Worldcoin is an iris biometric cryptocurrency that hopes to provide a reliable way to authenticate humans online through World ID to counter bots and fake virtual identities facilitated by artificial intelligence.
Using a distribution mechanism for its cryptocurrency, Worldcoin attempts to incentivize users to join its network by getting their iris scanned using Worldcoin’s orb-shaped iris scanner.
Worldcoin was launched out of beta on July 24, 2023, and it available in many countries including Kenya.
What is world ID?
World ID is a digital passport that lets you prove you are a unique and real person while remaining anonymous.
It provides for a more human internet with global proof of personhood. The World ID priorities are privacy, self-custodial and decentralization.
About the World App
Worldcoin has an app known as the World App that is downloadable to the phone and helps to find the nearest Orb to sign up for World ID.
World App is the first wallet for the worldcoin ecosystem. It is designed to be friendly, to support private digital identity and to act as a new financial system.
Also Read: Kenyans Cautioned Over WorldCoin Risks
Additionally, World App can be used to authenticate with the world ID to prove you are a real person, get your Worldcoin tokens and send digital money anywhere.
- Save and send digital money- using the wallet one can save digital dollars with multiple options to deposit and withdraw using bank accounts, local payment methods or nearby agents. You can also instantly send money to friends or family using their phone contact or crypto address for free.
- Explore and use crypto- it also enables one to learn about Ethereum and Bitcoin with more tokens coming soon and earn a bit of them in the process. Tracking your balance, getting notified with major changes and easily trade with decentralized exchanges.
- Claim Worldcoin grants- people in eligible countries can use the App to get their Worldcoin Grants every month. The app will remind you when a new grant becomes available, and you can claim it using your verified World ID.
Over time the World App will evolve into a tool kit to empower individuals in the age of Al, enabling usage of proof of personhood, the equitable global distribution of digital currencies and a path of Al-funded User Based Income.
Since the initial debut 1.5 million people have joined the World App pre-release, more than 500,000 of which use it every month.
On a typical day, the World App sees around 60,000 transactions and 25,000 World ID checks among other actions from over 100, 000 people in a handful of countries.
The app is available in Google Play for android users and App Store for IOS users.
How to Become Worldcoin Operator
Worldcoin also provides an opportunity for one to become an Orb operator.
Becoming a Worldcoin operator, one earns money from for everyone who signs up with Orb., hence creating a team that the world coin operator will help start their Worldcoin journey
The requirements are filling out an application online for providing your personal details such as names, contacts, addresses, LinkedIn and how you can run the project successfully.
How World Coin was Started
Worldcoin is project developed by San Francisco and Berlin -based Tools for Humanity. Founded in 2019 by Open AI chief executive Sam Altman, Max Novendstern, and Alex Blania.
In October 2021, the project raised an initial $25 million. Within six months, an additional $100 million was raised pushing the token’s value up to $3 billion.
Further funding of $115 million was announced in May 2023, to be used for investment into bot detection, research, and development, and expanding the Worldcoin project and application. While in beta, Worldcoin was reported to have on-boarded approximately two million users.
In April 2022, a report from MIT Technology Review highlighted Worldcoin’s controversial practices in low-income countries, citing that Worldcoin takes advantage of impoverished people to grow its network.
In May 2023, hackers reportedly stole login credentials of several of Worldcoin’s operators’ personal devices including their credentials to the Worldcoin operator app.