The company also released the World ID SDK and revealed its plans to scale Orb signups for World ID to more than 35 cities across 20 countries. At the same time, World Assets Ltd., which is one of the Foundation’s subsidiaries, has minted and released the Worldcoin token (WLD). The token is available for those who participated in the project’s beta phase.
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.
The first wallet that is compatible with the new protocol has launched as well. The World App was developed by Tools for Humanity (TFH), which is a technology company building on the Worldcoin network. The wallet enables individuals to reserve their share of the WLD digital currency in places where legislation is compatible with the project.
The Worldcoin project was created with the ambition of increasing economic participation and improving access to essential services without sacrificing user privacy. The project was designed to be decentralised, open source, and focused on humanness.
According to Worldcoin, around 4.4 billion people worldwide lack a legal, digitally verifiable identity. This limits their participation in the global economy and minimises access to important services such as government aid, financial services, and healthcare. The launch of the Worldcoin Project comes in the context of the recent rise of AI, and the economic implications that it could pose.
If successful, the project aims to increase economic opportunity and support a reliable approach for distinguishing humans from AI online while preserving privacy. The project also wants to support a potential foundation for AI-funded universal basic income (UBI).
The protocol consists of three main segments, namely World ID, the Worldcoin token, and the World App.
World ID is a privacy-preserving digital identity that was created to tackle identity-based challenges, including proving an individual’s unique personhood. The Worldcoin token represents the first digital currency to be freely distributed to people just for being a unique human, while the World App is able to enable payment, purchases and transfers globally using digital assets and fiat-backed stablecoins.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now