At the heart of Worldcoin is World ID, a privacy-preserving global identity network. Using World ID, a person will be able to prove that he is a real, unique person to any platform integrated with the protocol.
This will ensure fair data transfer, protection from bots/sybil attacks on social networks and a fairer distribution of limited resources. In addition, World ID could facilitate the development of global democratic processes and new forms of governance (for example, through quadratic voting), and may also provide a path to AI-funded UBI in the future.
To work with the Worldcoin protocol, a person must first download the World App - the first wallet application that supports the creation of a World ID. To verify their ID, people visit a physical imaging device called a "Sphere."
Most Orbs are operated by a network of independent local businesses called Orb Operators. The Sphere uses multi-spectral sensors to verify human identity and uniqueness, allowing it to issue a Sphere-verified worldwide ID, with all images promptly deleted on the device by default (unless explicit consent to data storage is provided). Potential Applications Worldcoin has the potential to significantly improve equality of opportunity on a global scale, creating a future in which everyone, regardless of location, can participate in the global digital economy through a public, decentralized financial and identity infrastructure.
As the network grows, so should its usefulness. Today, many digital interactions are not possible on a global scale. The way people transact, identify and interact online is likely to change dramatically.
With universal access to financial resources and identification, the following future becomes possible:
Finance
Ownership and transfer of digital money:
Sending money will happen almost instantly and without borders, on a global scale. Accessibility for everyone. The world can be connected financially and everyone can interact economically online.
India's COVID Relief Fund, which has raised more than $400 million in a short period of time from individuals around the world to support the country, is a hint of what may be possible.
Overall, this technology has the potential to unite people on a global scale, something that has never happened before in human history. Digital money is more secure than cash, which is easier to steal or counterfeit. This is especially important in crisis situations where instantaneous cross-border financial transactions need to be carried out, such as during the Ukraine refugee crisis, when US dollars were used to distribute direct aid. In addition, digital money is an asset that a person can own and manage directly without trusting third parties.
Identification
Avoid bots:
Twitter bots, spam messages, and robocalls are all symptoms of a lack of secure, uninterrupted digital identity. These challenges are compounded by rapidly evolving artificial intelligence models that are capable of solving CAPTCHA challenges and producing convincingly human-like content.
As services increase protection against such content, it becomes important that an inclusive and privacy-preserving identity verification solution be available as public infrastructure. If every message or transaction included a "verified person" attribute, a lot of noise could be filtered out of the digital world.
Management:
Currently, collective decision making in web3 relies heavily on token-based governance (one token, one vote), which excludes some people from participating and heavily favors those with more economic power.
A secure, sibilation-resistant proof of identity such as World ID opens up the possibility of developing mechanisms for global democratic governance not only on web3, but throughout the Internet. Moreover, in order for AI to bring maximum benefit to all people, not just a select few, it is becoming increasingly important to involve everyone in its management.