Overview of World Network (Formerly Worldcoin)
World Network, previously known as Worldcoin, is a groundbreaking cryptocurrency project developed by Tools for Humanity that utilizes iris-scanning biometric technology for identity verification.
Key project details:
- Currency Code: WLD
- Developer: Tools for Humanity (TFH)
- Launch Year: 2023 (rebranded as World Network in October 2024)
- Headquarters: San Francisco and Berlin
Founders:
- Sam Altman (CEO of OpenAI)
- Max Novendstern
- Alex Blania
👉 Discover how biometric verification is changing digital identity
Project Development Timeline
Founding and Early Stages (2019-2023)
- Founded in 2019 with initial $25M funding
Raised $250M total from investors including:
- Andreessen Horowitz
- Khosla Ventures
- Reid Hoffman
- Whitepaper released outlining Ethereum-based Layer 2 cryptocurrency framework
Global Launch and Expansion (2023-2025)
- Officially launched July 24, 2023 after testing phase with 2M users
- Established Orb verification sites in 35 cities across 20 countries
- US launch in May 2025 with Visa partnership for debit card program
- Rebranded as World Network in October 2024
Technology and Verification System
World Network's core innovation is its World ID system that uses proprietary Orb devices for iris scanning:
Orb Device Features:
- Spherical iris scanner
- Portable verification unit
- Decentralized operator network
Verification Process:
- Users scan iris for unique biometric signature
- Receive WLD tokens as incentive
- Creates tamper-proof digital identity
👉 Learn about blockchain identity solutions
Privacy Concerns and Regulatory Challenges
| Country | Regulatory Action | Date |
|---|---|---|
| France | CNIL investigation | July 2023 |
| UK | ICO inquiry | July 2023 |
| Kenya | Operations suspended | August 2023 |
| Spain | Data collection ban | March 2024 |
| Portugal | Temporary halt order | March 2024 |
| Indonesia | Recent suspension | May 2025 |
Key concerns include:
- Biometric data collection practices
- Targeting of vulnerable populations
- Financial security risks
- Lack of clear consent mechanisms
Current Leadership and Future Outlook
2025 Leadership Team:
- Sam Altman: Chairman
- Alex Blania: CEO
Project milestones ahead:
- Expanded Orb network deployment
- Enhanced privacy safeguards
- Additional financial service integrations
- Continued global regulatory compliance efforts
Frequently Asked Questions
What makes World Network different from other cryptocurrencies?
World Network uniquely combines biometric verification with cryptocurrency distribution, aiming to create a global digital identity system while providing financial access.
How does the Orb scanning technology work?
The Orb uses advanced iris recognition to create a unique biometric identifier that cannot be forged or duplicated, which forms the basis of a user's World ID.
Why did the project face regulatory challenges?
Several countries raised concerns about the collection and storage of sensitive biometric data, leading to investigations and temporary suspensions in some jurisdictions.
What are the current availability areas?
As of 2025, World Network operates in 20 countries with 35 verification centers, including recent expansion to the United States and planned growth in Asia.
How does World Network ensure user privacy?
The project implements zero-knowledge proofs and decentralized storage to protect user data while maintaining verification capabilities.