What is Worldcoin (WLD) and What to Expect

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Key Takeaways

1. Worldcoin is a crypto concept, launched with the purpose of rethinking the digital identification procedure by delivering people a World ID, which, in turn, confirms that the ID's owner’s a human.
2. Worldcoin’s official asset is WLD. It appears as an ERC-20 token. 
3. Sam Altman, the author of OpenAI, is also part of the Worldcoin’s team.

What is Worldcoin (WLD)?

At its core mission, Worldcoin embarked on a visionary quest to forge an all-encompassing global identity and financial network, collectively owned by the vast majority of humanity. The ultimate aim was to usher in a new era of economic opportunities, while concurrently providing a foolproof method to distinguish between human users and AI entities online, all while respecting and safeguarding individual privacy. Moreover, the grand vision extended to empowering worldwide democratic processes and potentially paving the way for a universal basic income funded through AI advancements.

Central to the Worldcoin initiative lies the ingenious architecture of World ID. Anchored in the concept of "proof of personhood," this system ensures the verification of a person's humanity and uniqueness. Once verified, individuals gain the extraordinary ability to assert their real identity without compromising their real-world persona, thus adding an extra layer of security to the platform.

The heart of Worldcoin consists of not just World ID but also a token called WLD. What sets this cryptocurrency apart is its inherent inclusivity, as every single human qualifies for a share of WLD purely by virtue of their humanity.

To bring this ambitious vision to life, the masterminds at Worldcoin have developed the groundbreaking World App, a pioneering frontend for World ID and the Worldcoin Protocol. Spearheaded by the immensely talented and dedicated team at Tools for Humanity (TFH), this cutting-edge application serves as the gateway to a world of possibilities offered by the Worldcoin ecosystem.

In conclusion, Worldcoin's journey is one of innovation and aspiration, driven by the core values of global inclusivity, privacy protection, and economic empowerment. By harnessing the potential of "proof of personhood" and blending it seamlessly with a digital currency accessible to all, Worldcoin envisions a brighter future for humanity, where technology and progress intertwine harmoniously.

Worldcoin (WLD) price, supply and Market cap

Before getting into what is WLD, we should first observe the concept of the project. 

As we mentioned before, one of the main components of Worldcoin is World ID. According to the team, it is a cutting-edge system that ensures privacy-preserving proof of personhood. In the digital realm, users can now verify their humanness securely while safeguarding their privacy through revolutionary zero-knowledge proofs. The key to this innovation lies in the custom biometric device known as the Orb, purposefully designed to tackle the challenge of providing AI-safe proof of personhood verifications in the long run.

At the core of World ID is the Worldcoin protocol, the issuer of these unique identifications. By leveraging this protocol, individuals gain the ability to demonstrate their humanity to any verifier, including web2 applications, all the while maintaining their privacy with the aid of zero-knowledge proofs. Excitingly, the future potential of the Worldcoin protocol extends beyond World IDs; it holds the promise of issuing other credentials too.

To ensure the utmost security and trustworthiness, World ID strives to be personbound. Each World ID is exclusively meant for the individual to whom it was issued, making it incredibly challenging for fraudulent actors to misuse or exploit these credentials. Furthermore, should an individual lose their World ID or have it stolen, they can rest assured that there are provisions in place to facilitate the swift recovery and restoration of their rightful possession.

With World ID and its revolutionary approach to privacy-preserving proof of personhood, the future of digital identification is taking a remarkable step forward, offering unparalleled security and convenience to users across the globe.

So what is WLD crypto? It is a token issued to align incentives, foster network growth, and overcome the "cold start problem," potentially becoming one of the most widely distributed digital assets:  

* Information given above as of July 26, 2023.

The price of Worldcoin’s coin is a crucial factor when trying to give an answer to a question — is WLD a good investment or not. As of July 26, the price of this token has hit $2.27, which is a great result. Considering that not so long ago WLD has reached its all-time high of $3.58, the project is facing good times. 

Worldcoin - how does it work

To understand how Worldcoin works, make sure to read the further statements. The project has introduced a new mechanism called proof-of-personhood (PoP). This is how it works.

At a high level, an effective PoP mechanism relies on crucial building blocks. These include "deduplication," ensuring one-time verification for each individual, "authentication," which allows only legitimate owners of the credential to utilize it, and "recovery" protocols for handling lost or compromised credentials. This section outlines these building blocks and their interactions among the three actors involved in the PoP mechanism. Check out the simplified scheme illustrating the interaction of the various actors within a PoP ecosystem necessary for a user to authenticate as human:

In this context:

1. User: Individual proving uniqueness and personhood for access.
2. Credential: Data verifying human attributes.
3. Issuer: Trusted entity granting PoP credentials.
4. Verifier: Entity confirming authenticity for access.

The next picture shows key building blocks in a PoP mechanism:

Blockchain Worldcoin (WLD) operates on 

Another essential question for any crypto project concerns the blockchain it runs on. So, what is the Worldcoin blockchain?

WLD is the ERC-20 token functioning on the Ethereum Mainnet. To receive their user grants, individuals will utilize Optimism Mainnet. Consequently, a significant portion of WLD transactions take place on Optimism. If required, the token can be easily bridged back to Ethereum using the reliable Optimism bridge. This seamless integration ensures fluid movement and accessibility of Worldcoin between both networks, providing users with enhanced flexibility and convenience.

