Hi all! Today, we are going to talk about Worldcoin which is an incredible project that is changing the way how people engage with crypto as well as their identity as a world citizen.
It’s astonishing that there exists a platform that integrates world class biometric recognition technology with cryptocurrencies in a way that is secure, easy and modern.
Crypto veteran or crypto neophyte, it does not matter with the advanced features that Worldcoin offers the future looks bright and much civilized. So, let’s find out why this project is so popular!
What Is Worldcoin (WLD)?
The mission of the Worldcoin project is to build the world’s largest identity and financial network as a public utility, giving ownership to everyone. The Worldcoin system revolves around World ID, a privacy-preserving global identity network. World ID enables users to verify their humanness online (“Proof of Personhood”) while maintaining their privacy through zero-knowledge proofs.
To engage with the Worldcoin protocol, individuals must first download World App, the first wallet app that supports the creation of a World ID. Individuals visit a physical imaging device called the Orb to get their World ID Orb-verified.
Most Orbs are operated by a network of independent local businesses called Orb Operators. The Orb uses multispectral sensors to verify humanness and uniqueness, with all images being promptly deleted on-device per default (absent explicit consent to Data Custody).
Worldcoin Quick Table
| Feature | Description |
|---|---|
| World ID | A unique digital identity that verifies you are a real human without revealing personal information. |
| The Orb | A device that uses iris scanning to verify users and issue unique World IDs. |
| Worldcoin Token (WLD) | A cryptocurrency token distributed globally, used for various transactions like payments, purchases, and transfers. |
| World App | An application that allows users to pay, buy, and send money using the Worldcoin token. |
| Proof of Personhood | A system that ensures each individual gets only one World ID, preventing bots and AI from creating multiple identities. |
| Decentralized Blockchain | Operates on a custom-built Ethereum Layer 2 network called World Chain for enhanced security and transparency. |
| Biometric Authentication | Utilizes iris scans to verify unique human identities and distinguish humans from bots. |
| Global Reach | Aims to provide verified digital identities to everyone worldwide, promoting financial inclusion. |
| Universal Basic Income (UBI) | Supports UBI, providing financial assistance to individuals, especially those affected by AI advancements. |
| Inclusive Financial Network | Designed to democratize access to the global economy, welcoming people from all backgrounds and countries. |
Key Features of Worldcoin
World ID
The digital id lets others know you are a singular person, protecting your privacy as no personal details need to be shared.
The Orb
A handheld device that assists in identifying users by scanning their irises for verification, therefore, issuing one of a kind World IDs.
Worldcoin Token (WLD)
A type of cryptocurrency token that can be used for payments across the globe, making it accessible to purchase, transfer as well as share since it is distributed around the world for free.
World App
The app helps users to utilize the Worldcoin token making it easier on a global scale to buy, trade as well as send money.
Proof of Personhood
This is considered as a verification system crucial to providing World ID to individuals as bots and AI applications cannot establish multiple accounts trios to World Id authentication.
Decentralized Blockchain
A layer 2 network specifically crafted onto Ethereum, used by Worldcoin , is termed as World Chain.
Biometric Authentication
Different from the bots with the help of humans, For the purpose of graphic verification – Worldcoin, Worldcoin definition, Features, Project Objectives – Techopedia.
Global Reach
The objective is to ensure every individual on the globe has an authenticated digital identity.
Inclusive Financial Network
A financial network that takes into consideration all people irrespective of their diverse countries and cultures.
How do I sign up for World ID?
To sign up for a fully verified World ID, follow these three steps:
Step 1: Download World App, created and operated by Tools for Humanity, from the App Store or Google Play in countries where it is available.
Step 2: Follow the prompts to find a local World Operator who can verify you are a unique human.
Step 3: After verification, receive your verified World ID in your World App and use it in a wide variety of everyday applications without revealing your identity.
The steps to sign up for a World ID are outlined in the blog post, How to sign up for World ID and use World App.
Pros and Cons of Worldcoin
Take a look at the following advantages and disadvantages of Worldcoin:
Pros:
One Time Verification: Iris scans are used to confirm the user’s identity. once uploaded they don’t have to do this again.
Monetary Support: The aim of the project is to endorse UBI as financial help to everyone across the globe.
Transparency: Security is improved because Worldcoin works on a distributed ledger technology i.e. blockchain technology
Inclusion: Every individual, regardless of their location, will have access to a verified digital identity, thereby ensuring their financial participation.
Addressing Employment Issues: Worldcoin’s goal will be to enable people to differentiate human made contents to AI based content which is concerning due AI induced unemployment.
Convenience: The Worldcoin token can be easily sent and paid with through the World App or used to purchase things worldwide.
