What is World Coin?
23 Oct 2023 by Harry Newman 3 min read
What is World Coin?

WorldCoin was officially launched in July 2023 and is striving to become a worldwide used digital ID platform, users will receive a verified digital identity, access to the wallet app, plus the WLD token. There is one slight catch however, every individual who wants to sign up will need to have their eyeballs scanned via a specially created eye-scanning device called the Orb, which is around the size of a bowling ball, for biometric verification.

What is WorldCoin and How Does It Work?

Worldcoin was founded by Max Novendstern, Alex Blania and OpenAI CEO Sam Altman, the project was founded with the mission of creating a globally-inclusive identity and financial network owned by the majority of humanity. If their mission is successful Worldcoin could scale a reliable solution to distinguish humans from AI whilst preserving privacy and increasing economic opportunity. 

Worldcoin states that every human is eligible for a share of their token Worldcoin or WLD for simply being human, WLD is the digital currency part of Worldcoin, there is also the privacy-preserving digital identity network (World ID) which is built on Proof of Personhood and the World App.

Proof of Personhood is a core idea behind Worldcoin, an individual is both human and unique, establishing a Worldcoin account gives the individual the ability to assert they are a real and unique person, without having to reveal their real-world identity. 

With the ever-increasing powerful AI programs and models, it becomes difficult to distinguish humans from bots, if Worldcoin is to be a successful project the World ID could end up becoming a global Proof of Personhood standard. 

How Does It Work?

There are 3 main components to the Worldcoin project.

World ID

The World ID enables users to verify that they are human online, whilst still maintaining their privacy through zero-knowledge proofs, which is a way of proving the validity of a statement without revealing the statement itself, via a biometric scanning device called the Orb. 

World ID aims to be personbound, which means the World ID should only be used by the individual it was issued to, in theory should be very difficult to be used fraudulently, they say it should always be possible for an individual to regain possession of a lost or stolen World ID.

World App

The World App guides individuals through verification with the Orb, provides the individual with World ID credentials and implements the protocols to share those credentials with third parties in a privacy-preserving manner. The app is designed to provide frictionless access to global decentralized financial infrastructures, with the hopes that eventually many different wallets will integrate World ID.

World Coin Token

The Worldcoin token is issued to all network participants to align their interests around the growth of the network, this is important early on in order to help secure the network. Most exchanges have listed WLD for trading, there will be a total of 10 Billion WLD issued over 15 years.

Users will have governance voting power to decide changes to the token such as to increase token supply and how they could be distributed within the network, with this you will be helping to actively engage in shaping the future of the Worldcoin ecosystem.

Using World ID

At the current time of writing not every country has access to an Orb, currently, they are only available in:

  • Argentina 

  • Spain

  • USA

  • Columbia 

  • South Korea 

  • Germany 

  • Hong Kong

  • Chile

  • Portugal 

  • Singapore 

  • Japan 

Using World ID, individuals can prove they are a real and unique human to any platform that integrates with the protocol. This helps to promote fairer airdrops, protect against bots on social media and help to drive a fairer distribution of limited resources.

A few steps to get engaged with the Worldcoin protocol are:

  • Download the World app, which is a wallet app that supports the creation of World ID.

  • Visit a physical imaging device called the Orb that scans your eyes.

  • Most Orbs are operated by a network of independent local businesses called Orb Operators

  • You are then verified and set up with your World ID credentials.

Final Thoughts 

Worldcoin is not without its controversy, as users have to scan their retinas as a requirement to use the app, this can bring about security concerns, this is however, a necessary step to sign up to the Worldcoin ecosystem.

Like with any project it is best to do your own research to fully understand what they are offering. 

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This article is intended for educational purposes and is not financial advice.