Over three years ago, the Worldcoin Token Protocol was under initiation to create a new identity and financial network owned by everyone; the rollout begins today. If successful, WorldCoin could drastically increase economic opportunity and scale a reliable solution for distinguishing humans from Artificial Intelligence in the Internet realms while, at the same time, preserving privacy.
Also, to enable global democratic processes and eventually show a potential path to AI-funded UBI. But finding new ways to share the coming technological prosperity broadly is a critical challenge of our time—the Worldcoin team hopes you’ll join them. For one thing, WorldCoin is an attempt at global scale alignment, the journey will be challenging, and the outcome is uncertain.
Worldcoin started with a question: “What if there were a way to freely distribute shares of a new digital token to every person on the planet?” If such an approach had been taken with Bitcoin, what impact would it have had on individual empowerment? From here, Worldcoin was created and has grown its mission to something bigger: enabling universal access to the global economy.
Specifically, this is by building the world’s most extensive identity and financial public utility. The people and organizations supporting Worldcoin are developing the tools that work together to help it achieve its mission. With that in mind, let’s learn more about what the Worldcoin Token Protocol entails, how Worldcoin works, and some of the best practices for potential investors.
Understanding What The Worldcoin Token Protocol Means For Investors
Worldcoin, a project co-founded by Sam Altman, a co-founder of Artificial Intelligence (AI) startup OpenAI, announced the launch of World ID—a digital proof of personhood ID protocol. The Worldcoin Token Protocol allows for an AI-resistant verification of humanness online, using the orb to scan each person’s Iris for verification. You can watch the tutorial video below for more:
Currently, in Beta Version, the Worldcoin Token Protocol is intended to be the world’s most prominent identity and financial public network, open to everyone regardless of country, background, or economic status. By all means, the Worldcoin consists of a privacy-preserving digital identity (World ID) and, where laws allow, a digital currency (WLD) received simply for being human.
In other words, Worldcoin is an open-source protocol, or system, created to help give everyone access to the global economy. As mentioned, it consists of a privacy-preserving digital identity and, where laws allow, a digital currency received simply for being human. It’s designed to be decentralized, meaning its supervision and decision-making will ultimately rest with its community users.
Importantly, Worldcoin—through World ID’s unique digital identity—can be essential in demonstrating humanness in an online world populated with increasingly advanced artificial intelligence. On that note, they hope that, where the rules are less clear, such as in the U.S., steps will be taken so more people can benefit from both. A few features are empowering its unique rollout for digital fintech.
- World ID: a privacy-preserving digital identity designed to help solve critical, identity-based challenges, including proving an individual’s unique personhood.
- Worldcoin Token (WLD): a token providing utility and giving users a say over the direction of the Worldcoin protocol. WLD is the first token globally and freely distributed to people for uniqueness.
- World App: an app that enables payment, purchases, and transfers globally using digital assets and traditional currencies.
As a rule of thumb, you can now download World App, the first protocol-compatible wallet, and reserve your share. After visiting an Orb, a biometric verification device, you will receive a World ID. This lets you prove you are a natural and unique person online while remaining completely private. As the global distribution of Orbs is ramping up, you can find the closest one to engage.
And then, after that, book time to be verified with the custom Worldcoin application and at worldcoin.org (official website). Be that as it may, getting started is relatively straightforward for beginner investors such as yourself. You can consider the simple steps below.
Step #1: Download The World App
First, ensure that you download the application which allows a person to set up their Worldcoin account and access a digital wallet connected to Worldcoin. This includes Cryptocurrency Wallets for Bitcoin, Ethereum, and other digital and traditional currencies, as well as Stablecoins. Remember, World App is operated by Tools for Humanity, a contributor to the Worldcoin system.
Step #2: Sign Up For Your World ID
Using the World App without signing up for World ID is also possible. To receive a free share of Worldcoin Tokens and other digital currencies, however, a person must sign up for World ID by visiting a Worldcoin Operator and verifying their unique personhood at an Orb. This process may evolve in the future to include other verification signals. Technically, the Orb uses Iris Recognition Technology to establish an individual’s unique personhood, then creates a digital World ID that can be used pseudonymously in various apps.
To sign up for World ID, follow these quick steps:
- Download the World App from the App Store or Google Play in countries where it is available.
- Follow the prompts to find a local Worldcoin Operator who can verify your unique personhood.
- Receive your World ID in your World App and use it in various everyday applications without revealing your identity.
Worldcoin Operators are currently onboarding in additional locations. Please continue to check regularly in the World App if a Worldcoin Operator is not immediately available near you.
