Worldcoin aims to establish the globe's most extensive identity and financial system as a public resource, ensuring equitable ownership for everyone.
The core of Worldcoin is based on World ID, a global identity network designed to protect privacy. With World ID, users can prove they are real humans online ("Proof of Personhood") while safeguarding their privacy using zero-knowledge proofs.
To participate in the Worldcoin protocol, individuals need to download the World App, which is the first wallet application that facilitates World ID creation. People must then visit an Orb, a specialized imaging device, to have their World ID *Orb-verified*. These Orbs are mostly managed by local businesses known as Orb Operators. Orbs employ multispectral sensors to confirm both humanness and uniqueness, and all images are immediately deleted on the device by default unless explicit consent for Data Custody is given.
Holders of Orb-verified World IDs can periodically claim free WLD tokens (these tokens are not accessible in the US; refer to the Worldcoin project's whitepaper for more details on tokenomics). This could potentially make WLD the most broadly distributed digital currency.
The WLD token functions as a utility token with governance capabilities, granting users influence over the protocol's future. Besides the typical "one-token-one-vote" governance, World ID introduces the possibility of "one-person-one-vote" systems. These systems may be mixed for innovative governance methods. After launching, the Worldcoin Foundation will invite proposals and collaborate with the community on how World ID and the WLD token should interconnect within Worldcoin's governance (see the whitepaper for details on governance and decentralization).
The community will decide the token's utility, but additional uses beyond governance might develop. For instance, users might opt to use the WLD token for various transactions within the World App or other wallet apps, to facilitate other payments, or to express support for specific initiatives or causes.
WLD is an ERC-20 token on the Ethereum platform, and users will receive their grants on the Optimism Mainnet. This suggests that the majority of WLD transactions will occur on the Optimism network.
Who Are the Founders of Worldcoin?
Worldcoin was established by Sam Altman, Alex Blania, and Max Novendstern (who departed the project in July 2021). Sam Altman, the most prominent co-founder, is also the co-founder and CEO of OpenAI and was previously the president of Y Combinator, a well-known startup accelerator. Worldcoin's initial research and development were carried out by Tools for Humanity (TFH) and other partners.
The project has secured over 250 million USD through various funding rounds from investors including a16z, Khosla Ventures, Bain Capital Crypto, Blockchain Capital, and Tiger Global, among others.
What Makes Worldcoin Unique?
Worldcoin seeks to create the planet's largest identity and financial network, targeting a truly universal reach that spans billions of people. Unlike most crypto endeavors, the majority of WLD tokens will be allocated to individuals simply for being human.
With World ID, users will have the ability to confirm their authenticity and uniqueness on any platform that integrates with the protocol, encompassing web3 systems, social media platforms, and government programs. This will facilitate equitable airdrops or token/NFT sales, shield against bot/sybil attacks on social networks, and allow for a fair distribution of limited government resources. Moreover, World ID could enable global democratic initiatives and innovative governance forms, such as quadratic voting, potentially paving the way for AI-backed universal basic income.
Over two million individuals from more than 30 countries across five continents were verified using an Orb during the pre-launch phase, which spanned from May 2021 to July 2023. At launch, Worldcoin is deploying 1,500 Orbs in over 35 cities across 20+ countries to accommodate the growing demand for World ID.
How Many Worldcoin (WLD) Tokens Are There in Circulation?
Worldcoin's initial supply consists of 10 billion WLD tokens.
For the 15 years post-launch, the supply cap is set at 10 billion WLD, as enforced by the WLD smart contract. Beyond these 15 years, governance may choose to introduce an inflation rate of up to 1.5% annually if deemed essential for the protocol's long-term viability. Governance will also decide on the allocation of any newly minted tokens, should that occur. The inflation ceiling of 1.5% per year is upheld by the WLD smart contract. By default, unless governance alters it, the inflation rate is 0%.
The 10 billion WLD tokens are distributed among various stakeholders as follows:
* 75% are allocated to the Worldcoin community.
* 9.8% are designated for the Initial Development Team.
* 13.5% are set aside for TFH Investors.
* 1.7% are reserved for the TFH Reserve.
The Worldcoin Foundation has a token allocation goal to distribute at least 60% of all WLD tokens (from the Worldcoin Community pool) to individuals as user grants. For more details, refer to the Worldcoin Tokenomics section of the project's whitepaper.
For real-time on-chain data regarding WLD, check out this Dune dashboard.
How Is the Worldcoin Protocol Secured?
The WLD token contract is deployed on the Ethereum Mainnet, and the token is bridged to the Optimism "layer 2" network, benefiting from the security features of both blockchains.
