Despite the advancements in technology,
there is inevitably a subset of society that is still catching up.
An estimated 1 billion individuals worldwide and many in developing countries
lack a legal identity or digitally verifiable one.
Globally, over 1.7 billion adults
who do not have access to a bank and many are in rural areas.
Alongside the ever looming presence of AI seen in the rise of
AI technologies like ChatGPT by OpenAI,
and the proliferation of the Internet, this brings out the question
How can everyone have universal access to the global economy while distinguishing
between bots and humans in the digital space?
These two overarching themes come together to form the foundation of Worldcoin,
an open source system designed to provide proof of personhood
and financial public goods.
Simultaneously, as A.I.
technology becomes more prevalent.
My name is Trevor with CMC and let's dive in.
So first of all, what is world coin?
While amidst
the pandemic, World Coin was co-founded by none other than the CEO of OpenAI,
Sam Altman, alongside Max Novendstern and Alex Blania.
Worldcoin aims to be the world's largest identity and financial utility
by leveraging blockchain technology to target the two
previously mentioned issues to democratize access to the global economy,
especially for the less fortunate and as well as to use it as a step towards
universal basic income
or UBI to support the people whose jobs have been displaced by A.I..
Worldcoin is structured into three main segments, namely number one
and Worldcoin ID, number two, Worldcoin app and three Worldcoin token.
So these three segments come together to form a comprehensive solution
that is Worldcoin. So what is World ID?
Well, World ID
it claims to be a decentralized, privacy protected identity solution,
intended to bring a global proof of personhood to the Internet.
This essentially allows each user to prove that they are indeed a unique individual
instead of bots that would misuse of Worldcoin services and benefits
created to users.
So World ID is designed with the citizens of developing nations in mind,
many of whom do not have any properly verifiable forms of ID.
Worldcoin stated that the world ID can be thought of as a digital passport.
That lets you prove that you are a unique and also real person.
While remaining anonymous,
the status stored is protected by zero knowledge technology,
which enables it to be used to verify a user's personhood, but
without revealing their actual identity or their online habits to counterparties.
The World ID is not tied
to the actual biometric data, but is simply a form of proof
that the user is verified and also can be trusted to be an actual human user.
This is similar to most forms of ID that includes certain
watermarked embossed or holographic markings
to certify the legitimacy of the document and to the use cases of the World ID,
include allowing users to sign in with Worldcoin
on a website, mobile app, or also cryptocurrency DApp.
So what is the World app?
Well, the first step to getting verified with World ID
is getting Worldcoin Mobile App known as World App. With more options
coming World App functions very much like a stripped down crypto wallet,
plus a few additional features.
It is tied to the user's World ID and also allows it to be
used with the Worldcoin related services such as Worldcoin Grants.
Worldcoin Grants are payouts for users in eligible countries
who are verified via World ID. They can be seen as a form of fair
and equal distribution to all world ID verified users
simply by nature of being able to prove that they are real human beings.
These grants are time limited offers and are paid out in Worldcoin’s
Token, WLD. Additionally World App supports wallet features, including
sending and receiving tokens as well as buying and selling of tokens.
And to that said, trading of tokens are currently limited to wrapped bitcoin
ether and also a dime Worldcoin, explaining that this allows users
who are new to the crypto space to not be intimidated
by the number of available tokens and can learn in a controlled environment.
Users can also on ramp into off ramp funds easily via
moon pay and also ramp which have been integrated with the app.
World App is currently in beta and runs on the Polygon blockchain over Worldcoin.
Recently announced that they are in the works to migrate World App
to Optimism as part of Optimism Super chain.
And this is part of the collaboration between Optimism and Worldcoin.
And the migration is expected to come concurrently with the next Ethereum
upgrade EIP 4844, which will introduce
a significant transaction fee reduction on Ethereum layer 2.
Additionally, the app integrates account abstraction via saves
tried and also tested contracts, allowing the user experience
to be optimized for new crypto users beyond basic wallet functions.
A world app also boasts learn to earn courses to provide new users
with the materials To learn more about crypto and also earn Bitcoin,
Ether and DAI.
While non verified users can still access the materials, the rewards for completion
are only available to users who are World ID verified.
Other World ID benefits on the World app include gas free transactions
when using the wallet.
Although the World app has only just been opened to the public, more than 1.5
million users have already signed up, of which 500 are active users.
And the app sees an average of 60 K transactions
at daily and 25,000 worldwide checks.
And with the app now open globally, these numbers are only expected to rise.
So what is the Worldcoin token WLD?
Well the Worldcoin token or simply Worldcoin
WLD is the final piece of the puzzle within the World app.
Worldcoin is the currency in which Grants are currently issued. Beyond Grants.
Worldcoin will also be used for governance over the Worldcoin
protocol to determine the direction and future of Worldcoin.
Additionally, the token can be expected to be integrated with the World App
to be used as payments for specific services, and currently Worldcoin
is not intended to be distributed to citizens
in the United States or any of the other restricted regions.
So how to get verified on Worldcoin?
Well, while there are several layers to the identity verification,
a user can get a World ID verified only through Worldcoin
operators using a device known as the Orb.
The orb is a biometric imaging device which captures the user's iris.
Since an iris pattern is extremely hard to fake, this is used as Worldcoins.
The chosen method of identity verification to prove
that a single person has not signed up for the multiple World IDs.
Since these verifications are done in person with the World app,
this means that no other information such as their emails or names are required,
which makes world ID a pseudo anonymous form of ID, so to get verified
users can number one download the World app on the App Store or Google Play Store.
And then number two, after passing the initial set up,
users can find an orbit near them by following the instructions in the app.
And then three complete
verification with a Worldcoin operator at the chosen location.
And then once done, the World ID will be available in the app,
enabling the users to access very services and also benefits beyond world coins.
Use case of World ID for increasing accessibility to the global economy
in financial services World ID can also be easily used in other applications
such as social media sites are looking to cut down on bad profiles.
In fact, World ID has been released with its SDK allowing builders
to leverage their technology in their own applications.
So now let's talk about some concerns over Worldcoin.
Well the Orb
method of verification has riled up many privacy advocates,
with many criticizing the process as a dystopian like, in fact,
this stirred up a 2022 MIT technology review exposé
which highlighted privacy concerns in world coins practice
and how the less fortunate were being exploited.
Tools for Humanity.
One of the partners of building Worldcoin had to step in
to refute the allegations.
Others, like former Ethereum developer Hudson Jameson, believes that Worldcoin
shows a lack of transparency and regards its tokenomics as questionable.
Nevertheless, Worldcoin is reportedly close to a $100
million raise a significant amount in the current market conditions.
Worldcoinhas already raised funds from prominent investors, such as A16z
Digital Currency Group and also Coinbase Ventures in its series A Round.
Let us know what you think about Worldcoin and also its Orb in the comments
down below.