On July 24, 2023, a series of the largest exchanges in the crypto market announced they would list the Worldcoin project, including Binance. So what is Worldcoin? Join Weakhand to find out why a project like Worldcoin can be listed on so many exchanges.
Other projects also listed on Binance recently:
- What is Space ID (ID)? Space ID Cryptocurrency Overview
- What is Arkham (ARKM)? Arkham Cryptocurrency Overview
- What is Open Campus (EDU)? Open Campus Cryptocurrency Overview
What is Worldcoin?
Worldcoin was born with the mission of creating a global financial and identity network, to increase economic opportunities and expand solutions to differentiate between humans and AI while still maintaining security. To achieve that vision, Worldcoin combines the use of Orb, a physical instrument for retina scanning, and Zero Knowledge Proof technology for proof generation.
Worldcoin Products
World ID
World ID is a Proof of Personhood that allows users to verify their identity online while maintaining their privacy using Zero Knowledge Proof through Orb.
Common applications in web2 usually use an account and password to log in, while web3 uses a wallet address backed up by a private key, so it is easy to lose or steal login information. As for World ID, people can always restore their ownership even if it is lost or stolen.
World App
World App is the first smartphone wallet application to use World ID, users can use World App by downloading the application on their phone then creating an account and generating World ID through an Orb.
Orb
Orb is a spherical physical imaging device used to scan the user’s optic tract and then create a World ID. At the present time, Orb is only supported in a few major cities around the world, however to realize the vision of becoming a global identification network, Orb is required to be installed in every location. everywhere where people live.
To find an Orb near you, people need to follow these steps:
- Visit the website: https://worldcoin.org/find-orb
- Select the country you live in, then the website will provide a list of cities that support Orb.
In addition, the Worldcoin Foundation also has some plans to develop an identity authentication network with Orbs around the world. To realize this vision, Worldcoin will need Device Operators to participate in the network.
Device Operators will buy, rent or borrow Orb from Worldcoin Foundation and then install it in many different locations. For each successfully registered user, Device Operators will receive a reward similar to Validators completing a block in the blockchain.
At the current stage, Device Operators can only borrow Orbs for a certain period of time, so to optimize efficiency, Device Operators are required to verify a larger number.
Update World ID 2.0
World ID 2.0 is an upgraded version for World ID with many expanded features, most notably perhaps this update will allow people to verify their identity on social networking platforms. forums like Reddit, Discord, Shopify, Telegram or some other Web3.0 applications through World App on smartphones.
App developers can also choose different authentication levels for their platform users from lite to max. This will ensure that your personal information will not be shared more than necessary on platforms.
Proof Of Personhood
Proof of Personhood (PoP), also known as proof of person, is a safety and security mechanism that uses World ID. The goal of PoP is to ensure that each user is uniquely identified and authenticated, preventing tampering or duplicate registrations.
The components that make up a Proof of Personhood include:
- User: People are using PoP to demonstrate access to certain resources or certain actions.
- Credential: Is a collection of data that evidences the user attributes mentioned above, which may include government ID and biometric data.
- Issuer: A trusted entity validates certain information about a user and provides them with PoP credentials, allowing users to prove their claims to other users.
- Verifier: An entity that checks a user’s PoP credentials thereby granting access to certain actions.
Development Roadmap
Update…
Coreteam
Sam Altman
Sam Altman is a Jewish man known as a businessman, investor and programmer currently living in the US.
- In 2005 Altman co-founded Loopt, a social networking application that raised more than $30M in investment capital and was then acquired by Green Dot Corporation for $43.4M in 2012.
- In 2011 Altman came to work at Y Combinator then was appointed president of this company, the total value of Y Combinator’s owned subsidiaries has surpassed $65B including Airbnb, Dropbox, Zenefits and Stripe.
- Sam Altman also served as CEO of Reddit for 8 days in 2014 after Yishan Wong resigned.
- Sam Altman is currently the CEO of OpenAI, a billion-dollar company, and the Founder of Worldcoin.
Alex Blancia
Alex Blania is currently the CEO and co-Founder of Worldcoin.
Investors
Worldcoin has gone through 3 different funding rounds with a valuation of more than $3B, specifically as follows:
- Funding Round (October 21, 2021): Raised $25M at $1B valuation and participation from Coinbase Ventures, Multicoin Capital, a16z, DCG, Hashed Fund,…
- Funding Round (March 23, 2022): Raised $100M at $3B valuation and participation from a16z, Khosla Ventures.
- Series C (May 25, 2023): Raising $115M led by Blockchain Capital and the participation of a few other investment funds such as a16z, Distributed Global,..
Tokenomics
Token information
- Token name: Worldcoin
- Ticker: WLD
- Blockchain: Ethereum
- Token Standard: ERC-20
- Contract: 0x163f8C2467924be0ae7B5347228CABF260318753
- Total supply: 10,000,000,000 WLD
- Circulating supply: 110,671,132 WLD
Token Allocation
- Community: 75%
- Investors: 13.5%
- Team: 9.8%
- Reserve: 1.7%
Token Usecase
WLD tokens are used for the following purposes:
- Rewards for participants using the World ID network.
- Project management by making development proposals.
Exchanges
Currently, people can buy WLD tokens on the largest exchanges today such as Binance, OKX,…
Project Information Channel
- Website: https://worldcoin.org/home
- Twitter: https://twitter.com/worldcoin
- Discord: https://discord.com/invite/worldcoin
Summary
Above is the detailed information everyone needs to understand to understand what Worldcoin is as well as why the project is listed on such large exchanges. Weakhand hopes that this article has brought useful content to everyone’s research process.