According to a project that plans to distribute free crypto to everyone on Earth, 130,000 people have their eyeballs scanned for free tokens.
The project’s plan sounds ambitious, and a lot of people have raised concerns over privacy.
It is also important to note that the cryptocurrency landscape is constantly evolving, and new projects can emerge over time.
Among those projects, Worldcoin appears to be a crypto project with the 9th longest-running blockchain in existence.
Worldcoin Overview.
Worldcoin is a cryptocurrency that uses biometric data to verify the identity of its users and distribute WLD tokens to them. The idea behind Worldcoin is to create a universal basic income (UBI) for everyone in the world, regardless of their location, nationality, or economic status.
Worldcoin was founded by Sam Altman, the CEO of OpenAI, along with Max Novendstern and Alex Blania. They are also the co-founders of Tools for Humanity, the company is backed by VC Andreessen Horowitz and other investors.
Where and How to Buy Worldcoin
Get Worldcoin WLD Tokens by iris scanning
To get started, users need to do the following steps:
- Download the World App from the official website or the app stores on Android and ISO.
- Visit an Orb location to scan their iris and create their World ID. The Orb is a spherical device that uses infrared light to capture the iris pattern of a user. The Orb then converts the iris pattern into a biometric hash that is encrypted and stored on the blockchain. The Orb does not store any images or personal data of the user.
- Receive WLD tokens in their World App wallet. The amount of WLD that each user receives is determined by an algorithm that takes into account the total supply and the number of verified users. Users can also earn more WLD by inviting others to join Worldcoin using their referral code.
- Use WLD tokens to access various services and applications on the Worldcoin network, or exchange them for other currencies on crypto platforms.
Where to buy Worldcoin
Aside from the WLD tokens you can get from scanning your iris with the Orb, WLD tokens are also available on various cryptocurrency exchanges, such as Binance, Bybit, Gate.io, and more. You will need to create an account on these platforms and deposit some funds to trade WLD with other currencies.
You can check the current price, market cap, volume, and other metrics of WLD on CoinMarketCap.
Worldcoin is currently available in 20 countries. You can find an orb near you by downloading the World App and scanning your eyes to reserve your share of Worldcoin. Worldcoin is not currently available in the U.S.
- Go to the exchange that supports buying, selling, and trading $WLD
- Sign up if you do not have an account
- See if the exchange supports fiat currency or cryptocurrency or both
- Deposit to buy
In other words, you can buy BTC or ETH on the exchanges, then transfer your newly purchased BTC or ETH from your wallet to the exchange.
How to create an account using KEYRING PRO
However, currently, the only way to obtain the $WLD token balance is by migrating to the World App.
After launch, you’ll be able to receive $WLD in the World App, and store, sell, and transfer as you please. You will not be able to withdraw your balance otherwise.
How to transfer the balance to the World App
If you sign up for a web account, you can now migrate it to the World App.
This is a necessary step in order to transfer your World ID from the web to the app and receive your allotted $WLD tokens.
Payment System
Worldcoin needs to be able to scale to billions of users to do this.
Worldcoin is using optimistic rollups built on Ethereum, and it is not currently open-source. Though, the website notes that the code will be open-source soon.
Another crucial part of Worldcoin’s payment system is the World App – the Worldcoin wallet app.
Introducing World App, the first wallet for @worldcoin.
You can use it to prove your personhood online with World ID, claim your Worldcoin tokens, and send digital money globally for free. pic.twitter.com/dc27Ps0Nsu
— Alex Blania (@alexblania) May 8, 2023
The Worldcoin wallet app is currently available for download by choosing an operating system between Windows, Linux, and a Paper Wallet with a QR code.
According to a report from the founders, “As of May 9th, already 500k people use it monthly to send over 60k transactions per day”.
The team has made so much effort to talk to users around the world and iterated to make it simple to use for everyone.
The Wallet app was made to be a non-custodial wallet, and it allows users to use their tokens throughout the Ethereum ecosystem.
In addition, over time, World App will evolve into a toolkit to empower users in the Age of AI, enabling the usage of proof of personhood, the global distribution of cryptocurrency, and ultimately the path to AI-funded UBI.
World App mobile version is also available on iOS, and Google Play.
Worldcoin Switches to Optimism
It was announced that the World App wallet and World ID identity protocol – which have been running on Polygon – were switching to Optimism.
This is aiming to solve what may be a critical issue in the Age of AI: how to verify identity. Or even just verify if you’re a human.
Overall, the fact that Worldcoin has chosen to be on Optimism – a solid Ethereum Layer-2 solution – is significant.
Tokenomics.
Although tokenomics are still hammered out, a few tokenomics factors can be found on the official website.
Worldcoin’s cryptocurrency is $WLD.
As of the time this article is written, $WLD price is up 24.32% in the 24h trading volume. The total supply and circulating supply are not available yet.
Expectedly, Worldcoin will have a maximum supply of 10,000,000,000 $WLD, allocating into these parts:
- 2,000,000,000 $WLD will be funding the production and initial protocol development, the Worldcoin team, and early adopters
- 8,000,000,000 $WLD will be used for the orb operation and Worldcoin users.
If you would like to know where to buy Worldcoin at the current rate, the top exchanges are XT.COM and FreiExchange.
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The Worldcoin Orb
The Identity System
Worldcoin’s identity system uses the iris – the colored part of the eyes – to ensure that the same person can’t claim UBI twice.
There are 03 reasons why they choose the iris as proof of personhood:
- No two irises are alike, not even for identical twins.
- Irises are extremely hard to modify
- Scanning someone’s iris is much easier to do than any alternative such as fingerprinting, facial recognition, or DNA sequencing.
Worldcoin will scan people’s iris using a big camera called “the Orb”. These iris scanners are then connected to a user’s wallet address while preserving privacy.
How does the Orb work?
- Firstly, you show the orb a QR code
- Second, you gaze into the Orb
- Then, the orb generates a unique hash for both your QR code and your iris
- Next, the orb sends this hash to a sequencer node. The sequencer node then checks to see if this hash has been registered before. In case it is not, it will be connected to a user’s wallet address.
Zero-knowledge proof is used as part of this process. Therefore, there is no way Worldcoin can know who each wallet address belongs to.
Moreover, no personal information is collected besides the user’s iris.
Now, if you’re wondering anyone would sign up for this. The answer would obviously be all about money.
Anyone who signs up for Worldcoin will be allocated a fair share of Worldcoin tokens once the mainnet goes live.
To prevent a person can claim more than that fair share, each Orb is equipped with a machine-learning algorithm that can tell when someone is using a colored contact or trying to scan the eye of their dog in place of their own.
There are currently 30 Orbs operating in 12 countries, and over 130,000 people have gazed into them ever since the testing stage began.
The hype over the eye-scanning project of OpenAI CEO brings a question “Where to buy Worldcoin?”
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Bottom Line
Regardless of whether or not the world signs up to be scanned by the Orb, it is worth paying attention to what Worldcoin is up to and where to buy Worldcoin since it is loosely linked with AI development.
In blockchain we trust. KEYRING PRO supports thousands of Web3 Dapps with powerful WalletConnect 2.0 integration.
Backed by KEYRING_PRO, you can seamlessly transfer tokens and find out where to buy Worldcoin.
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