its inception, Worldcoin migrated to the OP mainnet, which was previously referred to as Optimism for Layer-2 Ethereum blockchain. This migration of the Worldcoin project is now working over Ethereum being an intermediary for Polygon’s proof-of-stake consensus and Optimism as well.
The launch of WLD tokens witnessed distribution among beta program participants who underwent iris scanning. Substantial WLD allocations were airdropped upon the platform’s official unveiling. Multiple cryptocurrency exchanges swiftly listed WLD tokens for trading.
After its initial launch, it had a total circulation of 143 million WLD tokens. 43 million tokens were expected to be allotted to this application’s verified users. The remaining 100 million were assumed to leverage trading by market makers. According to its whitepaper, about 10 billion WLD tokens will get assigned over 15 years.
Conclusion
Since Worldcoin’s launch, it’s always been surrounded by criticism and controversies. Responding to these criticisms, Worldcoin submitted its counter statement about being a business model that’s only interested in user’s uniqueness, but not selling their personal data or information. Among all these dilemmas, this project is still gaining traction from various Silicon Valley investors. Its own AI predicted that by 2023, over 1 billion people will gaze into its Orb feature.
