Worldcoin started the day with quotes on major exchanges.
Founded by a team including Sam Altman, the founder and current CEO of the now very popular OpenAI (ChatGPT), Worldcoin (WLD) started the day by being listed on major exchanges. The WLD price, listed on Binance at 12:00, rose to $5.29 after opening at $0.15. WLD is currently trading at $2.50.
What is Worldcoin?
Worldcoin is an open-source protocol maintained by a global community of developers, individuals, economists and technologists committed to increasing participation and access in the global economy.
Sam Altman came up with the idea for Worldcoin after admitting that cryptocurrency had achieved huge popularity but failed to achieve the intended mainstream adoption. Worldcoin is an attempt to correct this reality, especially as it is geared towards equality. Additionally, Worldcoin makes it possible for anyone to own cryptocurrency, regardless of wealth, bank account ownership, citizenship or origin. According to the project, Worldcoin aims to simplify the process of acquiring cryptocurrencies by simplifying potential pitfalls for blockchain newbies, such as wallets.
Project features
World ID: A digital identity that proves that the user is a real and unique person while fully protecting the user's privacy.
WLD Token: A token that will be distributed free of charge to people around the world for both benefit and future governance.
World App: Allows you to make payments, purchases and transfers worldwide using digital assets and traditional currencies.
What makes Worldcoin unique?
Airdrops are not uncommon in the cryptocurrency space, but Worldcoin has introduced a very unusual and bold mechanism to distribute currency to users around the world.
Interested users, mostly from low-income countries, that Worldcoin targets as part of its mission, will scan the retina using a device called Orb. This secure, specialized hardware device converts the human iris image into a digital code without storing the image itself. This code is used as a unique identifier to check whether the user is a real person and whether this person has received free Worldcoins. The code is not associated with a person's wallet or transactions.
Worldcoin plans to reach 1 billion users in less than two years by distributing 50,000 Orbs per year.
The project also developed and launched a wallet application on May 8, 2023, allowing users to pay in cryptocurrency, find Orb nearby, and learn more about the project. The app is not concerned with storage space. This means Worldcoin has no control over the user's tokens.
Project team
Worldcoin was developed by Alex Blania, Max Novendstern and Sam Altman, a group of American entrepreneurs and business people. The most famous of these is Sam Altman, former president of Y Combinator and angel investor in companies such as Pinterest, Reddit, Asana, Airbnb, and Stripe.
Worldcoin is backed by many well-known investors, including Denis Nazarov (formerly a16z, founder of mirror.xyz) and Jesse Walden (founder of Option Fund). Many former members of the Solana team, several Ethereum projects, Polkadot, and Reid Hoffman (co-founder of LinkedIn) are associated with Worldcoin.
Worldcoin raised $25 million in the first round, valuing the company at $1 billion. The company later raised another $100 million, bringing its valuation to $3 billion.
Worldcoin future
Worldcoin is building the world's largest identity and financial network as a public organization, giving ownership to everyone.
“We aim to provide universal access to the global economy regardless of country or origin, accelerating the transition to an economic future that embraces and benefits everyone on the planet,” say the developers.
Worldcoin aims to be a global cryptocurrency that will be available to everyone on the planet, whether they have a bank account in their name or not. Although this currency has been around since 2013, it only gained global recognition in 2021 when the token distribution scheme was made public. The ultimate goal of the project's founders is to create a version of universal basic income for the age of cryptocurrencies, and in the process provide banking services to as many unbanked people as possible.
How secure is the Worldcoin Network?
Worldcoin is a second layer solution on top of Ethereum. Worldcoin's stated goal is to greatly improve the transaction throughput and energy efficiency of Ethereum.
WLD Token
WLD is the project's own token that has auxiliary functions (payment) and is used for management.
WLD ownership, combined with a verified World ID, provides access, ownership and participation in the protocol.
Users can use WLD tokens to pay for certain actions in the World app.
Some users may also use WLD tokens as a store of value or to make payments (money transfers, tips to artists, buying and selling goods and services).
Worldcoin operators can earn WLD by representing Worldcoin in their communities and helping people securely sign up for World ID through Orb.
The Worldcoin Foundation will provide grants in WLD to those who help advance the project, such as developers, documentation writers, content creators, people leading protocol education initiatives, etc.
Tokenomik
There are 10 billion Worldcoins. 20% of these are reserved for developers/production. The remaining share of the total supply (8 billion) will go to users and operators of Worldcoin Orb devices.
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