Worldcoin: Cryptographically-verified Humanity
In the complex and dynamic realm of token projects, a new L1 has surfaced aiming to tackle a significant issue — distinguishing between human activity and AI-generated interactions online. The project, Worldcoin, hopes to solve this problem by providing a verifiable digital identity, a cryptocurrency token named Worldcoin (WLD), and a crypto wallet app.
What is Worldcoin?
Worldcoin is a blockchain platform co-founded by Sam Altman, the CEO of OpenAI. It presents a unique combination of a digital identification system, a crypto token, and a financial network. This three-legged stool — World ID, World App, and the WLD Cryptocurrency Token — underpins the ambitious project aiming to provide every individual on earth a means of verifying their ‘humanness’ online, thus differentiating real humans from AI algorithms or bots.
The Worldcoin project leans on blockchain technology and cryptographic tools to create its digital passport system. The broader aim is not just to support its native WLD token and payments platform but to address the increasingly blurred lines between human-generated online activity and those spurred by artificial intelligence.
The Worldcoin Vision
At its core, Worldcoin aims to construct a global financial and identity network rooted in proof of personhood, an essential feature in an age dominated by artificial intelligence. This goal is especially critical, given that the current AI boom has exacerbated the challenge Worldcoin seeks to overcome.
One key component of Worldcoin’s vision is the IrisCode. Utilizing a device called the Orb, Worldcoin verifies a user’s identity by scanning their iris to produce a personal, secure identification code. Much like fingerprints, every individual’s iris pattern is distinct, making this a viable method for generating unique identification codes. These codes, Worldcoin emphasizes, are used exclusively to prevent users from obtaining more than one World ID and are not associated with any personal information.
Worldcoin’s digital passports are stored on a decentralized blockchain, making the system secure and preventing potential misuse or fraudulent activities. Since its beta testing stage, Worldcoin has registered more than two million users and plans to continue its expansion globally.
How Does Worldcoin Work?
Worldcoin’s functionality rests on its three mutually reinforcing components: World ID, World App, and WLD Cryptocurrency Token.
World ID
The first pillar of the Worldcoin platform is World ID, an innovative solution that enables users to verify their humanness online while preserving their privacy. Using the Orb, Worldcoin scans the user’s iris to generate an IrisCode, which then forms the basis of their World ID. Importantly, the system permanently deletes each iris image after the World ID has been issued, reinforcing the commitment to privacy.
World App
The World App serves as the storage for the World ID. Apart from preserving the user’s World ID, the app also functions as a crypto wallet. Users can verify their identity on any third-party application using the World App. Currently, the app supports Bitcoin, Ethereum, USDC, and Worldcoin’s native WLD token, with plans to include more cryptocurrencies in the future.
WLD Cryptocurrency Token
Once a user creates a World ID and downloads the World App, they gain access to the WLD cryptocurrency token. Worldcoin has been issuing WLD tokens to its users, with an especially significant airdrop coinciding with the platform’s official launch. Notably, WLD tokens are listed for trading on several major cryptocurrency exchanges, including KuCoin and Binance.
The WLD token forms a critical part of the Worldcoin ecosystem. According to the Worldcoin whitepaper, a total of 10 billion WLD tokens will be issued over a span of 15 years. As of the official launch, 143 million WLD tokens are in circulation, with 43 million allocated to verified World App users, and 100 million sent to market makers to facilitate trading.
Criticisms and Future Prospects
Despite its unique approach and noble aspirations, Worldcoin has not been exempt from criticism. Concerns range from the handling of biometric data, potential risks associated with personal consent, to the amount of information that the iris scans might be collecting. Notwithstanding these critiques, Worldcoin remains resolute in its mission, emphasizing its focus on uniqueness, not identity, and its aim to provide a global financial and identity network that acknowledges the AI era’s complexities.
As the Worldcoin network continues to grow, reaching more users worldwide, it stands as a testament to the innovative applications of blockchain technology. While the journey may be fraught with challenges, Worldcoin represents a compelling endeavor to navigate the intersection of identity, finance, and technology in the digital age.
