What is Worldcoin? Explore the Eye-Scanning Global ID ‘Orb’

Introduction

In the world of crypto, one name has been making waves recently – Worldcoin. This digital currency has been the center of attention for many investors and enthusiasts alike. But what exactly is Worldcoin? Why is it gaining so much traction? In this article, we will explore the basics of Worldcoin, the reasons behind its rise in popularity, the potential impact it could have, and how you can get involved.

What is Worldcoin?

Worldcoin is a decentralized digital currency that aims to create a more equitable and inclusive financial system. It operates on a blockchain network, much like other crypto such as Bitcoin and Ethereum. However, Worldcoin sets itself apart with its unique concept and approach.

The Worldcoin project is now live. pic.twitter.com/xZXG4w56Ps

— Worldcoin (@worldcoin) July 24, 2023

What is The Aim of Worldcoin?

In today’s dynamic digital landscape, fraught with scams, bots, and AI impersonators, Sam Altman and co-founder Alex Blania are pioneering a transformative solution with Worldcoin. Their vision aims to counteract the prevailing challenges of online identity, presenting a safeguard against the relentless onslaught of cyber threats. However, privacy experts express apprehension regarding Worldcoin’s biometric data accumulation and the protocols in place to ensure its secure handling. Recent developments have spotlighted this concern, as on August 2, Kenya halted Worldcoin’s operations and initiated a comprehensive investigation into its practices.

Navigating the complex online realm of 2023 often feels akin to maneuvering through an intricate obstacle course of latent hazards. Countless websites demand login credentials and crafty scammers deploy myriad tactics to lure unsuspecting victims into financial traps. The proliferation of bots on social media platforms further exacerbates these challenges.

The ascent of AI technology exacerbates this predicament, blurring the line between human and artificial presence. Earlier this year, even OpenAI’s GPT-4 successfully persuaded a human to complete a CAPTCHA, a mechanism designed to differentiate between humans and bots.

At the helm of OpenAI, Sam Altman shoulders the responsibility for tackling such issues. Worldcoin emerges as his potential panacea, offering a definitive demarcation between human and AI entities. By enabling all online humans to prove their human identity incontrovertibly, the prevalence of scams and impersonation could drastically diminish, yielding digital spaces that faithfully mirror our societal fabric.

Worldcoin’s modus operandi entails scanning irises, which bear unique characteristics for each individual. This technique mirrors the biometric scans conducted by established entities such as CLEAR or Apple’s Face ID.

Upon obtaining a distinctive iris scan, Worldcoin issues a digital identity labeled as a World ID. Notably, this identifier doesn’t encompass the user’s biometric data; it’s an encrypted representation generated via the zero-knowledge proofs cryptographic methodology.

Should the concept of World IDs gain traction, holders could theoretically wield them for streamlined access across myriad websites reminiscent of Google’s single sign-on services. Diverging from conventional methods, Altman underscores that a Worldcoin login boasts heightened security and remains detached from ancillary information, such as a user’s email, name, or photograph. With the successful execution of the zero-knowledge proof mechanism, Worldcoin empowers ID holders to engage in website logins devoid of traceability by external parties or governmental entities. Embrace the future of digital identity with Worldcoin and experience a more secure online existence.

Read On: Blockchain & AI Explained

How Does Worldcoin Work?

In the realm of digital identity solutions, envision Worldcoin as a sturdy three-legged stool, where each leg represents a vital component working in harmony for an optimal user experience. Delve into the triad of elements that power Worldcoin’s innovative platform:

World ID: The Crux of Online Identity

At the core of Worldcoin’s groundbreaking platform lies the World ID, a revolutionary concept that enables individuals to authenticate their humanity in the digital world while safeguarding their privacy. Termed as the “proof of personhood,” this cutting-edge validation mechanism is brought to life through an advanced iris-scanning device known as the Orb.

Much akin to the uniqueness of fingerprints, the Orb scans an individual’s iris, harnessing its distinct structural features to generate an exclusive identification code called an IrisCode. Crucially, this code remains detached from personal data, serving solely to prevent the acquisition of multiple World IDs by a single individual.

Once your iris is scanned and an anonymous IrisCode is securely stored, your unique World ID is bestowed upon you. Importantly, the iris images are promptly erased, negating the need for repeated eye scans during identity verification.

Each World ID finds its place within the Worldcoin blockchain while users confidently embrace a cryptographically fortified app to assert their identity.