Step #3: Get Free Worldcoin Shares
Once individuals have verified their unique personhood, they can use their World ID within the World App. Eventually, this allows them to learn about digital currencies and receive free airdrops of Bitcoin, Ethereum, and more. After the mainnet launch, people in countries where the Worldcoin Token is available (per their Terms And Conditions) can also use their World ID to claim free shares.
Buy More WLD
This will be possible after the Worldcoin mainnet is live for people in places where WLD is available.
Become A Worldcoin Operator
Worldcoin Operators can earn WLD by introducing Worldcoin to their communities and helping people securely sign up for World ID via the Orb. Please click here to learn more about how to become a Worldcoin Operator.
Receive A Worldcoin Grant
Once Worldcoin launches, the Worldcoin Foundation will award grants to those helping push the project forward, like developers, documentation authors, creators, and people leading education initiatives around the protocol.
That aside, anyone who has verified their uniqueness via an Orb will receive their Worldcoin tokens when the Worldcoin mainnet goes live, so long as they are located where the Worldcoin token is available. Following its launch, people can buy Worldcoin tokens, and those who verify their uniqueness can also continue claiming their free portion. Eligible verified users will see a token balance.
They will receive balances at launch, especially in their Worldcoin Wallet (World App), with the number of WLD. To receive all their free tokens, verified users must reopen the app periodically in the weeks following their World ID verification. Each time a verified user opens the World App during those first several weeks, they will be prompted to secure a portion of their free Worldcoin tokens.
An Iris-Based World ID Humanness Verification System To Counter The AI
According to Bitcoin.com, Worldcoin, a Cryptocurrency Token project co-founded by Sam Altman, co-founder of Openai, has launched World ID. Notably, the World ID is an AI-resistant protocol that will allow the verification of the identity of humans online through an Iris scan. The project mentioned in this launch enables a nongovernment universal basic income (UBI) system.
This is obtained through AI—its means and distribution through digital currencies argue the rise of AI-powered models that can pass or almost pass the Turing test. Still, it determines the need for more innovative transaction protocols to assess the “humanness” of a being. Uniquely, the World ID Protocol uses zero-knowledge proofs concerning biometric data provided by users’ irises.
Worldcoin proposes to face these new challenges. In simple terms, Wordcoin states that the protocol will be private, self-sovereign, and decentralized, allowing users to have control over the utilization of their World ID Data while protecting the distribution of resources. The protocol also intended to be launched its software for builders to start experimenting with it for inputs.
For this reason, Wordcoin states that it will offer its service as a “public utility,” enabling its usage by “giving ownership to individuals irrespective of nationality or background. As well as accelerating the transition to a future that welcomes and benefits every person on the planet. However, due to the biometric approach of the protocol, a new hardware device had to be constructed.
Enter The Worldcoin Token Protocol Orb: An Open Hardware For Iris Scans
Remember, World ID is a digital passport that lets you prove you are a unique and real person while remaining anonymous. In partnership with Tools Of Humanity, a tech company, Worldcoin has introduced an iris-scanning device called the orb, which will be needed to implement World ID effectively. The Worldcoin Protocol Orb hardware for the Iris scanner looks something like this:
To enumerate, the Orb is an open-source hardware device designed to capture the iris of the users of the World ID Protocol, which took years in the making, per Worldcoin’s remarks. In layman’s language, the device features two cameras, a wide-angle camera and a telephoto camera, which combine with a neural network to capture a high-resolution image of the Iris.
The Orb complies with the specifications set forth in the international standard, including eye safety (IEC-62741). The technology the Orb uses to verify uniqueness and personhood is open to the public for review and input. The Worldcoin community (including the Worldcoin Foundation) will continue working to ensure safety and privacy are at the center of all advancements.
Generally speaking, the manufacturing of the divide is already advanced, and Worldcoin is already distributing these devices to several registry operators worldwide. The project is in beta stages and aims to launch during the first half of 2023. According to the Worldcoin Whitepaper, two crucial business organizations already support its innovative AI-driven technology.
They are as follows:
- The Worldcoin Foundation: This non-profit organization is set up to support and grow the Worldcoin community until it becomes self-sufficient. Markedly, The Worldcoin Foundation will do this by cultivating a community of developers making grants and establishing ways for the user community to participate in the protocol’s governance.
- Tools For Humanity (TFH): This global technology company was established to accelerate the transition towards a more just economic system. It led the initial development of the Worldcoin protocol and is continuing to build tools and help support the Worldcoin protocol, in addition to operating the World App. Over time, Tools For Humanity (TFH) will continue to develop essential tools for Worldcoin and beyond.
It’s worth mentioning that as the Worldcoin Token Protocol develops and expands, more companies will likely join in supporting its growth. To stay put with Worldcoin updates, including the launch of new features and adding more companies supporting the Worldcoin protocol, please ensure that you subscribe to the newsletter at the bottom of the official Worldcoin website.
