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Sam Altman, the co-founder of OpenAI, along with Alex Blania and Max Novendstern, has just unveiled the introduction of Worldcoin. Alongside the launch of Worldcoin, Altman, Blania, and Novendstern have revealed their plan to distribute 1,500 orbs in various cities worldwide. These orbs will provide users with the opportunity to acquire what they term 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:
What is Worldcoin and how does it work?
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.
Utilizing the same underlying technology that empowers cryptocurrency and its transactions, namely blockchain, Worldcoin has established a digital identity verification system. This system also encompasses a payment platform and its proprietary cryptocurrency token, known as WLD.
The functioning of the system relies on the adoption and utilization of three interconnected components.
World ID
At the heart of the platform is the World ID, which enables users to authenticate their online identity. Interested individuals can acquire their own World ID through a device called the Orb, which employs iris scanning technology.
The Orb captures an image of an individual’s iris, leveraging the uniqueness of each person’s iris akin to their fingerprints, generating a distinct identification code referred to as an IrisCode. This code serves to prevent individuals from obtaining multiple World IDs.
These World IDs are recorded on the Worldcoin blockchain, and users can validate their identity using the World app.
World App
The World App serves as a repository for users’ World IDs and also furnishes a variety of decentralized financial applications.
Within this app, users’ credentials are securely stored, allowing them to “prove their humanity” across third-party applications. Furthermore, the app functions as a cryptocurrency wallet, presently accommodating Bitcoin, Ethereum, USDC, and WLD.
Worldcoin Token (WLD)
Upon establishing a World ID and installing the World App, users are rewarded with the WLD cryptocurrency token. As a bonus, Worldcoin grants users a certain amount of WLD tokens at no cost upon their initial iris scan. The quantity of WLD tokens allocated depends on the user’s country of residence and the project’s stage. Presently, Worldcoin is providing 25 WLDs to individuals in specific countries who undergo iris scanning.