Presently, Worldcoin Orbs are accessible in prominent global cities, such as Hong Kong, Tokyo, Paris, and New York. However, it’s noteworthy that there’s yet to be a permanent Worldcoin Orb presence in any Australian city at the time of this composition.

World App: Empowering Privacy-Preserving Identity

Dwelling within the World App is the repository of your esteemed World ID. This innovative application champions privacy and extends a gateway to a burgeoning selection of decentralized finance applications.

Functioning akin to a secure crypto wallet, the primary role of the World App revolves around preserving user credentials, enabling seamless identity verification across third-party applications.

Beyond housing your World ID, this versatile app accommodates leading crypto like Bitcoin, Ethereum, and USDC. With an eye on the future, Worldcoin has plans to extend support to a wider array of crypto.

WLD Crypto Token: Unveiling Digital Possibilities

Upon creating a World ID and installing the World App, the gateway to the coveted WLD crypto token opens wide.

WLD tokens were initially distributed to early adopters as part of the beta program. A substantial quantity of WLD tokens were generously airdropped to users during the platform’s official launch, creating ripples of excitement in the crypto community. Notably, prominent exchanges like KuCoin and Binance, renowned for their high trading volumes, have listed WLD tokens for seamless trading.

As outlined in the Worldcoin white paper, a total of 10 billion WLD tokens are set to be issued across a 15-year timeline. As of the momentous official launch, approximately 143 million WLD tokens are already in circulation. Within this tally, 43 million tokens have been allocated to verified World App users, while 100 million tokens have been designated for market makers, facilitating an active trading environment.

Embrace Worldcoin’s comprehensive ecosystem, where the World ID, World App, and WLD token converge to redefine your online identity experience. Join the journey towards a future of secure and seamless digital interactions underpinned by cutting-edge technology and privacy-centric innovation.

Use cases of Worldcoin

As per the Wordcoin docs, there are three real-world applications for Worldcoin. They are as mentioned below:

• Voting platforms: Utilizing the World ID, especially leveraging a worldwide validation of individual identity, holds the potential to establish an authentically democratic framework, ensuring equitable representation with a singular vote per person. Furthermore, the World ID concept opens the door to innovative voting methodologies centered around distinct human beings. A significant advantage lies in the privacy-centric nature of World ID, enabling the creation of these systems while safeguarding complete anonymity in voting. This approach guarantees that votes remain untraceable across various propositions, preserving the integrity of the voting process.
•  Social media: For several years, the issue of bots on social media has persisted. These automated accounts degrade the network’s integrity and overall experience and contribute to spreading misinformation, manipulation, and other negative consequences. Introducing an anonymous proof of personhood layer to any social media platform can play a crucial role in mitigating these detrimental impacts, especially on a large scale. This addition has the potential to elevate the network’s quality while effectively addressing these challenges.
• Non profit and refugee aid distribution: Utilizing the proof of personhood provided by World IDs, a robust framework could be established to guarantee the fair allocation of assistance from NGOs, non-profit organizations, government initiatives, and other relevant entities. This concept finds particular significance in locations such as refugee centers where conventional forms of identification might be scarce. The implementation of proof of personhood ensures that each individual receives their entitled benefits without duplication. Moreover, this process can uphold privacy standards, which holds immense importance, especially in situations where lives could be at risk.This innovative system has the potential to be built upon a decentralized blockchain infrastructure. This added layer enhances transparency and accountability, empowering anyone to verify the accurate and just distribution of benefits.

How do sign-ups for WorldCoin’s World ID happen?

The Worldcoin project hinges on the World ID, with the pivotal initial access point being the World App. To grasp their utilization, it’s essential to begin by comprehending the roles and functions of these fundamental elements. The World App is readily accessible on both iOS and Android devices, ensuring a seamless user experience. With its compact size of 18MB, the app can be effortlessly downloaded from anywhere globally.

World App is a simple, powerful, self-custodial wallet that offers gas-free transactions for verified World ID holders. And starting today, it’s available globally.

Learn more ⬇️ pic.twitter.com/LZIJjCrz03

— Worldcoin (@worldcoin) May 8, 2023

World ID uses the iris biometrics via a custom imaging device called the Orb that helps verify that you’re a real and unique person.