Cons:
Wide Scope Risk: There is a risk of taking advantage of the iris biometric and using it against the individual, hence issues regarding privacy exist.
Possible Risks: Due to its global approach, it is possible that other jurisdictions i.e. nations will resist the project.
Global Integration: It will take a lot to integrate its services to a set standards and earn the trust of its users and governments.
Bugs: No application is free from bugs and highly likely there be technical glitches with this brand new technology.
Market Realism: In the same way that world coins are vulnerable to some form of market forces, World Coin is also exposed to market forces that may have an impact on both its worth and its stability.
Who Are the Founders of Worldcoin?
Worldcoin was founded by Sam Altman, Alex Blania, and Max Novendstern (Max Novendstern left the project in July 2021). The most well-known of the co-founders, Sam Altman, is also the co-founder and current CEO of OpenAI and former president of Y Combinator, a startup incubator.
Initial research and development for the Worldcoin project was conducted by Tools for Humanity (TFH) and other partners.
Worldcoin has raised over 250M USD across several funding rounds from investors such as a16z, Khosla Ventures, Bain Capital Crypto, Blockchain Capital, and Tiger Global, among others.
How Safe is Worldcoin?
Worldcoin intends to offer a distinct digital identity to everyone through the utilization of biometric information, specifically the scanning of one’s iris. This incorporation allows for simplicity of use to those who struggle with passwords due to their enhanced authenticity and privacy.
As creative as this method is, the aspect of privacy is still in debate whereby, there exists a counter argument related to the collection and storage of biometric information. In addition, initial users3 have encountered technical problems and trouble in retrieving their accounts.
However, the blockchain which Worldcoin aims to make self-sustaining with no central mediary coupled with the ability of privacy protection suggests, in theory, a more secure space online for users Also, they state that security deposits are offered on the platform.
Worldcoin vs. Competitors
Still not convinced? Here’s a quick comparison between Worldcoin and its major competitors in the DeFi scene:
| Feature | Worldcoin | Kol Coin | Bio Coin |
|---|---|---|---|
| Global Identity System | ✅ | ❌ | ❌ |
| Biometric Verification | ✅ | ❌ | ✅ |
| Decentralized Network | ✅ | ✅ | ✅ |
| Crypto Wallet Integration | ✅ | ✅ | ❌ |
| Universal Basic Income | ✅ | ❌ | ❌ |
| Privacy-Focused | ✅ | ✅ | ❌ |
| Ease of Use | ✅ | ✅ | ✅ |
| High Transaction Speeds | ✅ | ❌ | ✅ |
Where Worldcoin Available
Below is some exchange where it is available
| Exchange Name | Trading Pair | Supported Features | Website Link |
|---|---|---|---|
| Coinbase | WLD/USD, WLD/USDT | User-friendly interface, high liquidity | Visit Coinbase |
| Binance | WLD/BTC, WLD/USDT | Low fees, advanced trading tools | Visit Binance |
| Kraken | WLD/EUR, WLD/USD | Secure, supports fiat purchases | Visit Kraken |
| KuCoin | WLD/USDT, WLD/ETH | Wide selection of altcoins | Visit KuCoin |
| Crypto.com | WLD/USDT | Cashback rewards, mobile-friendly | Visit Crypto.com |
| Uniswap (DEX) | WLD/ETH | Decentralized, token swapping | Visit Uniswap |
| Gemini | WLD/USD | Regulated, beginner-friendly | Visit Gemini |
| OKX | WLD/USDT, WLD/ETH | Competitive fees, advanced options | Visit OKX |
FAQs about Worldcoin
What is World Network?
The real human network. Identity, finance and community for every human.
Why now?
Technology is rapidly advancing and its benefits should reach and elevate everyone.
How it works?
World is a network of real humans, built on privacy-preserving proof of human technology and powered by a globally inclusive financial network that enables the free flow of digital assets for all. It is built to connect, empower and be owned by everyone
What personal data is shared when I use World ID?
World ID, a proof of human powered by World Network, is designed to enable anonymous actions. When you use World ID, for instance, to verify with a third-party service that you are a unique human being, your World ID is not revealed to that third party. Through zero knowledge attestation, you only reveal that you have a valid World ID. Following a passport analogy, verifications with World ID are essentially stamps that allow the World ID holder to prove that a specific passport has been verified without revealing information about the passport itself. In addition, World ID is not connected to your self-custodial cryptocurrency
Conclusion
Worldcoin offers an unprecedented method of integrating cryptocurrency and the world’s identity. Its biometric identification, decentralized approach and being user-oriented is likely to change how users engage with virtual currencies and services.
Whether you are an investor or just techno savvy, Worldcoin is a pleasant surprise in making the world economy more integrated and equal.