Uses for WLD Worldcoin

Discover the array of benefits and opportunities that WLD owners relish within the ecosystem. Explore the following points to understand what is Worldcoin used for:

1. Governance
   
   WLD empowers people by providing them a voice in shaping the protocol's future. In addition to the standard "one-token-one-vote" scheme, the integration of World ID opens up the possibility of "one-person-one-vote" mechanisms, creating new avenues for governance.
2. Digital identity verification
   
   Due to World ID individuals can establish their uniqueness and humanness using the biometric device, the Orb. This ensures a clear distinction between real people and AI online while maintaining privacy.
3. International transactions
   
   WLD grants universal access to a decentralized financial infrastructure. This enables instant, borderless financial transactions, fostering financial inclusion and economic opportunities worldwide.
4. Network incentive alignment
   
   The issuance of WLD to network members adjusts incentives, driving network growth and overcoming initial challenges, potentially leading to the widest distribution of a digital asset.
5. Infrastructure for web3
   
   Worldcoin holds the potential to become a foundational element for Web3, the next-generation internet, by providing a secure and private identity system, addressing a significant need in the digital landscape.

Who created Worldcoin?

The project was born in 2020 at the time when Alex Blania, Sam Altman, and Max Novendstern projected a broad distribution of a new token, planning to promote its adoption for seamless payments and exploring equitable distribution of AI-generated profits.

Sam Altman, the ChatGPT founder, perceives Worldcoin as a powerful tool to tackle income inequality, especially as generative AI reshapes the economy. He envisions the project’s potential role in contributing to universal basic income (UBI). As AI takes on more human tasks, Altman sees UBI as a means to address income disparity. Leveraging Worldcoin's unique World ID feature can aid in reducing fraud while implementing UBI.

The major stakeholders of Worldcoin

In May, the Worldcoin team successfully raised $115 million in a funding round led by Blockchain Capital. To date, they have amassed a total funding of $505m, with notable support from backers such as Andreessen Horowitz, Bain Capital, and Khosla Ventures.

How Is Worldcoin (WLD) Different To

Uniswap Crypto

The main ideas of Uniswap and Worldcoin are different, so it’s hard to make a clear comparison. Uniswap stands as a well-known decentralized trading protocol, acclaimed for its vital role in enabling automated trading of decentralized finance tokens. 

Ethereum Crypto

Ethereum is a popular crypto and blockchain platform that allows developers to build and deploy DApps. It introduced the concept of smart contracts, enabling programmable and self-executing agreements on the blockchain. ETH is its native cryptocurrency, used for transactions and powering DApps within the Ethereum ecosystem.

Band Protocol Crypto

It is a DeFi platform that enables users to earn interest on stablecoin deposits and access various financial services, including lending and borrowing, within the Ethereum blockchain ecosystem. It aims to provide a user-friendly and secure experience for participants in the DeFi space.

Advantages of Worldcoin

WLD advantages include:

1. Proof-of-Personhood
   
   The proof-of-personhood (PoP) mechanism brings crucial advantages to the table. Firstly, it implements natural rate limiting through account authentication, making sybil attacks virtually non-existent at significant scales. Additionally, PoP enables the filtration of content or accounts based on human confirmation, effectively countering the viral dissemination of AI-generated disinformation.
2. Experienced team
   
   Team behind the project consists of well-experienced people who have previously worked in the AI and Blockchain sectors. This gives Worldcoin much more chances to succeed. 

Disadvantages of Worldcoin

1. Relatively young project
   
   However, the concept of Worldcoin is quite new, and it hasn’t reached the complete adoption in the Crypto World. The team still needs some time to tell the crypto community about the utility of their creation.

These were the Worldcoin pros and cons you might consider during the research on this company.  

Roadmap

The team of Worldcoin hasn’t shared any roadmap with its community yet, but they have revealed some potential uses for their project. Here are some of them:

1. Finance. Instant and borderless money transfers. 
2. Identity. Keeping the bots out by incorporating a "verified human" property in every message or transaction. This way, the digital world could significantly reduce noise and enhance its efficiency.
3. Governance. World ID's PoP expands democratic governance possibilities in web3 and the internet, addressing exclusion and promoting AI's benefits for all.

Future of Worldcoin

Worldcoin's vision is to create the biggest identity and finance network, reaching unparalleled global adoption on a massive scale of billions of people. Setting it apart from typical crypto projects, Worldcoin plans to distribute the majority of WLD tokens to individuals as a unique reward solely for being human.

Now, Worldcoin is taking the trending positions on CoinMarketCap and is successfully promoted in the crypto community. Hopefully this trend is going to continue — this way the project might take the leadership position in the crypto market. 

The Bottom Line 

The Worldcoin crypto project presents a compelling vision of fostering global adoption and creating a vast identity and financial network. Its emphasis on distributing the majority of tokens to individuals, simply for being human, reflects a unique approach to incentivizing participation and promoting widespread ownership. 

The integration of the World ID, a robust proof-of-personhood, offers promising solutions to identity verification and governance challenges within the blockchain space. As the project continues to evolve, it holds the potential to revolutionize the way we interact with digital assets and establish a more inclusive and equitable financial ecosystem for billions around the world.

FAQ

Where Do I Get Worldcoin (WLD)?

You may buy WLD tokens via SimpleSwap. All you have to do is follow the instruction below:

1. Select the cryptocurrency you would like to exchange (for instance, Bitcoin).
2. Enter the amount you want to swap.
3. Choose WLD in the second drop-down list (the crypto you would like to receive). You will see the estimated amount that you will get after the exchange.
4. Click the Exchange button.
5. Enter the Recipient's Address. WLD will be sent there. Please ensure you enter the right address.
6. Create the exchange.
7. You will see the BTC deposit address. You have to transfer the necessary sum of BTC to this address to start the exchange. After that, wait for tokens to reach your wallet.

How Do I Mine Worldcoin (WLD)?

At the moment you can not mine WLD tokens.   

Should I Consider Buying Worldcoin (WLD)

If you have done your own proper research on the project and understand what is WLD crypto, you may consider purchasing WLD.

Who uses Worldcoin

Anyone in the world may use Worldcoin.