What is Worldcoin? Information about the Worldcoin project and WLD token

One of the largest AI narrative projects is the one that Sam Altman developed with $240 million in funding from investors. What is Worldcoin?

Worldcoin, developed by Sam Altman (CEO of OpenAI), with $240 million raised from investors, is one of the largest AI narrative projects. What is Worldcoin? What makes the project special? Let's explore Worldcoin through this article.

1. What is Worldcoin?

Worldcoin is a cryptocurrency and digital identity project aimed at creating a fair and secure global identity system. The project utilizes a special biometric device called the "Orb" to verify the identity of each user based on iris characteristics, thereby providing "Proof of Personhood" (PoP) - proof of uniqueness and genuine humanity for each individual.

The purpose of Worldcoin is to distribute its cryptocurrency fairly to everyone worldwide, while building a decentralized financial and identity platform, aiming to expand economic opportunities and protect user privacy.

2. The main products of Worldcoin

2.1. Orb

This is Worldcoin's unique biometric device, used to verify the identity and uniqueness of each individual through iris scanning. The Orb helps provide "Proof of Personhood" (PoP), ensuring that each person issued a digital identity is unique and genuinely human.

2.2. World ID

This is the digital identity system created using the "Proof of Personhood" that Orb provided. World ID allows users to prove they are unique and genuine humans on online platforms, while protecting privacy through the use of zero-knowledge proofs.

On December 13, 2023, Worldcoin announced a major upgrade called World ID 2.0. This is a significant step forward for the decentralized identification solution, bringing many new features and substantial improvements compared to the initial version launched in early 2023.

Tiago Sada, head of product at Tools for Humanity - the project's main development team, revealed interesting information: World ID 2.0 has been integrated into a range of popular platforms, including Minecraft, Reddit, Telegram, Shopify, and Mercado Libre, one of the leading e-commerce platforms in Latin America.

World ID 1.0, first launched, was known as a "digital passport" for users, providing an independent identification method and privacy protection based on the Proof of Personhood mechanism. This allows users to prove they are real humans, not bots, while maintaining anonymity.

With Zero-Knowledge technology, data in World ID is maximally secured, allowing users to verify their identity without revealing detailed personal information. This not only helps prevent abuse of benefits from Worldcoin but also effectively deals with Sybil attacks.

2.3. World App

This is a mobile application, functioning as a digital wallet and also the first user interface for World ID. It guides users through the verification process with Orb and manages their identity information.

3. Key points about Worldcoin

The fair distribution of Worldcoin's cryptocurrency, through WLD token based on identity verification via World ID, raises some specific concerns despite being one of the most innovative and unique distribution mechanisms.

One of the biggest concerns is regarding privacy and data security. When using biometric data, such as iris scanning, for identity verification, users may fear that their personal information could be exposed or abused.

For example, if the system is hacked, the iris data of millions of people could fall into the hands of malicious actors. This raises concerns not only about data protection but also about the personal safety of users.

Another concern relates to the security of the system. Relying on a single verification method, such as iris scanning, can create significant security vulnerabilities. If the Orb device used for verification experiences a malfunction or is compromised, the entire system could be affected. This is akin to a bank relying on a single type of password for all accounts, and if that password is leaked, all accounts become insecure.

Lastly, the inclusivity and fairness of the system are also a point of concern. Unequal access to the Orb device worldwide, especially in less developed areas, could lead to some individuals being unable to receive WLD, resulting in inequality within the system. This is similar to a promotional program only open to customers in major cities, while rural residents have no opportunity to participate.

4. WLD token details

4.1. WLD token key metrics

• Token Name: Worldcoin

• Ticker: WLD

• Blockchain: Ethereum, Optimism

• Token Contract:

  + Ethereum: 0x163f8C2467924be0ae7B5347228CABF260318753

  + Optimism: 0xdC6fF44d5d932Cbd77B52E5612Ba0529DC6226F1

• Token Type: ERC-20

• Total Supply: 10,000,000,000 WLD

4.2. WLD token allocation

• Worldcoin Community: 75% (equivalent to 7,500,000,000 WLD)

• Investors of Tools for Humanity (TFH): 13.5% (equivalent to 1,350,000,000 WLD)

• Project Development Team: 9.5% (equivalent to 950,000,000 WLD)

• Reserve Fund of TFH: 2.0% (equivalent to 200,000,000 WLD)

4.3. WLD token release schedule

WLD token allocation schedule is designed to ensure the stability and sustainability of the ecosystem. You can track the vesting schedule on platforms such as Token unlocks, Cryptorank...

4.4. WLD token sale

On July 24, 2023, Binance announced the listing of Worldcoin token (WLD) on its trading platform. The token sale event took place at 16:00 (Vietnam time) on the same day. Users were provided with the opportunity to trade WLD through trading pairs such as WLD/BTC and WLD/USDT.

Prior to the sale, Binance allowed users to deposit WLD into their accounts on the exchange. Subsequently, within 48 hours of the sale commencement, Binance opened WLD trading in the derivatives market in Isolated Margin mode, with the primary trading pair being WLD/USDT.

4.5. WLD token use case

WLD token of Worldcoin has 3 main features:

• Governance rights: WLD holders can participate in decision-making processes regarding important platform issues.

• Transaction fees: WLD is used to pay transaction fees on the World App.

• Investment asset: Users can hold and use WLD to transfer funds or purchase goods on the World App.

5. Worldcoin's project team and investors

5.1. Team

Worldcoin was founded by Sam Altman and Alex Blania. Sam Altman, renowned for his role as CEO of OpenAI and former President of Y Combinator, brings managerial expertise and broad technological vision to the project. Alex Blania, co-founder and CEO of Worldcoin, directly contributes to the development and construction of the project. Both co-founders bring leadership skills and valuable experience from their previous projects to Worldcoin.

5.2. Investors

Worldcoin has raised significant funding from renowned investors. In its latest Series C funding round, they secured $115 million, led by Blockchain Capital. Additionally, investment funds such as a16z, Bain Capital Ventures, and Distributed Global also participated.

Previously, in March 2022, Worldcoin successfully raised $100 million with a16z as the main investor. In October 2021, they also raised $25 million from Andreessen Horowitz, Coinbase Ventures, Digital Currency Group, along with other angel investors.

In total, as of July 24, 2023, Worldcoin has raised $240 million from investors.

6. Closing thoughts

Worldcoin project is one of the most noteworthy AI trends in terms of total funding raised, number of followers, and community engagement at the current time, led by Sam Altman - CEO of OpenAI, which significantly boosts the project's popularity.

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#Worldcoin #WLD #AI #SamAltman