If you’ve been wondering, ” What is Worldcoin? ” then you’ve come to the right place. This blog post will explain what is worldcoin, how Worldcoin works, what makes it special, and what the creators had in mind when they made it. So let’s start.
Sam Altman, CEO of OpenAI, founded the recently launched “Iris biometric crypto project, Worldcoin,” which has been making waves online. While protecting privacy, enhancing democratic processes, and possibly introducing AI-supported universal basic income, it seeks to set humans apart from online AI.
Although the project received a fair amount of support, there has been a lot of criticism, with netizens holding signs that read “Scam” and “Rekt soon” and raising questions about possible flaws.
What is Worldcoin?
Sam Altman, the CEO of OpenAI, started the Worldcoin project in order to create a decentralized proof-of-personhood solution. It was founded in 2019 by OpenAI CEO Sam Altman, Alex Blania, and Max Novendstern, and is backed by VC Andreessen Horowitz.
WLD is a Worldcoin native token that runs on the Ethereum Blockchain. WLD Since its inception, the WLD token has been a crypto market sensation. Even though it won’t be available in the USA.
How Worldcoin Works
There are three primary components that make up the Worldcoin ecosystem, and they are referred to as the World ID, World App, and the Worldcoin Token (WLD).
The core of the platform is called World ID, it will give users the ability to “verify their humanness” online while still protecting their privacy. This so-called “proof of personhood” is produced by a device that scans an individual’s iris and is known as the Orb. The majority of Orbs are run by an unofficial group of small, independent local businesses known as Orb Operators.
Iris patterns are unique to each individual in the same way that fingerprints are. An individual’s iris is analyzed by the Orb, and the results are used to generate a one-of-a-kind identifier that is referred to as an IrisCode. The code is not linked to any of the user’s personally identifiable information; rather, it serves the sole purpose of preventing individuals from obtaining more than one World ID.
Your World ID will not be given to you until after the Orb has scanned your iris and recorded an anonymous IrisCode. Additionally, it eliminates each iris image in an irreversible manner. When you need to verify your identity, the system will not require you to point scanners at your eyeballs like it did in the past.
Each World ID is added to the Worldcoin blockchain, and in order to verify their identities, users must use an application that is cryptographically secure.
At the moment, Worldcoin Orbs are available in Berlin, London, Mexico City, Seoul, Dubai, New York City, Miami, San Francisco, and Tokyo.
In the beta phase, users can get a World ID by downloading the Worldcoin app, which is built on the Polygon blockchain.
World App stores the World ID’s of its users and offers them a variety of decentralized financial applications.
The World App keeps track of a user’s login information and can be used to confirm that person’s identity on other apps. It also acts as a cryptocurrency wallet that supports Bitcoin, Ethereum, WLD Tokens, and other Cryptocurrencies.
Once a user makes a World ID and downloads the World app, they can use the WLD cryptocurrency token. At the moment, Worldcoin is not meant to be given to people in the US or any of the other restricted countries.
The maximum number of WLD tokens that can be made is 10 billion, and the ERC-20 contract address is 0x163f8c2467924be0ae7b5347228cabf260318753.
During the beta program, WLD was given to the users who took part. The Worldcoin token (WLD) went live on July 24, 2023, and is now listed on exchanges like Binance, Bybit, Huobi, OKX, and more.
How to Buy Worldcoin
You can buy Worldcoin cryptocurrency on a variety of cryptocurrency exchanges, just like you can buy most other cryptocurrencies. On July 24, 2023, the token was listed on the most popular exchanges, including Binance, Huobi, OKX, and Bybit.
How To Get Verified on Worldcoin?
Users can get verified in the following ways:
- Download the World App from the Google Play Store or the App Store.
- Users can locate an Orb nearby by following the instructions in the app after completing the initial setup.
- Complete verification at the selected location with a Worldcoin Operator. When everything is finished, the World ID will be accessible in the app, giving the user access to a range of services and advantages.
When the WLD Token was first introduced on July 24 at a price of 15 cents, its price quickly skyrocketed to more than $5 within just a few short days. The all-time high price of Worldcoin was $5.29 on July 24th, 2023. Its all-time low price was $0.15, which was recorded on July 24, 2023. As of right now, the 5th of August 2023, the price has fluctuated between approximately $2.30 and $2.00.
As of its recent listing, the price of the newly introduced cryptocurrency token Worldcoin (WLD) has shown promising growth, experiencing significant interest from investors. Please note that as with all newly listed tokens, prices may be highly volatile and subject to rapid changes. Before making any decisions regarding investments, be sure to carry out extensive research first.
There will be a total of 10 billion Worldcoins (WLD) available at launch. The supply limit will remain unchanged at 10 billion WLD (enforced by the smart contract governing the WLD cryptocurrency) for the first 15 years after launch.
After 15 years, the governance may determine that it is necessary for the long-term sustainability of the protocol to decide to implement an inflation rate of up to 1.5% per year, and they may do so by deciding to implement an inflation rate of up to 1.5% per year.
Governance will also decide how (if any) of these newly minted tokens should be distributed to the public. The WLD smart contract ensures that the inflation rate does not exceed 1.5% per year regardless of what happens. The rate of inflation is predetermined to be 0% by default, unless the governance decides to change it.
The following is a breakdown of how the 10 billion WLD tokens are distributed among the various stakeholders:
- 75% of all WLD tokens will be distributed to members of the Worldcoin community.
- The Initial Development Team will receive 9.8 percent of all WLD tokens as their reward for their work.
- TFH Investors are entitled to 13.5% of the total number of WLD tokens.
- The TFH Reserve is assigned 1.7% of the total WLD tokens in circulation.
Worldcoin was created by Sam Altman, Max Novendstern, and Alex Blania; however, Max Novendstern left the project in July 2021. Sam Altman, one of the most well-known of the company’s co-founders, is also the co-founder and current CEO of OpenAI. He was also the former president of Y Combinator, a company that helps startups get off the ground.
Tools for Humanity (TFH) and its other partners carried out the preliminary research and development work for the Worldcoin project.
Worldcoin has successfully completed multiple funding rounds, bringing in a total of over 250 million USD. Some of the investors who participated in these rounds include a16z, Khosla Ventures, Bain Capital Crypto, Blockchain Capital, and Tiger Global.
Concerns Regarding Worldcoin
- Vitalik Buterin, co-founder of ethereum, also weighed in on world coin. While he begins by stating that this type of technology is required for the Emerging Market of AI, he then identifies four major problems with the construction of world coins.
Privacy :- If someone else scans your iris storing iris scans in a database, they can compare it to the database to see if you have a global ID, and the scan might reveal more information than that; we just don’t know what it is yet.
Accessibility :- World ID’s won’t be widely available unless there are enough orbs for everyone on Earth to have easy access to one.
Centralization :- Because the orb is a hardware device, we can’t verify that it was built correctly and doesn’t have any back doors. This means that even if the software layer is perfect and fully decentralized, the World Coin Foundation could still put a back door in the system that would let it make as many fake human identities as it wants.
Security :– Hackers could get into people’s phones Users could be forced to scan their irises while showing a public key that belongs to someone else, and fake people who can pass the iris scan and get World IDs could be made with a 3D printer.
- One of the most common complaints about that project is that it raised 150 million dollars from some of the wealthiest people on the planet, and a large portion of the token Supply will be going to these accredited investors. On top of that, there is only one percent of the entire Supply in circulation right now, which means that the price will struggle to rise as more and more of the supply unlocks and the early rich investors begin to sell their stacks on retail investors.