Introduction
Worldcoin is an innovative project co-founded by OpenAI CEO Sam Altman, aiming to provide everyone with a unique digital identity verified through iris recognition. This system enables users to receive the cryptocurrency WLD (Worldcoin's native token).
Sam Altman envisions Worldcoin's digital identity system as a pathway to implementing Universal Basic Income (UBI). By distributing cryptocurrency regularly, the project seeks to ensure basic living standards globally.
Below, we delve into Worldcoin's operational model, core principles, challenges, and future roadmap.
How Worldcoin Works
To claim WLD, users must:
- Download the Worldcoin App and generate a dedicated crypto wallet.
- Visit a designated location (find nearby sites via Worldcoin Orb locator) to scan their iris using a spherical device called Orb.
Pair iris data with their wallet:
- Orb converts iris information into a hash value (a randomized cryptographic code) for identity verification.
- This hash—not raw iris images—is stored securely in Worldcoin’s database to protect privacy.
Receive a World ID:
- Users leverage zero-knowledge proofs (ZKPs) to authenticate their identity without revealing personal data or wallet keys.
- This World ID allows them to claim WLD tokens.
Worldcoin’s Vision and Challenges
Core Philosophy
Worldcoin’s founders believe digital identity is foundational for future societies, especially as AI potentially displaces jobs. A secure, equitable identity system ensures:
- Universal Basic Income: Guarantees financial stability via WLD distributions.
- Anti-fraud measures: Iris scanning prevents duplicate registrations or fraudulent claims.
Key Challenges
Privacy Concerns:
- Though only iris hashes are stored, risks of hacking or government coercion remain.
Centralization:
- Orb devices are managed by Tools for Humanity (a Worldcoin partner), raising questions about control over registrations.
- Future plans aim for decentralization, but progress is ongoing.
Market Competition:
- Existing projects (e.g., Civic, Selfkey) offer alternative digital identity solutions.
- Worldcoin must demonstrate superior technology and adoption.
Future Roadmap
Worldcoin targets 1 billion users with World IDs, distributing 100 billion WLD over 15 years:
- 25% reserved for team/internal use.
- 75% allocated to community users.
Potential Applications Beyond UBI:
- KYC-compliant wallets for secure transactions.
- Cross-border payments with verified identities.
- Anti-money laundering (AML) solutions.
👉 Discover how Worldcoin is reshaping digital identity
Frequently Asked Questions (FAQ)
1. Is Worldcoin’s iris scanning safe?
Yes. Orb devices store only iris hashes, not raw biometric data, minimizing privacy risks.
2. How does Worldcoin prevent duplicate accounts?
Each iris scan generates a unique hash, ensuring one World ID per person.
3. Can I sell my WLD tokens?
WLD is tradable on supported exchanges, but regulations vary by region.
4. What happens if Orb devices are hacked?
Worldcoin uses decentralized storage for hashes, reducing centralized breach risks.
5. How is Worldcoin different from other crypto projects?
Its focus on UBI via biometric identity sets it apart from generic blockchain platforms.
👉 Learn more about Worldcoin’s technology
By combining biometric innovation with cryptocurrency, Worldcoin strives to build an inclusive digital economy. Stay tuned for updates as the project evolves!