Worldcoin explained: OpenAI CEO’s eye-scanning crypto breakthrough
Introduction
Worldcoin, a cryptocurrency project established over three years ago, has recently gained significant attention within the digital currency community due to the announcement of its future objectives. The project proposes constructing a global identification and financial infrastructure with the potential to increase economic inclusivity, differentiate human users from artificial intelligence on the internet, enhance global democratic processes, and propose a feasible implementation of an AI-financed Universal Basic Income (UBI).
In this article, we’ll explore Worldcoin, its operational mechanisms, and the steps for purchasing their token, WLD.
What is Worldcoin?
Worldcoin represents a collaborative effort by San Francisco and Berlin-based company Tools for Humanity. Launched in 2019 by Sam Altman, Max Novendstern, and Alex Blania, this project is backed by a notable venture capital firm, Andreessen Horowitz.
To achieve this, Worldcoin strives to promote global economic equity through digital means, utilizing its cryptocurrency, Worldcoin token (WLD). The token operates on Layer 2 Ethereum technology, leveraging the Ethereum blockchain’s security features while preserving its independent economic operations. However, Worldcoin’s services are not currently available to users within the United States.
A key aspect of Worldcoin’s mission includes developing a reliable mechanism for online human authentication, named World ID, to address concerns related to bots and false digital identities often attributed to artificial intelligence.
Worldcoin employs a unique distribution mechanism to foster user engagement and network growth, reminiscent of Universal Basic Income (UBI). Users are incentivized to join the platform via the distribution of WLD tokens, predicated on the user scanning their irises with Worldcoin’s iris scanner for authentication purposes.
How does Worldcoin work?
Worldcoin utilizes a system of interconnected components, each essential to fulfilling its mission of creating an authentic and equitable digital space. The key components of Worldcoin are as follows:
World ID:
Functions as a digital passport online
Employs a proof of personhood (PoP) credential to authenticate unique individual existence through the Orb, a specialized biometric device
Uses iris recognition for user identification, providing a unique solution to online identification concerns
Worldcoin Token (WLD):
A cryptocurrency offered worldwide to users free of charge
It serves a functional role and provides users with decision-making capabilities
It should be noted that the WLD is tradeable on the OKX exchange
World App:
A comprehensive platform that facilitates transactions, purchases, and fund transfers
Supports various forms of currency, including the Worldcoin token, other digital assets, stablecoins, and conventional currencies
Worldcoin signifies a potential future for decentralized identities, providing the necessary technology to verify human authenticity on digital platforms. This strategy aims to ensure equitable resource distribution, protection against bot-driven attacks, and fair digital asset distribution guarantees. Worldcoin envisions empowering users within a transparent and secure digital economy.
How to participate in Worldcoin
Download the World App, which serves as the first wallet app supporting the creation of a World ID.
Head to the physical imaging device called the Orb to get the World ID Orb-verified. Orb Operators, a network of independent local businesses, operate most Orbs.
The Orb uses multispectral sensors to verify the authenticity and uniqueness of each individual, and issues an Orb-verified World ID. It’s important to note that all images captured during the process are promptly deleted on-device by default, unless explicit consent for data custody is given.
How to deposit Worldcoin
1. Go to the main navigation bar and click on the ‘Assets’ option. Access the ‘Deposit’ page and choose the WLD token from the dropdown box.
2. Select the ‘WLD deposit network’ option and generate your token wallet address by clicking ‘Next’.
3. Deposit your WLD tokens to the Funding account by scanning the QR code or copying the WLD address to the platform you’re withdrawing from.
How to withdraw WLD tokens from OKX
1. First, navigate to the ‘Withdrawal’ page.
2. Once there, select the coin you want to withdraw and enter the amount of WLD you want to withdraw.
McClatchy newsroom and editorial staff were not involved in the creation of this content.
