WorldCoin (WLD)

What is Worldcoin?

Worldcoin is an iris biometric cryptocurrency project developed by Tools for Humanity, a company founded in 2019 by OpenAI CEO Sam Altman, Max Novendstern, and Alex Blania. It is backed by venture capital firm Andreessen Horowitz. Worldcoin aims to provide universal access to the global economy, giving ownership to everyone and becoming the world’s largest privacy-preserving human identity and financial network. The project combines AI technologies with cryptocurrencies and blockchain in an open-source protocol to give anyone access to a global economy. Worldcoin’s distribution mechanism was inspired by universal basic income discussions.

The main components of Worldcoin are:

World ID:

A privacy-preserving digital identity designed to help solve important identity-based challenges, including proving an individual’s unique personhood.
Worldcoin token (WLD):
A token providing utility and giving users a say over the direction of the Worldcoin protocol. WLD is the first token to be globally and freely distributed to people just for being a unique individual.

World App:

An app that enables payment, purchases, and transfers globally using digital assets and traditional currencies.
Worldcoin’s unique feature is its iris-scanning device called the Orb, which is used to create a “proof of personhood” for its users. The company claims that the Orb preserves users’ privacy while also providing access to a growing roster of decentralized finance applications. Worldcoin has faced controversy and criticism due to its use of biometric data and its distribution mechanism.

Who are the founders of world coin?

The founders of Worldcoin are:
Sam Altman: OpenAI CEO and co-founder of Worldcoin.
Max Novendstern: Co-founder of Worldcoin.
Alex Blania: Co-founder and current CEO of Worldcoin.

How does Worldcoin work?

Worldcoin is a decentralized cryptocurrency that combines AI technologies with blockchain in an open-source protocol to provide universal access to the global economy, aiming to address income inequality through a unique World ID.

Here’s how Worldcoin works:

Unique Digital Identity: Worldcoin offers a privacy-preserving digital identity called World ID, which helps solve identity-based challenges by proving an individual’s unique personhood. This is achieved through an iris-scanning device called the Orb, which creates a “proof of personhood” while maintaining privacy.
Global Currency via Worldcoin Tokens: Worldcoin provides a global currency through its Worldcoin tokens (WLD), which are distributed freely to unique individuals and give users a say in the direction of the Worldcoin protocol. Unlike other popular cryptocurrencies, Worldcoin offers people a token for the future without requiring any upfront investment funds.

App for Payments, Transfers, and Purchases: The World App enables global payments, transfers, and purchases using digital assets and traditional currencies. It preserves users’ privacy while providing access to a growing roster of decentralized finance applications.

Decentralization: Worldcoin, like other cryptocurrencies, is decentralized, which means that decisions are made by users and not a centralized entity such as a bank. This aspect aims to create a global economy for all, regardless of country or economic status.

Stewardship and Support: The Worldcoin Foundation serves as the steward of the project, supporting and growing the Worldcoin community until it becomes self-sufficient. Tools for Humanity, the organization that helped launch Worldcoin, currently serves as advisors to the Foundation and operators of the World App.

The worldcoin World App

The World App is the first wallet designed for the Worldcoin ecosystem, offering digital identity and global finance to everyone. Here’s what you need to know about the World App:
Designed for Simplicity and Inclusivity: The World App is intentionally designed to be simple and inclusive, leveraging the Worldcoin and Ethereum protocols to help everyone easily authenticate their Proof of Personhood with World ID, send money to anyone for free, claim Worldcoin Grants in eligible countries, and explore crypto tokens.

Prove Your Personhood with World ID: The app allows users to authenticate their Proof of Personhood with World ID, which is a privacy-first digital identity designed to help solve identity-based challenges. Users can verify their World ID privately with an Orb, an iris-scanning device, and then use it to seamlessly sign in to websites, mobile apps, and crypto dapps, proving they’re unique and real people without sharing personal data like names or emails.
Claim Worldcoin Grants: People in eligible countries can use the World App to claim Worldcoin Grants every month. The app will remind users when a new grant becomes available, and they can claim it using their verified World ID.
Send and Receive Digital Money: Users can save and send digital dollars, starting with USDC by Circle, with shortcuts to deposit and withdraw using bank accounts or local payment methods through licensed partners worldwide. They can also instantly send digital dollars to friends or family members around the world using their phone contact or crypto address, without fees.
Explore and Use Crypto: The World App allows users to learn about Ethereum and Bitcoin, track their balances, get notified of major changes, and easily trade in available markets using decentralized exchanges. It currently supports the following cryptocurrencies: Worldcoin (WLD), Wrapped Ether (WETH), Wrapped Bitcoin (WBTC), and USD Coin (USDC.e).
No Fees and 24/7 Support: Users can enjoy gas-free transactions with their verified World ID, receive notifications for their actions, track their status at a glance, and access dedicated 24/7 chat support in English, Spanish, and Portuguese.

