Worldcoin launches its first consumer product

Worldcoin is a cryptocurrency project backed by the CEO of OpenAI. The wallet app is in a beta phase at the time of writing, and it aims to support Worldcoin’s goal to create a global identity and financial network that allows anyone to access and benefit from the global economy, regardless of their country or background. 

In order to achieve this goal, Worldcoin wants to distribute its tokens for free to anyone who can prove that they are a real and unique person. The identity verification is done using a device called the Orb, which scans the user's eye. The device was designed to protect the user's privacy while making sure that each person can only claim one share of Worldcoin. According to Worldcoin's website, the project expects to launch in the first half of 2023. 

The first prototype of the Orb encountered some issues with the signup experience. However, over the course of a year, the team behind the project upgraded the optical system with autofocus and eye tracking to facilitate alignment when the person is within an arm's length of the Orb. Worldcoin has revealed that the manufacturing of the latest generation of Orbs is underway in Germany.

The main characteristics of the World App

The main goal of the World App is position itself as a user-friendly crypto wallet for the masses. However, the system will eventually integrate more features focused on Worldcoin and World ID.  

World ID is a digital identity system based on providing proof that a user is a human without revealing one’s true, real-world identity. The app also allows users to participate in the governance of an open-source project called Worldcoin protocol, which is supported by a global community of developers, individuals, economists and technologists. 

The wallet integrated into the World App can be used to save digital dollars with multiple options to deposit and withdraw using bank accounts, local payment methods, or nearby agents. The app supports Ethereum and Bitcoin, and the company plans to add support for even more cryptocurrencies in the future. Users can track their balances, get notified about major changes, and trade with decentralised exchanges.