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About Worldcoin
Key Points
- Worldcoin aims to build the world’s largest identity and financial network.
- World ID enables users to verify their humanness online while maintaining privacy.
- WLD token is a utility token with governance properties.
- Individuals can claim recurring grants of free WLD tokens.
- Worldcoin has raised over $250M in funding.
- Over 2 million people have verified at an Orb during the pre-launch phase.
- Initial total supply of Worldcoin is 10 billion WLD.
- 75% of WLD tokens are allocated to the Worldcoin community.</li
Introducing Worldcoin: A Revolutionary Cryptocurrency
Introducing Worldcoin (WLD): A Revolutionary Cryptocurrency
The Worldcoin project is driven by a bold mission: to establish a universally accessible, decentralized identity and financial network, where everyone has a stake and a voice.
The Worldcoin system is anchored by World ID, a pioneering, privacy-centric global identity network. This innovative framework empowers users to authenticate their humanity online, thereby establishing “Proof of Personhood,” while meticulously safeguarding their privacy through the strategic deployment of zero-knowledge proofs.
To interact with the Worldcoin protocol, individuals must initially download the World App, a pioneering digital wallet that facilitates the creation of a unique World ID. To obtain this ID, individuals visit a physical imaging device known as the Orb, where they undergo a verification process to establish their Orb-verified World ID. The majority of Orbs are operated by a network of independent local businesses, referred to as Orb Operators. The Orb employs advanced multispectral sensors to verify the humanness and uniqueness of each individual, with all captured images being automatically deleted on-device by default, unless explicit consent is provided for Data Custody.
As a privilege, all Orb-verified World ID holders are eligible to receive recurring allocations of complimentary WLD tokens (please note that WLD tokens are not available in the US; for further information, kindly refer to the Worldcoin Tokenomics section outlined in the project’s whitepaper). This initiative has the potential to establish WLD as the most widely disseminated digital currency.
The WLD token is meticulously designed as a utility token, imbued with governance properties, thereby empowering users by affording them a decisive voice in shaping the future trajectory of the protocol. Beyond the conventional “one-token-one-vote” governance paradigm, the introduction of World ID pioneers a novel “one-person-one-vote” mechanism. Furthermore, these two mechanisms can be synergistically combined to facilitate innovative governance approaches. Following the launch, the Worldcoin Foundation will solicit proposals and collaborate with the community to determine the optimal interaction between World ID and the WLD token within Worldcoin’s governance framework, as outlined in the project’s comprehensive whitepaper, which provides an in-depth examination of governance and decentralization.
The WLD token’s utility will ultimately be dictated by the community of users, although several potential use cases beyond governance are already emerging. For instance, users may opt to utilize the token to facilitate specific actions within World App or other wallet applications, or to make various payments. Additionally, the token could be employed to signify approval for particular initiatives or causes.
WLD is an ERC-20 token built on the Ethereum blockchain. Users will receive their grants on the Optimism Mainnet, which implies that the majority of WLD transactions will likely be facilitated on the Optimism network.
The Visionaries Behind Worldcoin: Meet the Founders
Worldcoin was co-founded by Sam Altman, Alex Blania, and Max Novendstern, although the latter departed the project in July 2021. Notably, Sam Altman, the most prominent of the co-founders, also serves as the co-founder and current CEO of OpenAI, as well as the former president of Y Combinator, a renowned startup incubator. The initial research and development phases of the Worldcoin project were spearheaded by Tools for Humanity (TFH) and other collaborating partners.
Worldcoin has successfully secured over $250 million in funding across multiple rounds, backed by an esteemed roster of investors, including a16z, Khosla Ventures, Bain Capital Crypto, Blockchain Capital, and Tiger Global, among other prominent names.
Unveiling the Unparalleled Attributes of Worldcoin
Worldcoin aspires to establish the world’s most expansive identity and financial network, striving for unprecedented global adoption on a billion-person scale. Unlike most other crypto projects, the majority of WLD tokens will be allocated to individuals, solely by virtue of their humanity.
Through World ID, individuals will be empowered to verify their authenticity as unique human beings to any platform that integrates with the protocol, encompassing web3 systems, social networking sites, and governmental programs. This innovation will facilitate fair airdrops and token/NFT sales, safeguard against bot-driven and sybil attacks on social media, and ensure the equitable distribution of limited governmental resources. Moreover, World ID has the potential to facilitate global democratic processes and novel forms of governance, such as quadratic voting, and may ultimately pave the way for AI-funded Universal Basic Income (UBI) initiatives.
More than two million individuals from over 30 nations spanning five continents have successfully verified their identities at an Orb during the pre-launch phase, which took place from May 2021 to July 2023. As Worldcoin officially launches, it initiates the deployment of 1,500 Orbs across 35+ cities in 20+ countries, catering to the burgeoning global demand for World ID.
What Is the Circulating Supply of Worldcoin (WLD) Tokens?
The inaugural total supply of Worldcoin is capped at 10 billion WLD, establishing a definitive and limited monetary base for the ecosystem.
For a 15-year period following its launch, the supply cap of WLD is fixed at 10 billion, as dictated by the WLD smart contract. Thereafter, the governance body may opt to introduce an annual inflation rate of up to 1.5%, should it deem this necessary for the long-term viability of the protocol. The allocation of newly minted tokens, if any, will also be determined by governance. The 1.5% annual inflation cap is hardcoded into the WLD smart contract, with a default rate of 0% applicable unless modified through governance.
The allocation of the 10 billion WLD tokens is distributed among various stakeholders as follows:
- A substantial 75% of the WLD tokens are reserved for the Worldcoin community, empowering its members to drive growth and innovation.
- A dedicated 9.8% of the WLD tokens are allocated to the Initial Development Team, recognizing their pioneering efforts in shaping the project’s foundation.
- A significant 13.5% of the WLD tokens are allocated to TFH Investors, fostering a collaborative environment for strategic growth and development.
- A prudent 1.7% of the WLD tokens are reserved for the TFH Reserve, ensuring a safeguard for the project’s long-term sustainability.
The Worldcoin Foundation has established an ambitious token allocation objective, striving to distribute a minimum of 60% of all WLD tokens, sourced from the Worldcoin Community pool, to individuals in the form of user grants. For a comprehensive overview, please refer to the Worldcoin Tokenomics section of the project’s whitepaper.
Access real-time, on-chain insights into WLD via this intuitive Dune dashboard.
The Worldcoin Protocol’s Security Framework: A Robust Defense Mechanism
The WLD token contract is deployed on the Ethereum Mainnet and subsequently bridged to the Optimism “layer 2” network, thereby inheriting the robust security attributes of both blockchain ecosystems.
Associated Resources:
For a comprehensive overview of World ID, the Orb, and the Worldcoin protocol, kindly refer to the Worldcoin Whitepaper (version July 24, 2023) for further insight.
For a comprehensive overview of Worldcoin’s token economics, kindly refer to the dedicated section in the project’s whitepaper, which provides an in-depth examination of Worldcoin’s tokenomics.