On Monday 24th June 2023, OpenAI‘s chief executive and creator Sam Altman launched their ambitious new crypto startup Worldcoin.
In its basis, Worldcoin is a crypto currency startup that aims to issue a crypto token to every human being on earth “just for being a unique individual” without requiring that they invest any funds.
In return, users provide their biometric (iris) data to fuel Worldcoin’s authentication system which distinguishes between humans and robots.
At its beta phase, the startup acquired 2 million registered users. Later plans will see the startup expand to 20 countries and 35 cities around the world.
SO, WHAT IS WORLDCOIN?
Worldcoin is an open source protocol, created to help give everyone access to the global economy. It’s designed to be decentralized, meaning that ultimately its supervision and decision making will rest with its community of users.
“In the age of AI, the need for proof of personhood is no longer a topic of serious debate; instead, the critical question is whether or not the proof of personhood solutions we have can be privacy-first, decentralized and maximally inclusive,” Worldcoin co-founder and Tools for Humanity CEO Alex Blania said.
The people and organizations supporting Worldcoin are developing tools that work together to help it achieve its mission. These include:
- World ID – a privacy-preserving digital identity designed to help solve many important, identity-based challenges including proving an individual’s unique personhood.
- Worldcoin Token – the first token to be globally and freely distributed to people, for both utility and future governance, just for being a unique individual.
- World App – a fully self custodial app that enables payment, purchases and transfers globally using the Worldcoin token, digital assets, stablecoins and traditional currencies.
HOW TO SIGN UP
Users can sign up for Worldcoin with 2 simple steps.
1.Download the World app
The world app is available in both the google Play store and App store in countries where it has been launched. World App is operated by Tools for Humanity, a contributor to the Worldcoin system.
2. Sign up for World Id
To sign up for World Id people need to visit a Worldcoin Operator and verifying their unique personhood at an Orb.
The orb is a device that utilizes biometrics to establish an individual’s unique personhood. It converts the biometric image into an impenetrable string of numbers, which Worldcoin refers to as an IrisCode. When combined with an algorithm, the code verifies you are human, and confirms that via an app on your phone.
WORLDCOIN TOKENS AND TOKEN USE CASE
Once registered and verified, users may claim 1 free WLD token per week with no maximum via World App. The amount is consistent across applicable regions.
Primarily, the community of users will determine the token’s uses, but a few use cases are expected to emerge.
These include;
- Governance: Worldcoin token (WLD) will give its holders the ability to shape the future of the protocol.
- Users may use the WLD token to pay for certain actions in the World App.
- Users may also use WLD tokens as a store of value or to make payments.
Similar to other digital assets, the value of the Worldcoin token may change up or down. It will likely be determined by a number of factors that are not dependent on, or in the control of, any single group of people, including the total number of World ID holders, the range of applications the developer community devises and builds, and the supply of the token in circulation.
USER DATA PRIVACY
User biometric data is first processed locally on the Orb and permanently deleted on completion. The only data that remains is your IrisCode, unless the user opts in to Data Custody.
Moreover, personal information like your name, email address, physical address and phone number are not required. This ensures that neither Worldcoin nor any other third party apps can access your data.