The Worldcoin project is initiating an open and permissionless identity protocol called World ID. It empowers individuals to verify their humanness online while maintaining anonymity through zero-knowledge proofs. Advancements in AI make it challenging to distinguish between AI and humans on the internet, highlighting a need for authentic human recognition and verification.
To help address this, individuals can receive a future-proof unique human credential through a secure biometric device in a privacy-preserving manner. Importantly, this enables a path to AI-funded non-state UBI and the equitable global distribution of digital currencies. The project’s early contributors have developed initial versions of a hardware device and a mobile client.
Plus, its unique deployment mechanism will gradually become decentralized, where World ID will ultimately enable the protocol to be governed by the people. At the same time, this will ensure that the Worldcoin Token Protocol benefits all. So far, more than 1.4M people have participated. If successful, it will be the largest network of real humans on the internet, accessible to all.
Although it’s not immediately evident that this breakthrough will lead to Artificial General Intelligence (AGI) in the short term, we now have models trained to perfectly mimic competent humans in digital interactions. Some argue that the age of AI has begun. Its development is as fundamental as creating the microprocessor, personal computers, the Internet, and mobile phones.
That’s it! So, what do you think about the Worldcoin Token Protocol and its Iris-enabled World ID system? Please share your additional thoughts, suggestions, opinions, recommendations, or even contribution questions (for the FAQs & Answers Segment from experts) in our comments section. We also welcome you to Consult Us if you need more help and support from our team.
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Answers To Frequently Asked Questions
1. How much will Worldcoin (WLD) tokens be worth?
There are no guarantees about how much WLD will be worth or whether it will have value. Similar to other digital assets, the value of the Worldcoin token may change—even significantly—up or down. It will likely be determined by several factors that are not dependent on, or in the control of, any single group of people, including the total number of World ID holders, the range of applications the developer community devises and builds, and the supply of the token in circulation.
2. What can I do with Worldcoin tokens? Why would I want them?
The Worldcoin token (WLD) is best understood as providing utility and giving users a say over the direction of the Worldcoin protocol. Ownership of WLD paired with a verified World ID provides access, ownership, and participation in the protocol. Following the mainnet launch, the community of Users will determine the token’s uses, but a few use cases are expected to emerge.
First, it’s the governance issue. WLD will give its holders the ability to shape the protocol’s future. Second, Users may use the WLD token to pay for specific actions in the World App. Last, some Users may also use WLD tokens as a store of value or to make payments (remittances, tip artists, buy and sell goods and services).
3. What is the Orb, and why is it necessary?
As mentioned, the Orb is an imaging device that verifies you are a natural and unique person who has not previously received a World ID. It’s necessary because it is the only secure way to determine uniqueness and personhood while preserving privacy reliably. Additional information about the Orb can be found on the Worldcoin blog (learn more here).
The Orb checks that an individual is actual and unique and has not previously received a World ID. It does this by capturing and processing images of an individual and their unique iris pattern. Since no two people have the same iris pattern and these patterns are tough to fake, the Orb can accurately tell people apart without collecting any other information about them—not even their name. See more details about the Orb and why biometrics are needed to prove uniqueness and humanness.
4. Who are Worldcoin Operators?
Worldcoin Operators operate Orbs worldwide and can earn Worldcoin or fiat currency by introducing Worldcoin to their communities and helping people securely sign up for World ID via the Orb. The Operators are not employees of the Worldcoin Foundation or Tools for Humanity and run their operations independently. They are expected to follow a strict Code of Conduct that emphasizes complying with laws and protecting the public.
Easily identifiable by their branded clothing, Worldcoin Operator team members can be seen throughout the community. These individuals facilitate the World ID sign-up process by helping users download the World App, assisting in account setup, verifying individuals for uniqueness via the Orb, and providing educational resources regarding digital currencies. Worldcoin also provides 24/7 support to users through an online help center and live customer support agents.
5. When does Worldcoin launch? And what does that mean?
The Worldcoin launch process has already started. However, the official launch date will be determined by the leadership of the Worldcoin Foundation—which is charged with supporting the protocol and growing the Worldcoin community until the community becomes self-sufficient. The launch date will be set based on when the network and early applications can launch responsibly in a way that is best for users and the long-term mission of the public utility.
“Launch” is when the Worldcoin protocol goes “live,” leaving Beta and entering a production-grade state. This means that users can use the Worldcoin Token Protocol to transmit and store value on the network and participate in applications running on the web. The best ways to receive the latest information about Worldcoin are to sign up for a World ID, download the World App, or subscribe to the Worldcoin email updates. Alternatively, follow Worldcoin on Twitter or Discord.