Worldcoin (WLD) is an interesting protocol that tries to address the identity verification issues we are facing in today’s virtual world. In person, there are various ways to ensure a person is who they claim to be, however, in the online world, things can get much more complicated.
Worldcoin is offering a solution for this issue to enable users to be able to verify their identity in a secure and private manner. In other words, a person can prove their identity online without actually revealing who they are, preserving their privacy.
But how is that possible?
Well, through a powerful cryptography method called Zero-knowledge Proofs or ZKPs. Zero-knowledge proofs allow you to verify a fact about a piece of data to a verifier without revealing the actual data or any other information about it. ZKPs are implemented in different ways and are quite practical in today’s world where maintaining privacy is becoming a pressing issue.
We have talked about Zero-knowledge Proofs and their applications in another article in detail. Check it out now to see how this great method really works.
Worldcoin is built around the World ID network and WLD, the digital token and cryptocurrency of the network. According to Worldcoin’s whitepaper, any human being on this planet is eligible to have some WLD tokens just for being human!
Now, let’s learn a bit more about this network of identities and how it really functions.
The Worldcoin protocol is developed on the Ethereum blockchain and is using both layer 1 and layer 2 solutions to boost its efficiency. To understand Worldcoin, we need to take a closer look at its components.
The Worldcoin System – Source: The Worldcoin Whitepaper
Worldcoin issues World IDs on its protocol for every human on this planet, a digital identity that allows for high privacy through Zero-knowledge Proofs.
World IDs are known as “Proof of Personhood” on the Worldcoin protocol, a proof that would show a person (user) on the Worldcoin network is
Actually a human, and
Is unique, meaning there’s only one instance of that specific individual. In other words, the person doesn’t already have a World ID.
World IDs can be quite useful for distinguishing humans from bots in today’s modern world where generative AI is making significant progress every day. Their uniqueness also makes them suitable for online elections and any other application that the participation of members needs to be controlled.
World IDs are issued after the person is verified by a customized biometric device called the Orb. Tools for Humanity, the main supporter of Worldcoin and the developer of the protocol, designed, prototyped, and developed Orb which analyzes the iris biometrics.
The Orb – Source: The Worldcoin Whitepaper
You can see the architecture of the Orb above. The Orb is claimed to be safe and is compliant with the IEC-62741 standard, ensuring eye safety. The Worldcoin team has also made the technology behind the Orb public to receive feedback for improvements while securing the trust of the community.
The team tested the Orb for three years to reach the current model. You can see the history of the Orb versions below.
The Evolution of Orb – Source: The Worldcoin Whitepaper
World App is the interface that allows you to sign up for a World ID, verify your uniqueness by locating the nearest Orb available, and receive your World ID.
Once you’re World ID is issued on the Worldcoin protocol, you will be able to share it with third-party entities in a secure and private manner that leverages cryptography techniques.
The World App is also a crypto wallet, allowing you to access Decentralized Finance (DeFi) while sending, receiving, and storing digital assets and cryptocurrencies, including the WLD token itself.
The app is quite user-friendly, making it easy for users with any level of proficiency to be able to apply for their World ID. World App supports both Android and iOS operating systems and is currently available for download on both App Store and Google Play.
Sam Altman, Alex Blania, and Max Novendstern coined the idea of Worldcoin, however, Sam Altman may catch your eyes first as he is the CEO of the well-known AI company, OpenAI.
OpenAI has become quite popular in recent months after ChatGPT, the smart chatbot built on generative AI, made the headlines.
Tools for Humanity (TFH) is the main supporter of the Worldcoin protocol, supporting it over the testing phases during which the Orb and World App were designed and created.
Established on October 31, 2022, the Worldcoin Foundation is another governance body of Worlcoin, a non-profit entity that supports the Worldcoin community and oversees its growth and development.
The Worldcoin Token has been released as an incentive to attract more users and address the “cold start problem”. Users will receive Worldcoin Tokens by signing up for their World ID and verifying their personhood through an Orb.
It seems like the Worlcoin Token has a maximum supply of 10 billion for the first 15 years and after that, its community of users will decide how to manage its supply.
The circulating supply at the time of launch will be 143 million, 43 million of which is reserved for users who sign up for their World ID before the launch and the rest will be loaned out.
Wolrdcoin is currently in the Beta phase.
The Worldcoin Token (WLD) went live just recently on July 24th, 2023, and was quickly listed on major cryptocurrency exchanges around the world.
The DIFX exchange listed the much-anticipated token on its platform on the same day the Worldcoin mainnet went live to give its users the opportunity to get exposure to this promising cryptocurrency from the very beginning.
On DIFX, WLD is available as the WLD/USDT pair for users to buy, sell, or trade.
Sign up for a DIFX account today and start trading!