OpenAI founder Sam Altman in partnership with Alex Blania and Max Novendstern recently announced the launch of Worldcoin. In addition to launching the Worldcoin, Altman, Blania Novendstern also announced the rollout of the 1,500 orbs in cities across the globe for giving users access to what they call a World ID.
Worldcoin is often referred to as a cryptocurrency, but it’s more than that. As the founders describe it, Worldcoin is a global decentralised identity and financial network, which includes a unique ID, a cryptocurrency and an app. So, here is a detailed explanation of what Worldcoin is, what is offers and how can you get one:
Worldcoin is a cryptocurrency and digital identification platform that claims to provide each person on earth with a convenient way to verify that they are a real human and not a bot, or an AI algorithm.
Using the same technology that powers cryptocurrency and its transactions, that is, blockchain, Worldcoin has created a system of digital identity verification. It also offers a platform for payments and its own crypto token, WLD.
The system works when people adopt and use three interrelated elements.
World ID is the core feature of the platform, and it allows users to confirm their identity online. Interested people can get their World ID created by an eye-scanning device called the Orb.
The Orb captures an image of a user’s iris, as the iris of each person is unique just like their fingerprints and generates a distinctive identification code called an IrisCode. The code is used to stop people from getting more than one World ID.
The Worldcoin blockchain records each World ID, and users can use the World app to verify themselves.
World App stores users’ World IDs and also provides them with a range of decentralised finance applications.
The app keeps users’ credentials and they can use these credentials to “verify their humanness” on any third-party applications. In addition to this, the app also acts as a crypto wallet that can currently hold Bitcoin, Ethereum and USDC along with WLD.
Worldcoin token (WLD)
After users make a World ID and install the World App, they receive the WLD cryptocurrency token. As an incentive, Worldcoin gives users some WLD tokens for free when they scan your eye for the first time. The amount of WLD a person will get depends on the country he/she live in and the stage of the project. Currently, Worldcoin is giving 25 WLDs to people in certain countries who scan their eyes.
Worldcoin has been in development for over three years, but it officially launched on July 24, 2023. Since then, its token price has risen from $0.15 to nearly $2 as of July 28, 2023.
gm Singapore Come check out the Orb at @ogbcogbc & @VegaSolutionsSG starting today! See below for links to book your visit:
Vega Solutions: https://t.co/eICnUZVI1h pic.twitter.com/V7a1R0yuAU
— Worldcoin (@worldcoin) July 20, 2023
Worldcoin says it has verified more than two million people in over 30 countries during its beta period. It plans to expand its orb network to 35 cities in 20 countries by the end of 2023. Some of the countries where you can find an orb are India, Brazil, Mexico, Nigeria, Kenya, Indonesia, Philippines, Vietnam, Turkey, Egypt, Morocco, Colombia, Peru, Argentina, Chile, South Africa, Ghana, Uganda, Tanzania, and Ethiopia. In India, the Orb is available in Delhi and Bengaluru. You can get more details about its location here.
gm Hong Kong The Orb will be available for a limited time on Sunday, July 23 & generally available starting Monday, July 24. Check out World App for more details! pic.twitter.com/uohlJzypMb
— Worldcoin (@worldcoin) July 23, 2023
You can check the availability of orbs in your area by visiting the Worldcoin website or following its social media accounts.
If you are interested in getting Worldcoin, you will need to download the World App on your smartphone and scan your eye with an orb. You will receive some WLD tokens for free in your wallet, which you can use or save as you wish. You can also buy or sell WLD tokens on various cryptocurrency exchanges, such as Binance.
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Author Name | Om Gupta