Worldcoin: 8 Billion Tokens Airdropped to the Community, Aiming to Build a World-Class Project for Decentralization and Global Economic Integration

Just a month ago, Tools for Humanity, the technology company behind Worldcoin founded by OpenAI founder Sam, raised $115 million in Series C financing, with Blockchain Capital leading the investment and a16z participating.

As a project closely related to the popular narrative OpenAI, Worldcoin has gained favor from venture capitalists. The reason given by Blockchain Capital is that Worldcoin and World ID are expected to solve the trust issues on the internet and provide a foundation for increasing trust in digital communities.

Moreover, Blockchain Capital is optimistic that Worldcoin may become the largest entry into the crypto field, and World App may become the most widely adopted crypto wallet.

In fact, Worldcoin has to some extent already demonstrated the potential of a world-class Web3 application: its deep integration with OpenAI, its actual user base of nearly 2 million gathered around OpenAI, and a potential user base of 1 billion are all proving to the market that Worldcoin and other Web3 applications have a completely different ceiling.

Despite the iris recognition-based airdrop retrieval method causing complaints from players on the chain, it has not diminished the market's enthusiasm for it. The reason is that no one can accurately judge how high Worldcoin's ceiling really is. Therefore, the veDAO Research Institute has specifically conducted a simple review of the project for reference.

What is Worldcoin

Worldcoin is a Universal Basic Income (UBI) project. Its vision is to ensure that everyone in the world has a minimum guarantee of living. The original intention of Worldcoin's founding was: "What if there was a way to distribute new digital token shares to everyone in the world for free?" Based on this question, Worldcoin was born: because most people in the world currently cannot verify their identity digitally, its vision is to build the world's largest and fairest digital identity and monetary system to help everyone enter the global financial system. Currently, Worldcoin has 1.96 million registered users worldwide, and the number is still growing.

Organizational Structure:

Worldcoin is an open-source protocol designed to help everyone participate in the global economy. Its design is decentralized, which means that ultimately its supervision and decision-making will be borne by its user community. Its organizational structure includes a non-profit organization and a for-profit company. Generally, projects using foundations have a larger asset size and ecological layout; Worldcoin's final structure is still decentralized, moving towards DAO governance.

Token Distribution:

The Worldcoin token is called WLD, with a total supply of 10 billion. 8 billion WLD tokens are allocated to the community to encourage and reward community members participating in the Worldcoin project. 1 billion WLD tokens are used for long-term funding of the Worldcoin protocol, including providing grants to developers to support the continued development and innovation of the protocol. Another 1 billion WLD tokens are allocated to individuals and investors who have contributed to the Worldcoin protocol and tools. Of these, $100 million in tokens are provided to the first round of financing institutions.

Main Components:

Worldcoin consists mainly of three parts: Identity ID (World ID), Token (Worldcoin Token), and Worldcoin Wallet (World App). World ID: A privacy-protecting digital identity that allows users to prove themselves as unique real humans in an anonymous manner, using zero-knowledge proofs (ZKP) to protect user privacy. Worldcoin Token: Tokens distributed for free to people worldwide, used for usage and future governance. World App: A fully self-hosted wallet that can be used for global payments, purchases, and transfers using Worldcoin tokens, digital assets, stablecoins, and traditional currencies.

Project Background:

On June 29, 2021, Worldcoin completed a $25 million financing round, with investors including well-known Silicon Valley venture capital firm a16z, Coinbase Ventures, Digital Currency Group, the former founder of the largest cryptocurrency venture, FTX, Sam Bankman-Fried, and LinkedIn co-founder Reid Hoffman. In March 2022, the company further raised funds from venture capital firms Khosla Ventures and a16z, raising a total of $100 million, with a valuation reaching $3 billion at the time.

Market Heat:

Founded in 2020, the Worldcoin project suddenly gained attention in May of this year, due to the fact that both OpenAI and Worldcoin were founded by Sam Altman. In November 2022, ChatGPT developed by OpenAI was born, starting an AI craze. A large number of users flocked to ChatGPT, making the chatbot not only the fastest-growing consumer application in history, but also leading its developer, OpenAI, to successfully upgrade to a unicorn, with a valuation exceeding $20 billion. After the explosion of ChatGPT, OpenAI founder Sam Altman also became a media favorite in Silicon Valley, following Elon Musk. As a result, his crypto project Worldcoin also gained public attention.

Orb Iris Recognition Authentication

Although the development of artificial intelligence has made it difficult to determine whether the features on the internet, such as speech and voice, are from a person or an AI, proving oneself as a real person still relies on biological information. Because AI does not have real biological features, biological information is still an effective means of distinguishing between humans and machines.

Biometric recognition is another advanced authentication method that uses unique biological features of individuals for verification, such as fingerprints, irises, or voiceprints. These biological features are inherent to each person and cannot be forged or simulated. By using biometric recognition technology, World Coin can more accurately verify the identity of users, preventing witch attacks and identity theft.

The core of Worldcoin's vision is to ensure that users are real individuals, and it ultimately chooses to achieve this through biometric recognition technology, developing the "Orb" iris recognition technology to authenticate World ID. Since no two people have the same iris pattern, and these patterns are very difficult to forge, Orb can accurately distinguish people without collecting any other information about them, even their names.

The finished product of Orb is a spherical machine used to scan irises and identify individuals. Orb has been in development for three years and has undergone about a year of small-scale testing. The latest generation of Orb is now being manufactured in Germany, and this device has helped Worldcoin verify over 1 million registered users.

WLD Acquisition

The ways for ordinary users to acquire WLD are as follows:

https://worldcoin.org/download-app%EF%BC%89%EF%BC%8C%E5%9C%A8App

1. Download: Download the World App from the official website, App Store, or Google Play.

2. Registration and Verification: Open the World App for registration and authentication. Accounts need to be authenticated through Orb iris recognition, proving themselves as real individuals. Each iris corresponds to a real account, and after authentication, they obtain a World ID.

3. Receive WLD: Users generate a wallet address locally in the World App and can start receiving WLD to that address. All World ID users can receive a certain amount of WLD for free on a regular basis. Currently, World ID users can receive one WLD per week.

Additionally, one can become a Worldcoin operator, obtain an official Orb after assessment and interview training, expand new users, and provide iris authentication services to users to receive WLD rewards. Contributions to the Worldcoin ecosystem, such as project development, can also receive WLD donations, and more.

Conclusion

In summary, the product form of Worldcoin can be summarized as the combination of DID + Token + Wallet. Its vision is to achieve a world economy where everyone participates and shares, allowing everyone to have their own digital identity and digital currency. Worldcoin uses the Optimistic Rollup technology solution to implement its system. It is currently in the beta stage, running on the Polygon network. Future plans include joining the OP SuperChain ecosystem to further expand its functionality and application scope.

As a leading cryptocurrency project, Worldcoin's development is still ongoing. As a bold attempt at decentralization and global economic integration, its ambitious goals and innovative technology may lead the development direction of the AI era and bring positive changes to global society. The performance of Worldcoin is worth looking forward to.

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