Over the past few months, Worldcoin has been making headlines, with many wondering what the crypto project is all about. Are you one of them? Well, stick around. In this article, We will explain everything you need to know about Worldcoin.
Worldcoin aims to grant users unique digital identities by simply scanning their irises. This means the project does not collect personal information, thus assuring users of security and privacy.
Since its launch, Worldcoin has been looking to create a worldwide network of individuals with digital identities. Statistics displayed on the project’s official website show that over 2.2 million people have undergone the iris-scanning process and received their digital identities.
So, what does Worldcoin use to scan people’s irises? The answer to this question is orbs. These gadgets are available in over 25 cities across the world.
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All users who are willing to have their irises scanned receive some WLD, the native token of Worldcoin.
Major Components of Worldcoin
This app stores users’ digital identities. In addition, you can use it to hold a number of crypto assets like WLD, Bitcoin, and Ethereum.
Every user who completes the iris-scanning process receives a World ID to represent their digital identity. Each has a unique identification code that the orbs generate.
Proof of Personhood
Proof of Personhood is a concept designed to verify the authenticity of a Worldcoin user using orbs and the World ID. It helps to distinguish between real human beings and artificially generated personas.
UBI (Universal Basic Income)
One of Worldcoin’s broader goals is to implement its UBI concept, where all citizens are given a particular sum of money on a regular basis through its partnership with the governments. Worldcoin is optimistic that its native token, WLD, can help implement the Universal Basic Income concept.
Who are the founders of Worldcoin?
Worldcoin is the brainchild of Sam Altman, the co-founder of artificial intelligence-focused company OpenAI. He partnered with prominent philosopher Alex Blania to develop the project. Altman is Wolrdcoin’s Chairman and Blania takes the CEO position.
The two have so far convinced a number of investors like Andreessen Horowitz to inject funds into Worldcoin. In August, they announced that they had secured more than $90 in funding.
How Worldcoin Works
Do you wish to be part of Worldcoin? Here is how to get started:
Download and Install the World App
The World App is available on reliable app stores like App Store and Play Store. You can download it from any of the two stores, depending on your phone’s operating system. After downloading it, create an account by providing your valid email and password. Once you get access to your account, you can use the app to store the supported cryptocurrencies.
Register for a World ID
You can register for a World ID in the World App. After doing so, Worldcoin will show the nearest orb operator. Visit them to scan your iris so you can get a World ID.
Receive Free WLD Tokens
Once you become a verified Wordcoin user, you will receive 25 WLD tokens, which can be cashed out at any time.
Worldcoin and Regulations
Several regulators from various countries have expressed concerns over Wolrdcoin’s operations, with some announcing plans to investigate the crypto project. For example, the Bavarian Data Protection Authority revealed in August that it had launched investigations into Worldcoin to find out how the project was using the collected data.
The WLD Token
WLD lives on the Ethereum blockchain. Various exchanges, including Binance, KuCoin, and OKX list it. According to data from CoinGecko, the token is valued at $1.73, with a market cap of $233 million as of this writing. WLD’s maximum supply stands at 10 billion tokens, with 132.6 million already circulating.
According to WLD’s tokenomics, 75% of the maximum supply will be distributed to Worldcoin users, while 16% and 9% will be allocated to investors and project developers, respectively.
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