What Makes Worldcoin Unique?

Worldcoin is a unique project that aims to become the world’s largest privacy-preserving human identity and financial network, providing ownership and universal access to the global economy for everyone, regardless of their country or background. Here are some key aspects that make Worldcoin unique:

Privacy-First Digital Identity:

Worldcoin offers World ID, a privacy-preserving digital identity designed to help solve important identity-based challenges, including proving an individual’s unique personhood. Users can verify their World ID privately with an Orb, an iris-scanning device, and then use it to seamlessly sign in to websites, mobile apps, and crypto dapps, proving they’re unique and real people without sharing personal data like names or emails.

Universal Basic Income (UBI) and Financial Network:

Worldcoin aims to provide a means of universal basic income, offering a guaranteed set income for those who sign up, regardless of their other incomes, and create a novel global financial network. This aspect sets Worldcoin apart from other cryptocurrencies and blockchain projects.

Worldcoin Token (WLD):

The Worldcoin token (WLD) is a unique aspect of the project, providing utility and giving users a say over the direction of the Worldcoin protocol. WLD is the first token to be globally and freely distributed to people just for being a unique individual. Users can earn WLD by getting their eyes scanned with the Worldcoin Orb.

Tools for Humanity and Global Community Support:

Worldcoin is an open-source protocol supported by a global community of developers, individuals, economists, and technologists committed to expanding participation in and access to the global economy. The Worldcoin Foundation serves as the steward, supporting and growing the Worldcoin community until it becomes self-sufficient. Tools for Humanity helped launch Worldcoin and currently serve as advisors to the Foundation and operators of the World App.

Controversies and Regulatory Scrutiny:

Worldcoin has attracted controversy due to regulatory scrutiny by multiple countries, security vulnerabilities, and allegations of deceptive and exploitative recruitment practices in some countries. These controversies and challenges add to the unique nature of the project as it navigates the complex landscape of global finance and digital identity.

How do I invest in Worldcoin?

To invest in Worldcoin, you can follow these steps:
1. Choose a Cryptocurrency Exchange: Select a reputable cryptocurrency exchange that supports Worldcoin (WLD) trading. Some popular exchanges where you can buy Worldcoin include Binance, Coinbase, KuCoin, and Huobi Global.
2. Create an Account: Sign up for an account on the chosen exchange. This typically involves providing your email address, creating a password, and completing any necessary identity verification processes.
3. Deposit Funds: Add funds to your exchange account. You can do this by linking a credit card, debit card, or bank account to your exchange wallet and initiating a deposit.
4. Buy Worldcoin: Once your account is funded, navigate to the trading section of the exchange and search for the Worldcoin (WLD) trading pair. Choose the desired amount of Worldcoin you want to buy and complete the transaction.
5. Store Your Worldcoin: After purchasing Worldcoin, you can choose to store it in your exchange wallet or transfer it to a personal cryptocurrency wallet for added security. Make sure to follow best practices for storing and securing your digital assets.
It’s important to note that investing in cryptocurrencies carries risks, including price volatility and the potential loss of capital. Before investing, it’s recommended to do thorough research, understand the associated risks, and only invest what you can afford to lose.

How to make money with Worldcoin?

To make money with Worldcoin, you can consider the following options:

Invest in Worldcoin (WLD): Buy Worldcoin tokens (WLD) on a cryptocurrency exchange and hold them in anticipation of their value increasing over time. You can choose a reputable exchange like Binance, Coinbase, KuCoin, or Huobi Global to purchase Worldcoin. However, it’s important to note that investing in cryptocurrencies carries risks, including price volatility and the potential loss of capital.

Become a Worldcoin Orb Operator: As a Worldcoin Orb Operator, you can earn money for everyone you sign up with an Orb, build your own team, and help get people excited about starting their Worldcoin journey. To become an Orb Operator, you can fill out the application form on the Worldcoin website, and if accepted, you will be sent an Orb to start building your operations.

Participate in the Worldcoin Universal Basic Income (UBI) Program: Worldcoin aims to provide a means of universal basic income, offering a guaranteed set income for those who sign up, regardless of their other incomes. By signing up for the UBI program, you can potentially earn a regular income in Worldcoin tokens.
Explore the Worldcoin World App: The Worldcoin World App provides easy access to decentralized identity and finance. You can use it to find your nearest Orb, sign up for World ID, and explore other features that may offer opportunities to earn or save money.