What is Worldcoin (WLD)?

Worldcoin is a cryptocurrency and digital identity project co-founded by Sam Altman, alongside Alex Blania and Max Novendstern. It seeks to address income inequality through its distinctive World ID feature, referred to by Sam Altman as "proof-of-personhood." After two years in development, amidst high anticipation, the project was launched on July 24, 2023.

The project, spearheaded by the trio, carries a three-fold mission: establishing a globally unique digital identity, creating a global currency (Worldcoin token), and developing an app that facilitates payments, transactions, and purchases using its token alongside other cryptocurrencies and traditional assets.

Tools for Humanity (TFH), the driving force behind Worldcoin, secured $115 million in a Series C funding round led by Blockchain Capital in May 2023. Previous rounds saw investments from a16z, and Khosla Ventures, among others.

Worldcoin operates as an open-source, decentralized protocol embraced by a global community of developers and technologists, aiming to achieve self-sustainability while fostering a genuinely decentralized vision.

What is the history behind Worldcoin?

The noteworthy debut of OpenAI's ChatGPT in early 2023 thrust Sam Altman into the spotlight, amplifying his presence. Consequently, his venture into the crypto domain via Worldcoin attracted considerable attention. With Worldcoin, Altman envisions a global landscape fostering financial inclusivity alongside the increasing prevalence of AI in our daily lives.

Worldcoin (WLD) represents a groundbreaking cryptocurrency and blockchain initiative aiming to redefine perceptions of identity, access, and engagement within the worldwide economy. It aspires to facilitate a future where every individual, irrespective of background or location, can actively participate in and benefit from the era of artificial intelligence.

Who are the founders of Worldcoin?

Worldcoin's journey is characterized by collaboration and shared objectives, functioning as an open-source protocol driven by a global community comprising developers, economists, and technologists united in expanding access to the global economy for all.

Sam Altman, Alex Blania, and John Cogan serve as co-founders of Worldcoin. Sam Altman is a prominent figure in the tech industry, having co-founded and led OpenAI and served as the former President of Y Combinator, a leading Silicon Valley startup accelerator focused on artificial intelligence research. Alex Blania assumes the role of CEO at Worldcoin, while John Cogan acts as a co-founder and the project's CTO.

Worldcoin's investors include Blockchain Capital, a16z (Andreessen Horowitz), Bain Capital Crypto, and Distributed Global. In a Series C funding round led by Blockchain Capital, Worldcoin secured $115 million to support its crypto-centric project, intending to aid bot detection, research and development, and the expansion of the Worldcoin project and application.

Tools for Humanity, instrumental in Worldcoin's inception, continues to guide the project's evolution into a self-sustaining entity. This collective effort reflects a belief in the intrinsic value of every individual, the importance of personal privacy, and the potential of open collaboration.

How does Worldcoin function?

Central to the Worldcoin project is the concept of proof-of-personhood established by an eye-scanning device known as the Orb. With the escalating influence of artificial intelligence (AI), verifying identity is poised to become increasingly pivotal. The Orb addresses the crucial question — human or machine?

The Worldcoin white paper underscores the potential necessity of specialized biometric equipment for AI-safe proof-of-personhood verification, culminating in the creation of the Orb. The Orb plays a critical role within Worldcoin's ecosystem:

• Individuals undergo retina scans via the Orb for biometric verification.

• Enrollment is open globally, independent of background or location.

• Worldcoin's expansion involves setting up centers across 35 countries and continuing to grow.

• The "Orb," resembling a special silver ball roughly the size of a bowling ball, performs in-person iris scans, confirming an individual's human identification and generating their unique World ID.

Worldcoin amassed 2 million users during its beta phase and is intensifying its operations to onboard more users. Early adopters receive Worldcoin (WLD), the native token of the Worldcoin protocol, as incentives.

Users are required to download the World app, undergo retinal scans at Orb centers, and generate a unique World ID to access the decentralized Worldcoin ecosystem. As the network expands, so do various decentralized applications (DApps) and utilities on it. Developers can create online and mobile applications on the Worldcoin protocol using the World ID Software Development Kit (SDK).

How does Worldcoin get operated?

Worldcoin (WLD) operates as an ERC-20 token on the Ethereum mainnet. Prior to its official launch, the Worldcoin Protocol successfully migrated to the OP mainnet, previously known as the Ethereum layer-2 blockchain Optimism. This transition positions the Worldcoin protocol within Ethereum, incorporating bridges for Optimism and Polygon PoS.

During the beta phase, WLD was exclusively available to early adopters as an incentive for their participation in undergoing eye scans. WLD was allocated to as many as 2 million unique new users during this period. Post-launch, Worldcoin will sustain these incentives, gradually reducing the amount as more individuals join. Furthermore, Orb Operators receive rewards through WLD issuance.

The supply of WLD will be capped at 10 billion tokens over 15 years. Following this duration, the governance committee of the Worldcoin Protocol will hold the authority to decide whether to increase the token supply, capped at a maximum rate of 1.5% per year (with the default rate set at 0%). The governance team will also determine the allocation or distribution of newly minted tokens within the network.

According to tokenomics, 75% of tokens are designated for the community, 9.8% for the initial development team, 13.5% for Tools for Humanity investors, and 1.7% in reserve. The fusion of World ID and the WLD token will significantly influence protocol governance, encouraging active user engagement in shaping the Worldcoin ecosystem's future and establishing it as a community-driven initiative.

What are the use cases of Worldcoin?

Worldcoin's documentation outlines three real-world applications:

• Voting Platforms: Leveraging World ID for individual identity validation holds promise in establishing an authentically democratic framework, ensuring equitable representation with one vote per person. Innovative voting methodologies centered around distinct human beings could potentially emerge.

• Social Media: The pervasive issue of bots on social media has long persisted, undermining network integrity and user experience while contributing to misinformation and manipulation. Introducing an anonymous proof-of-personhood layer to social media platforms could play a pivotal role in mitigating these negative impacts, especially on a large scale.

• Non-Profit and Refugee Aid Distribution: Employing World IDs for proof of personhood could establish a robust framework for fair allocation of assistance from NGOs, non-profits, government initiatives, and relevant entities. This concept holds particular significance in locations like refugee centers where conventional forms of identification might be lacking.

  To read more information on Worldcoin, visit Suncrypto Price Explorer