Worldcoin (WLD) is a cryptocurrency project founded by Sam Altman, the CEO of OpenAI - the company behind ChatGPT. The project's main feature is the "World ID," a digital passport verifying the holder's identity as an actual human, not an AI bot.
During its beta period, the Worldcoin project attracted 2 million users. With the official launch, OpenAI’s Worldcoin plans to expand its eye-scanning operations to 35 cities across 20 countries. To encourage participation, individuals signing up in specific countries will receive the project's native cryptocurrency token, WLD.
WLD serves a crucial role within the Worldcoin ecosystem. Once users have verified their identity with the World ID, they can use WLD for making payments, transfers, and purchasing other digital assets through the associated app. The token has already been listed on major cryptocurrency exchanges, including KuCoin.
The Worldcoin crypto project will provide a unique digital identity called the World ID through in-person iris scanning using the "orb" device. The World ID aims to differentiate real humans from AI bots online and potentially contribute to addressing economic challenges posed by generative AI in the future.
To obtain a World ID, individuals must undergo an in-person iris scan using Worldcoin's eye-scanning device called the "orb." The orb is a silver ball approximately the size of a bowling ball.
After the orb confirms the user as a genuine human by performing an iris scan, it creates a World ID for the user. Worldcoin leverages blockchain technology to store these World IDs to ensure privacy and prevent any single entity from controlling or shutting down the system.
OpenAI CEO Sam Altman and Alex Blania co-founded Worldcoin. Altman believes that the project could contribute to the future reshaping of the economy by generative AI.
The vision behind the Worldcoin project is to address the challenges posed by generative AI chatbots that produce human-like language. World IDs could play an important role in scenarios like universal basic income (UBI), where artificial intelligence takes over more human tasks. In such instances, Worldcoin could ensure that UBI benefits reach real individuals and reduce fraud.
As AI advances, distinguishing between real people and AI bots online becomes increasingly difficult. World IDs can play a role in differentiating humans from AI and help combat issues like identity fraud in the digital world.
The Worldcoin token was launched in late July 2023 and generated considerable buzz among the crypto and mainstream communities during its announcement.
Based on information from the Worldcoin whitepaper, the following are WLD’s tokenomics:
The maximum circulating supply of the WLD token at launch is 143 million. The token is based on the ERC-20 protocol.
The tokenomics specified in the white paper state that 75% of the ultimate supply of the tokens will be available to the Worldcoin community. 13.5% will be available for investors, 9.8% for the initial development team, and 1.7% set aside as a reserve.
On the day of the launch, the company airdropped the WLD token to users of the Worldcoin application, World App. If not based in the U.S., those individuals received an airdrop of 25 WLD tokens.
For the first 15 years, the startup has capped the total supply to 10 billion WLD tokens.
The following factors could make investing in Worldcoin an interesting proposition:
Worldcoin offers a unique and innovative solution in the form of the World ID, which acts as a digital passport to prove a user's real identity and differentiate between humans and AI bots online. This technology has the potential to address challenges posed by AI advancements and enhance security and privacy on the internet.
The launch of Worldcoin's WLD token has garnered significant attention and interest from investors. On its first day of trading, the token experienced substantial price spikes and experienced considerable trading volume, reflecting the market's enthusiasm for the project.
Worldcoin has received funding from reputed venture capital firms, including Andreessen Horowitz, Coinbase Ventures, and 1confirmation. This support from influential investors can add credibility to the project and signal confidence in its potential for success.
The Worldcoin project has already attracted millions of users during its beta phase. With its official launch, Worldcoin aims to expand its eye-scanning operations to numerous cities across various countries. This ambitious scaling plan for World IDs could attract more users and increase adoption.
Worldcoin's World ID has the potential to serve as a foundational technology for various use cases, including in the realm of economic systems and identity verification. The project's focus on privacy-first, decentralized, and inclusive solutions could make it relevant in a world driven by AI and digital advancements.
While it is impossible to offer a reliable WLD price prediction over any timeframe, the following factors could provide insight into the price action and volatility in the Worldcoin cryptocurrency:
The widespread adoption of World ID and utilizing the WLD token for various purposes can create real-world utility and demand for the token. If the technology effectively combats identity fraud and experiences widespread acceptance, it may attract more users and investors.
Progress in developing the Worldcoin project, especially in implementing and adopting the World ID system, could impact the Worldcoin price. Achieving significant milestones, expanding the network of Orb operators, or successfully integrating the World ID into various applications can positively affect investor perceptions.
The emergence of new projects with similar goals or technological advancements in the identity and privacy space could impact Worldcoin's competitive position and, consequently, the WLD price.
Like most cryptocurrencies, Worldcoin's price can be influenced by market sentiment. Positive news, partnerships, or developments related to the project may increase investor confidence and demand for the token, driving the price of Worldcoin token higher.
The Worldcoin token has various use cases, including:
1. Voting: World ID, which relies on global proof of personhood, can be used to build a truly democratic and novel one-person, one-vote voting system.
2. Social Media: World ID and progressive proof of personhood can enhance social networks and solve several abuse problems.
3. Wealth Distribution: World ID’s proof of personhood can be used to build a system to ensure aid from NGOs, non-profits, government programs, etc., is distributed equitably to recipients.
4. DeFi and Fintech: Worldcoin can be used for token airdrops, customer incentives, and in marketplaces.
5. Trade or HODL WLD: Trade Worldcoin on the KuCoin Spot Market or other supported platforms to make the most of changing crypto market conditions and volatility. Buy or sell WLD, or hold the token long-term if you believe in the potential of the Worldcoin project and World IDs. You must conduct thorough research before entering any new trade in the crypto market.
Here’s how you can create a World ID on the Worldcoin project:
1. Download the World App: The World App is the first gateway to the Worldcoin project and is available on iOS and Android devices. You can download the World App from the relevant app store.
2. Locate the nearest Worldcoin Operator: The World App will help you find the nearest Worldcoin Operator.
3. Complete the QR code scan and verification process: This involves an in-person iris scan using the 'orb,' a silver ball about the size of a bowling ball developed by Worldcoin. The orb confirms the authenticity of a person's identity.
4. Receive a unique, fully functional World ID: Once the orb verifies your identity, a unique World ID is generated for you.
Your World ID will only verify your uniqueness and confirm that you are not human and will not verify your personal identity. Once verified, you can hold your World ID on your World App (or in future wallets developed by other Worldcoin partners) and use it to seamlessly sign in to websites, mobile apps, and crypto dApps.
Verified World IDs also enable you to claim Worldcoin grants where available and earn a small, free share of digital currencies through the “Learn to earn” feature in World App.