Worldcoin (WLD)

About Worldcoin

What is Worldcoin?

Worldcoin (WLD) is a digital currency project that aims to create a large-scale, privacy-preserving identity and financial network. The core of the system is World ID, which serves as a global identity network allowing users to prove their “humanness” online, all while maintaining privacy. To interact with the Worldcoin protocol, users need to download the World App—a wallet app that facilitates the creation of a World ID. The World ID is verified through a physical device called the Orb, which uses multispectral sensors to verify the uniqueness and humanness of users. The WLD token is the utility token used within the network, granting users governance rights and a say in the protocol’s future direction.

How does Worldcoin work?

Worldcoin revolves around the concept of World ID, which enables individuals to prove their identity without compromising privacy. Here’s how it works:

1. Download the World App: Users begin by downloading the World App, a wallet that enables the creation of a World ID.
2. Verification via the Orb: Users visit a physical device called the Orb to verify their humanness and uniqueness. The Orb uses multispectral sensors to capture data about the individual, confirming they are a unique human and not a bot or duplicate identity. Importantly, all images and data captured by the Orb are immediately deleted on-device, ensuring privacy.
3. World ID: After verification, users receive a World ID which can be used to access various applications and services that integrate with the Worldcoin protocol. This ID serves as a global proof of identity, preserving user privacy but ensuring authenticity.
4. WLD Token: The WLD token is an ERC-20 token on the Ethereum blockchain, with transactions occurring on the Optimism network. It has utility within the Worldcoin ecosystem, such as enabling governance and serving as a medium of exchange.

What are the potential use cases for Worldcoin?

Worldcoin’s infrastructure could unlock a range of use cases related to identity, governance, and financial inclusion:

• Fair Airdrops & Sybil Resistance: The World ID can help prevent bots and Sybil attacks (where one individual creates many fake identities) in scenarios like cryptocurrency airdrops or the fair distribution of digital resources.
• Global Economic Inclusion: By providing a decentralized, universally-accessible identity system, Worldcoin can help foster financial inclusion for individuals in developing regions or those without access to traditional banking systems.
• Democratic Processes & Governance: Worldcoin’s technology could be leveraged for more democratic processes, enabling secure online voting and novel governance structures where individuals can signal approval or participate in decision-making using their World ID and WLD tokens.
• Payments & Access: WLD tokens could be used to make payments within the World App, facilitate microtransactions, or access premium services within the ecosystem. Additionally, WLD can signal user approval or contribute to initiatives within the Worldcoin ecosystem.

What is the history of Worldcoin?

Worldcoin was founded by Sam Altman, Alex Blania, and Max Novendstern. Sam Altman, widely known for being the co-founder and CEO of OpenAI, also previously served as the president of Y Combinator, a leading startup accelerator. The initial research and development for Worldcoin was conducted by Tools for Humanity (TFH), in collaboration with other partners.

Worldcoin has attracted significant interest and investment, raising funds through various funding rounds. Notable backers include Andreessen Horowitz (a16z), Khosla Ventures, Bain Capital Crypto, Blockchain Capital, and Tiger Global. The project has also attracted global interest, with a large number of individuals verifying their identities at Orbs during its pre-launch phase across multiple countries and continents.