Worldcoin (WLD) one of the most divisive projects at the moment and created by OpenAI CEO Sam Altman, combines biometrics, hardware, and AI. At the center of the problem is The Orb, a special imaging device that verifies identification and grants access to the international market.

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What Is Worldcoin (WLD)?

Worldcoin was founded with the mission of creating a globally inclusive identity and financial network owned by the majority of humanity. If successful, Worldcoin might significantly enhance economic opportunity. Additionally, it could provide a solid solution for identifying people using AI online while maintaining privacy. Moreover, it enables global democratic procedures and demonstrates a feasible road to AI-funded UBI.

Worldcoin consists of a digital currency (WLD) and, where legally permitted, a privacy-preserving digital identification network (World ID) based on verifiable evidence of personhood. Importantly, every human is eligible for a share of WLD solely by being human. Additionally, the contributor team at Tools for Humanity (TFH) has developed the World App as the initial frontend to World ID and the Worldcoin Protocol, complementing WLD and World ID at this stage.

One of the main concepts of Worldcoin is “proof of personhood,” which refers to proving that a person is both human and unique. Once formed, it allows the person to claim they are an authentic individual and that they are distinct from another actual person without having to disclose their real-world identity.

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How Does It Work?

In the past, protocol contributors performed a poor job of sharing their stories. Like the majority of people, we had a bad initial reaction to Worldcoin. At first glance, it appears to be an Orwellian combination of hardware, biometrics, and encryption—not for the weak.

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WLD uses iris scanning to register and authenticate users, verifying their authenticity, life, and individuality through the colored part surrounding the pupil. Worldcoin utilizes a specialized device called an “orb” to facilitate the scanning process for registering and authenticating users. The “orb” scans the iris, verifying the subject’s authenticity, life, and individuality.

Biometrics, particularly when encryption is involved, warrants caution for several reasons. Science fiction movies and books have explored the concept of “eyeball harvesting,” adding to the dystopian perspective surrounding biometric technologies. These concerns have raised awareness about the potential risks associated with their implementation.

The orb captures an image of the iris and generates a unique code to replace the unpredictable iris data. It swiftly eliminates the raw biometric information, retaining only the iris code within the device.

TFH’s World App, the inaugural wallet in the Worldcoin ecosystem, grants verified users a World ID, enabling discreet verification of their unique identities to anyone they select. These on-chain identity guarantees rely on fully secure cryptography. Even if iris codes were reversible, tracing specific individuals or discerning their usage of World ID remains unattainable.

The WLD Token Overview

Token Information:

Token Type: ERC-20 token on Ethereum Mainnet
Users’ Grants: Individuals will receive their user grants on Optimism Mainnet.
Main Venue for Transactions: Most WLD transactions will likely take place on the Optimism network. The token can be bridged back to Ethereum through the Optimism bridge if needed.