WorldCoin, launched in July 2023, aims to be a global digital ID platform. Users get a verified identity, wallet app access, and WLD tokens. To join, one must scan their eyeballs with the Orb, a bowling ball-sized eye-scanner, for biometric verification. WorldCoin is built on the Ethereum blockchain. 

How does worldcoin work?

Founded by Max Novendstern, Alex Blania, and OpenAI CEO Sam Altman, Worldcoin’s mission is to establish a universally accessible identity and financial network, largely owned by humanity. Its success could offer a reliable method to differentiate humans from AI, enhancing privacy and economic opportunities. Worldcoin offers every person a share of its digital currency, WLD, simply for being human. Alongside WLD, there’s the privacy-focused World ID network, based on Proof of Personhood and accessible through the World App. This concept ensures an individual is recognized as both human and unique, allowing them to confirm their unique existence without disclosing real-world identity. As AI grows more advanced, distinguishing humans from bots is challenging; Worldcoin’s World ID could become a global standard for human verification.

Understanding the Worldcoin Project:

Worldcoin comprises three core elements:

• 1. World ID: 

•    – Purpose: Allows users to confirm their human identity online while keeping their privacy intact.
•    – Technology: Utilizes zero-knowledge proofs, enabling validation without revealing underlying data, through a biometric scanner known as the Orb.
•    – Security and Recovery: Designed to be personbound, meaning each ID is uniquely tied to its user, reducing fraud risk and allowing recovery of lost or stolen IDs.

• 2. World App:

•    – Functionality: Facilitates Orb verification, issues World ID credentials, and shares these credentials securely with third parties.
•    – Goal: Offers smooth access to global decentralized finance, aiming for widespread integration with various wallets.

• 3. Worldcoin Token (WLD):

•    – Distribution: Allocated to network participants to foster network growth and security.
•    – Supply: 10 billion WLD to be issued over 15 years, with most exchanges listing it.
•    – Governance: Users have voting rights on token-related decisions, such as supply adjustments and distribution methods.

Using World ID:

• – Availability: Presently, Orbs are available in Argentina, Spain, the USA, Colombia, South Korea, Germany, Hong Kong, Chile, Portugal, Singapore, and Japan.
• – Applications: Verifies unique human identity, supporting fair airdrops, combating social media bots, and promoting equitable resource distribution.
• – Getting Started: Download the World app (a wallet supporting World ID creation), visit an Orb (operated by local businesses) for eye scanning, and receive World ID credentials..

Concluding Remarks:

Worldcoin, while innovative, has sparked debate due to its retina scanning requirement for user registration, raising security questions. However, this step is integral to joining the Worldcoin ecosystem. As with any new venture, it’s advisable to conduct personal research for a comprehensive understanding of what it offers.