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What if everyone on Earth could have a verified digital identity and receive free cryptocurrency just for being human? Worldcoin is an ambitious project aiming to create the world's largest identity and financial network, distributing tokens to every person on the planet through revolutionary biometric technology.
What is Worldcoin?
Worldcoin is a cryptocurrency project founded by Sam Altman, the CEO of OpenAI, along with Alex Blania and Max Novendstern. The project's core mission is to create a global identity and financial network that belongs to everyone, using cutting-edge iris scanning technology to verify human uniqueness. At its heart, Worldcoin consists of three main components: World ID (a privacy-preserving digital identity), the WLD token (the project's cryptocurrency), and the World App (a wallet for digital identity and finance).
The project launched with the revolutionary concept of "proof of personhood" - a way to verify that someone is a real, unique human without revealing their identity. This is achieved through the Orb, a basketball-sized device that scans users' irises to create a unique cryptographic proof of their humanity. The technology ensures that each person can only claim their Worldcoin allocation once, preventing fraud while maintaining privacy.
Why use Worldcoin?
Worldcoin addresses one of the most pressing challenges of the digital age: how to distinguish between humans and AI in an increasingly automated world. As artificial intelligence becomes more sophisticated, the ability to prove you're human becomes crucial for accessing services, voting, or receiving benefits. Worldcoin's World ID provides this verification without compromising privacy.
The project also tackles global wealth inequality through its Universal Basic Income (UBI) approach. Every verified human receives free WLD tokens regularly, creating a foundation for economic participation regardless of geographic location or economic status. This could be particularly transformative for people in developing countries who lack access to traditional banking systems.
How Worldcoin works
The Worldcoin ecosystem operates through a sophisticated combination of hardware and software. The Orb devices are distributed globally through a network of operators who help people get verified. During the verification process, the Orb captures high-resolution images of a person's iris, converts this biometric data into a unique cryptographic hash, and immediately deletes the original images to protect privacy.
Once verified, users receive their World ID, which is stored on the Ethereum blockchain. This ID can then be used to claim WLD tokens and access various services that require proof of personhood. The World App serves as the primary interface, allowing users to manage their digital identity, store cryptocurrency, and interact with decentralized applications.
The WLD token itself operates as a standard ERC-20 token on Ethereum, with plans for its own blockchain called World Chain. Token distribution follows a carefully designed model where verified humans receive regular allocations, creating ongoing incentive for participation while building the network's user base.
Worldcoin's timeline
The Worldcoin project began development in 2020 when Sam Altman and his co-founders started exploring solutions for universal digital identity. In 2021, the project raised $25 million in Series A funding, attracting attention from major investors. The first Orb prototypes were deployed for testing in 2022, beginning the verification process in select locations. Public beta testing expanded throughout 2022 and early 2023, with Orbs appearing in cities across multiple continents. The WLD token officially launched in July 2023, marking the project's full public debut. Since then, the network has rapidly expanded, with millions of people getting verified and receiving their first WLD tokens.
The risks of Worldcoin
Worldcoin faces significant challenges and controversies. Privacy advocates have raised concerns about biometric data collection, questioning whether the iris scanning process truly protects user privacy as claimed. Several countries have launched investigations or banned Worldcoin operations, citing data protection violations and concerns about the project's centralized control over Orb devices.
The project's association with Sam Altman and OpenAI has also drawn criticism, with some viewing it as a potential tool for AI companies to gather human data. Technical risks include the possibility of the biometric system being compromised or the centralized aspects of Orb distribution creating vulnerabilities.
Why Worldcoin matters
Worldcoin represents a bold attempt to solve fundamental problems of digital identity and economic inequality in the AI age. If successful, it could provide billions of people with both a verifiable digital identity and access to cryptocurrency, potentially creating the world's largest financial inclusion initiative.
WorldcoinWLDWorldcoin (WLD) price, charts and statistics
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Relevant resources for WLD
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