A new crypto project is in the block, and there's been so much buzz about it. This new blockchain is taking a unique angle to solve one of the world's biggest problems. Co-founded by OpenAI CEO Sam Altman, the Worldcoin Project aims to solve issues with the financial economy and identification.
A new app is being developed to facilitate various transactions like buying and selling assets. This app will incorporate' Orb' technology and a token to authenticate the users.
We have drafted a comprehensive guide to provide you with all the information and the objectives about Worldcoin which is one of the biggest new developments in crypto.
What is Worldcoin?
Worldcoin is an open-source protocol created to help develop global access to the world economy. Explaining the concept of Worldcoin can be very complex, considering the type of objective they are trying to achieve. But we will try to break it down into simple terms.
Worldcoin is more than just a crypto token - it's a project that aims to address the identification problem and foster greater connections between people. As a blockchain-based platform, it operates on an open-source and decentralized model, meaning that users and the community have a significant say in the decisions made on the platform.
According to the founders of this project, they said:
"If successful, we believe Worldcoin could drastically increase economic opportunity, scale a reliable solution for distinguishing humans from AI online while preserving privacy, enable global democratic processes, and eventually show a potential path to AI-funded UBI."
To achieve their aim of using the blockchain to connect the world and distinguish between AI and real humans, the developers of this project broke it down into three categories. They include:
1. World ID
The developers of this project have created a technology called World ID to connect people worldwide. They believe that World ID will solve issues related to the identity crisis. With this technology, people can verify their identity more easily and efficiently.
2. WorldCoin Token
The Worldcoin token is an integral part of this project as it helps them achieve their objective of allowing users to govern the project. The Worldcoin Orb price has already increased, judging from when it went live. This Worldcoin token will be mainly used for governance. As a governance token, users will use it to make important decisions on the platform.
3. World App
The World App is the final part of its ecosystem that helps the project achieve its goals. The World App has all the necessary features to connect people worldwide financially and in the digital economy. Its self-custodial app enables payment, purchases, and transfers using primarily their Worldcoin token. However, the project developers reiterated that stablecoins and other digital assets will also be used for payments on the app.
How Does Verification on the Worldcoin Ecosystem Work
The Worldcoin ecosystem relies on a crucial component known as the Orb. The creators of Worldcoin developed this technology to validate the app's active users.
The Orb is just like an imaging software or app that helps verify whether you are a human or an AI, assuming you are a new user on the platform. To get World ID, the Orb will scan your face to verify your uniqueness while at the same time protecting your privacy.
So how does the Orb work with the Worldcoin project? The Orb works by taking images of new users on the platform. The images they take of the new user will be used to verify if they are real humans or bots. The iris is the central part of the body that will be used in verifying the new users. Once verified, the person will be given a World ID for verification purposes.
There are also questions about whether the Orb will hurt the eyes during identification. According to the developers of this project, the eyes won't be damaged during the scanning process. Worldcoin developers had this to say:
"The Orb complies with the specifications outlined in the international standard, which includes eye safety (IEC-62741)."
Who Are the Organizations Behind the Worldcoin Project?
Based on the information provided on their website, two major organizations are responsible for making decisions that impact the project. These organizations are:
1. The Worldcoin Foundation
The Worldcoin Foundation is the primary organization holding the reins of the platform's leadership. It is a non-profit organization claiming that its goal is to ensure the Worldcoin community grows to become very large and self-sufficient. They plan to attract developers and community members to the platform with the necessary incentives.
2. Tools for Humanity (TFH)
Tools for Humanity (TFH) is the developer arm of Worldcoin. The team spearheaded the launch of the Worldcoin protocol and some other subsidiaries of the platform. According to the information from their site, Tools for Humanity (TFH) is committed to continuously building the platform to reach new heights.
WorldCoin is Not Available In the United States
Spoilers! Residents of the United States that want to explore the Worldcoin project won't do so if they still live in the US. But other approved parts of the world can access the project. This is quite different from the main aim of this project, which is connecting the world.
The project developers specifically mentioned on their site, saying:
"Worldcoin tokens are not intended to be available to people in the United States or other restricted territories."
Perhaps the restriction on the United States can be traced to the current legal battles between the US government and several crypto firms. According to some expert opinions, the Worldcoin Project might return to the United States once the legal commotion dies down.
How To Go About Worldcoin Sign Up
While the Worldcoin orb price continues to increase, the project developers make it relatively easy to sign up and get verified as an actual human. The process includes:
1. Download the World App
The World App is where you will find all the features needed to function in the World ecosystem fully.
2. WorldCoin Sign Up
Once the World App has been downloaded, the next step is to verify your identity using the Orb. The part of your body needed for this is the face, which will capture your iris.
3. Receive a Free Share of Worldcoin Token
Once you are done with signing up and the verification, the project developers say they will give new users Worldcoin tokens. The Worldcoin Project is already getting many users registered in their ecosystem, and it will be interesting to see how it turns out.