Worldcoin Explained! Iris-Scanning Crypto Project Founded by OpenAI CEO Sam Altman

Despite the advancements in technology, There is inevitably a subset of society
that is still catching up. An estimated 1 billion individuals
worldwide and many in developing countries Lack a legal identity
or digitally verifiable one. Globally, over 1.7 billion adults Who do not have access to a bank
and many are in rural areas. Alongside the ever looming
presence of AI seen in the rise of AI technologies
like ChatGPT by OpenAI, And the proliferation of the Internet,
this brings out the question How can everyone have universal access
to the global economy while distinguishing Between bots and humans
in the digital space? These two overarching themes come together
to form the foundation of Worldcoin, An open source system
designed to provide proof of personhood And financial public goods. Simultaneously, as A.I. Technology becomes more prevalent. My name is Trevor
with CMC and let's dive in. So first of all, what is world coin? While amidst The pandemic, World Coin was co-founded
by none other than the CEO of OpenAI, Sam Altman, alongside Max Novendstern and Alex Blania. Worldcoin aims to be the world's
largest identity and financial utility By leveraging blockchain technology
to target the two Previously mentioned issues to democratize
access to the global economy, Especially for the less fortunate
and as well as to use it as a step towards Universal basic income Or UBI to support the people
whose jobs have been displaced by A.I.. Worldcoin is structured into three
main segments, namely number one And Worldcoin ID, number two, Worldcoin app and three Worldcoin token. So these three segments come together
to form a comprehensive solution That is Worldcoin. So what is World ID? Well, World ID It claims to be a decentralized, privacy
protected identity solution, Intended to bring a global proof
of personhood to the Internet.

This essentially allows each user to prove
that they are indeed a unique individual Instead of bots that would misuse of Worldcoin services and benefits Created to users. So World ID is designed with the
citizens of developing nations in mind, Many of whom do not have any properly
verifiable forms of ID. Worldcoin stated that the world ID can be
thought of as a digital passport. That lets you prove that you are a unique
and also real person. While remaining anonymous, The status stored is protected
by zero knowledge technology, Which enables it to be used
to verify a user's personhood, but Without revealing their actual identity
or their online habits to counterparties. The World ID is not tied To the actual biometric data,
but is simply a form of proof That the user is verified and also can be
trusted to be an actual human user. This is similar to most forms of ID
that includes certain Watermarked embossed
or holographic markings To certify the legitimacy of the document
and to the use cases of the World ID, include allowing users
to sign in with Worldcoin On a website,
mobile app, or also cryptocurrency DApp. So what is the World app? Well, the first
step to getting verified with World ID Is getting Worldcoin Mobile
App known as World App. With more options Coming World App functions very much
like a stripped down crypto wallet, Plus a few additional features. It is tied to the user's World
ID and also allows it to be Used with the Worldcoin related services
such as Worldcoin Grants. Worldcoin Grants are payouts for users
in eligible countries Who are verified via World ID.
They can be seen as a form of fair And equal distribution to all world
ID verified users Simply by nature of being able
to prove that they are real human beings. These grants are time limited offers
and are paid out in Worldcoin’s Token, WLD. Additionally World
App supports wallet features, including Sending and receiving tokens
as well as buying and selling of tokens. And to that said, trading of tokens
are currently limited to wrapped bitcoin

Ether and also a dime Worldcoin, explaining that this allows users Who are new to the crypto space
to not be intimidated By the number of available tokens
and can learn in a controlled environment. Users can also on ramp into off
ramp funds easily via Moon pay and also ramp
which have been integrated with the app. World App is currently in beta and runs
on the Polygon blockchain over Worldcoin. Recently announced that they are
in the works to migrate World App To Optimism
as part of Optimism Super chain. And this is part of the collaboration
between Optimism and Worldcoin. And the migration is expected to come
concurrently with the next Ethereum Upgrade EIP 4844, which will introduce A significant transaction
fee reduction on Ethereum layer 2. Additionally, the app integrates account
abstraction via saves Tried and also tested contracts,
allowing the user experience To be optimized for new crypto users
beyond basic wallet functions. A world app also boasts
learn to earn courses to provide new users With the materials To learn
more about crypto and also earn Bitcoin, Ether and DAI. While non verified users can still access
the materials, the rewards for completion Are only available to users
who are World ID verified. Other World ID benefits on the World app
include gas free transactions When using the wallet. Although the World app has only just
been opened to the public, more than 1.5 Million users have already signed
up, of which 500 are active users. And the app sees an average
of 60 K transactions At daily and 25,000 worldwide checks. And with the app now open globally,
these numbers are only expected to rise. So what is the
Worldcoin token WLD? Well the Worldcoin token or simply Worldcoin WLD is the final piece of the puzzle
within the World app. Worldcoin is the currency in which Grants
are currently issued. Beyond Grants. Worldcoin will also be used
for governance over the Worldcoin Protocol to determine the direction
and future of Worldcoin. Additionally, the token can be expected
to be integrated with the World App

To be used as payments
for specific services, and currently Worldcoin Is not intended to be distributed
to citizens In the United States
or any of the other restricted regions. So how to get verified on Worldcoin? Well, while there are several layers
to the identity verification, A user can get a World ID verified only through Worldcoin Operators using a device known as the Orb. The orb is a biometric imaging device
which captures the user's iris. Since an iris pattern is extremely hard
to fake, this is used as Worldcoins. The chosen
method of identity verification to prove That a single person has not signed up
for the multiple World IDs. Since these verifications
are done in person with the World app, This means that no other information such
as their emails or names are required, Which makes world ID a pseudo
anonymous form of ID, so to get verified Users can number one download the World
app on the App Store or Google Play Store. And then number two,
after passing the initial set up, Users can find an orbit near them
by following the instructions in the app. And then three complete Verification with a Worldcoin operator
at the chosen location. And then once done,
the World ID will be available in the app, Enabling the users to access very services
and also benefits beyond world coins. Use case of World ID for increasing
accessibility to the global economy In financial services World ID can also be
easily used in other applications Such as social media sites
are looking to cut down on bad profiles. In fact, World ID has been released
with its SDK allowing builders To leverage their technology
in their own applications. So now let's talk about some
concerns over Worldcoin. Well the Orb Method of verification has riled up
many privacy advocates, With many criticizing
the process as a dystopian like, in fact, This stirred up a 2022 MIT technology
review exposé Which highlighted privacy concerns
in world coins practice And how the less fortunate
were being exploited. Tools for Humanity.

One of the partners of building Worldcoin had to step in To refute the allegations. Others, like former Ethereum developer
Hudson Jameson, believes that Worldcoin Shows a lack of transparency and regards
its tokenomics as questionable. Nevertheless, Worldcoin is reportedly close to a $100 Million raise a significant amount
in the current market conditions. Worldcoinhas already raised funds
from prominent investors, such as A16z Digital Currency Group and also
Coinbase Ventures in its series A Round. Let us know what you think about Worldcoin and also its Orb in the comments Down below.