What Is Worldcoin? The New Digital Identity Token‍

Delve into the workings of Worldcoin (WLD), an ambitious digital identity token co-founded by the CEO of OpenAI.

Key Takeaways:

• Worldcoin is an innovative cryptocurrency project co-founded by OpenAI CEO Sam Altman that aims to create a global financial and identity network.
• The Worldcoin ecosystem comprises three primary components: World ID, World App, and the Worldcoin (WLD) token.
• Worldcoin’s initiative proposes a novel solution to differentiate humans from AI in the digital landscape, thereby increasing accessibility to global economic opportunities.
• Despite its potential, Worldcoin has faced criticism, particularly for its use of biometric data (eye scans) for identity verification.

What Is Worldcoin?

Worldcoin is an innovative digital identification platform with the mission to provide a convenient solution for individuals worldwide to verify their human identity and differentiate themselves from bots and AI algorithms. The platform is developed by Tools for Humanity and co-founded by Sam Altman, the creator of ChatGPT. 

Interestingly, Altman’s involvement highlights the irony of his contribution to the AI gold rush, which Worldcoin aims to address. Leveraging cryptographic and blockchain tools, Worldcoin has created a robust digital passport system that utilises the WLD token.

However, Worldcoin’s services are currently not available in the United States and other restricted regions.

How Worldcoin Works: ID, App, and Token

The Worldcoin ecosystem can be divided into three main elements: World ID, World App, and the Worldcoin token (WLD).

World ID

At the core of the Worldcoin platform lies its World ID, a revolutionary concept designed to allow users to verify their human identity online while prioritising privacy. This groundbreaking Proof of Personhood (PoP) uses a cutting-edge iris-scanning device called the Orb.

Similar to the uniqueness of their fingerprints, every individual possesses a distinct iris pattern. When the Orb scans a user’s iris, it captures the intricate structure of the iris and generates a special identification code, known as an IrisCode. Importantly, this code is not linked to any personal information, serving solely to prevent the acquisition of multiple World IDs by a single individual.

Once the Orb completes the iris scan and securely stores an anonymous IrisCode, it issues a unique World ID to the user. It is important to note that the iris images are permanently deleted and the system does not require repeated iris scanning for identity verification purposes.

To ensure the reliability and security of the World ID system, each generated World ID is added to the Worldcoin blockchain. Users can then utilise a cryptographically secure application to authenticate their identity, reinforcing the robustness of the platform’s digital identification process.

During its launch week, Worldcoin Orbs were available in Hong Kong, Tokyo, Singapore, Seoul, Paris, Lisbon, Mexico City, São Paulo, Nairobi, New York, San Francisco, and nearly 25 other cities globally.

World App

Users can obtain a World ID via Worldcoin’s App, which runs on the Polygon blockchain in the beta phase. It is set to migrate to Optimism as part of Optimism’s Superchain.

Worldcoin Token (WLD)

During the beta programme, WLD was distributed to participating users. The token went live on July 24, 2023, and is listed on various trading platforms and exchanges, including the Crypto.com App and Exchange. To mark the official launch, a significant amount of WLD tokens was airdropped to users.

As outlined in the Worldcoin white paper, a total of 10 billion WLD tokens will be issued over a span of 15 years. At the time of writing, there are approximately 143 million WLD tokens in circulation. Out of this supply, 43 million WLD tokens were allocated to verified World App users, while 100 million were provided to market makers to facilitate trading activities.

How to Acquire WLD on Crypto.com

1. Download and set up the Crypto.com App from the App Store or Google Play Store.

2. Complete the KYC verification process in the App.

3. Deposit funds into the account wallet in the App via bank transfer, credit card, or another crypto wallet.

4. Under the ‘Buy’ section, search for Worldcoin (WLD) and proceed to trade the deposited funds for WLD.

Conclusion: The Future of Worldcoin

Worldcoin is a blend of AI, biometrics, and blockchain technology aiming to solve pressing global issues of identity verification and financial inclusivity. While the project has been met with criticism surrounding its biometric verification process, e.g. from Vitalik Buterin and Eric Wall, is worth keeping an eye on.

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