What is Worldcoin? Plus Details about WLD Tokens

CEO of OpenAI, which is ChatGPT's parent company, Sam Altman, has also made a name for himself in the cryptocurrency space with the introduction of Worldcoin, an iris scanning project. What is Worldcoin, then? Does WLD Token make sense to invest in? Continue reading to find out.

What is Worldcoin?

Worldcoin is a novel initiative that uses "iris scanning" with an orb to authenticate users' identities through the Proof of Personhood mechanism. With the use of "iris scanning," Worldcoin aims to establish a worldwide identity and payment system that grants users simple access to cryptocurrencies in exchange for WLD tokens.

The two inventors of Worldcoin, Alex Blania and Sam Altman (CEO of OpenAI), came up with the concept to develop a digital identity system that would enable the distinction between artificial intelligence and actual people.

To do this, the project creates the Orb, which uses iris scanning technology to generate a World ID, a unique digital identity "passport" for each user.

How Does Worldcoin Works

To authenticate oneself on Worldcoin, users must generate a public key and private key via the World App. Then they go to a location where an Orb is installed and scan their iris. Users will acquire a World ID, which functions similarly to a worldwide digital passport when the protocol verifies that they are actual people.

The process of using the Orb to verify identity goes as follows:

1.    The user's iris is scanned and captured by the Orb.

2.    To determine whether the user has already registered, the Orb's collected iris image is transformed into a hash function and submitted to the Worldcoin server.

3.   The hash function is added to the Worldcoin blockchain and database if the user hasn't registered.

4.   In addition to receiving their World ID and access to the Worldcoin World App, users also receive free WLD tokens.

Worldcoin Products

World ID

World ID is a decentralized identity system that makes use of the Proof of Personhood process in order to safeguard privacy. By using this method, every user can demonstrate that they are a "real human" as opposed to a "bot." It is in place to protect against Sybil Attacks and stop users from misusing the advantages that Worldcoin offers.

World App

After downloading the World App for iOS and Android, users must authenticate themselves using World ID before they can use it. In addition to serving as a cryptocurrency wallet, the World App provides the following extra features:·       

• In addition to standard wallet features, the World App offers "Learn to Earn" classes to help novice users better grasp cryptocurrencies. Learning resources are still available to those who haven't verified with World ID, but awards for "Earn" are only available to those who have Tokens can be sent, received, and traded by users using the World App. They can also transfer money with ease using integrated services like Ramp and Moonpay.
• Other than World ID.Monthly Worldcoin Grants are available to users in qualified countries who have validated their identification using World ID. Users can use their verified World ID to request to receive fresh Grants in WLD tokens, and the World App notifies them when such grants become available.

Key Features of Worldcoin

"The ORB"

Worldcoin uses "The Orb" as a biometric technology solution to solve many problems while protecting users' privacy with zero-knowledge-proof technology.

Engaging in the financial market may carry a number of hazards associated to identity verification. Through the use of Orb's iris-scanning technology, Worldcoin seeks to resolve the following problems:

• Uniqueness: Using iris photos helps users prevent data errors because the human iris is unique and cannot be replicated.
• Fraud resistance: Since the iris cannot be duplicated, fraud is aided in prevention.
• Pragmatism: Easy accessibility and quick advancements in imaging technology.

If users' iris scans proceed smoothly, the information comparison will provide a narrow peak at 0, indicating quick and accurate user identification. There are still a lot of potential sources of mistakes, though, which can result in identification that doesn't match specifications and higher error rates when comparing data.

Team

Worldcoin was founded by OpenAI’s CEO, Sam Altman, and Alex Blania.

• Sam Altman serves as the CEO of OpenAI and previously was the President of Y Combinator, a renowned startup accelerator and training centre.
• Alex Blania is the CEO and co-founder of Worldcoin, contributing to building and developing the project.

Investors

With participation from investment groups like a16z, Bain Capital Ventures, and Distributed Global, Worldcoin successfully raised $115 million in Series C fundraising, led by Blockchain Capital. Renowned cryptocurrency investment groups including Coinbase Ventures, CoinFund, and others participated in two prior rounds of funding that Worldcoin successfully raised, totalling $100 million in March 2022 and $25 million in October 2021.

Partnerships

To launch its two primary products, World ID and World App, on this Layer 2 blockchain's mainnet, Worldcoin is now collaborating with several organizations, with Optimism serving as the primary partner. Currently, user transactions on Worldcoin make up over 44% of all OP Mainnet activity.
Thank you all for reading, hope you found it enlightening. please don't hesitate to hit the comment section if you have any questions or need more clarification. PEACE!!