As per the docs, to sign up for your verified World ID:

1. Download the World App
2. Locate the nearest Worldcoin Operator in the World App
3. Complete the QR code scan and verification process at an Orb with the help of a Worldcoin Operator
4. Receive a unique, fully functional World ID

Criticism of Worldcoin

Before its official launch, Worldcoin found itself under scrutiny from various quarters. An April 2022 article featured in the prestigious MIT Technology Review cast doubt on the project’s intentions, alleging “deceptive marketing practices,” undisclosed data collection, and potential breaches of data protection standards worldwide, particularly in Europe. These concerns prompted the U.K. Information Commission to initiate inquiries into potential data security violations tied to Worldcoin’s practices.

Responding to the MIT Technology Review’s critique, Worldcoin’s developers issued a clarifying statement. They emphasized that the company’s focus is on individual uniqueness rather than identity, asserting that they are not primarily a data-oriented entity. Critics also pointed out the company’s active marketing within underdeveloped nations.

In May 2023, just ahead of its launch, Worldcoin faced another challenge as TechCrunch reported an intrusion by hackers. These unauthorized actors gained access to the platform’s dashboard, normally restricted to Worldcoin’s Orb operators, who collect biometric data by scanning new users. However, the spokesperson for Worldcoin responded with an assurance that no sensitive or personal data was compromised.

Following its launch, Worldcoin experienced a swift price surge followed by a subsequent decline. According to CoinDesk, this fluctuation was linked to the crypto community’s widespread apprehension. In a blog post, Ethereum co-founder Vitalik Buterin heightened these concerns shortly after the launch. He questioned whether Worldcoin might be harvesting more information from users through iris scans than disclosed. Buterin also flagged the potential misuse of iris scans for WorldID verification and highlighted the limited global distribution of Orbs as an adoption obstacle. He further cautioned against the risk of centralization in the Worldcoin ID creation process, which could empower malicious entities to forge false World IDs. Nonetheless, Buterin acknowledged the value of a successful proof of personhood verification system.

i am super impressed by the work of @alexblania and the team to get to this point–the project has a level of complexity and ambition i haven’t seen very often.

— Sam Altman (@sama) July 24, 2023

Another factor contributing to hesitancy within the crypto community was the involvement of questionable figures. Sam Bankman-Fried, the founder of the now-defunct crypto exchange FTX, and the collapsed crypto hedge fund Three Arrows Capital were among the backers of Worldcoin’s Series A funding round conducted by Tools for Humanity.

Meanwhile, Dylan LeClair, a prominent crypto analyst from Bitcoin Magazine, accused Worldcoin’s developers of emulating SBF Solana’s approach by launching a microcap coin with only a small portion of the total supply in circulation.

In summary, Worldcoin’s journey prior to and following its launch has been marked by controversies and complexities. From privacy concerns and data security inquiries to endorsements by influential figures and community skepticism, the project navigates a landscape of challenges and opportunities in the evolving world of crypto.

WorldCoin Price Prediction

Source: Tradingview

• WLD price experienced a drop, returning to the same levels it had initially recovered to following the correction that ensued shortly after its launch.
• Standing at $1.9, the price seems to be heading for the $2 mark soon.
• Given the speculations going around and how the price has been performing, a healthy reversal could be imminent by the end of this month!

Read In Detail: Worldcoin Price Prediction

How to Buy a Worldcoin Token?

Buying Worldcoin tokens is as easy as buying Bitcoins. The token has been listed in major crypto exchanges and is also available for swaps on decentralized finance (DeFi) platforms like Uniswap and PancakeSwap. To explore a seamless buying of Worldcoin, follow the below mentioned steps:

• Download Bitcoin App India
• Complete your KYC
• Link your account and transfer funds
• Get investing with the token!

Is WorldCoin a good investment?

Worldcoin’s reception has been a blend of contrasting perspectives, encompassing both critique and controversy, as well as visionary and appealing attributes. The unveiling of retina scanners in late 2021 elicited a response from prominent whistleblower Edward Snowden, who voiced reservations regarding the notion of mandating human eye scans for crypto access. The crypto project has encountered significant global backlash due to perceived privacy vulnerabilities.

Conversely, the enthusiasm of Silicon Valley investors has been palpable, indicating a strong belief in the project and the capabilities of its founding team. In an era characterized by the emergence of generative AI and human-like interactions facilitated by bots, Worldcoin stands out as a distinctive endeavor positioned to establish a discernible demarcation between human users and AI bots in the digital realm. Leveraging proprietary AI-driven forecasting models, the company has projected that over 1 billion individuals will engage with the Orb technology by 2023.