Worldcoin (WLD) Launches Ambitious Cryptocurrency Project

Republished By Plato

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Worldcoin (WLD) not only limits itself to identity verification but also introduces its own cryptocurrency, aptly named Worldcoin.
Users can access this digital currency and make secure payments, transfers, and interact with various digital assets via the Worldcoin app.
By introducing a unique eye-scanning “orb” for identity verification, Worldcoin aims to provide users with a secure and verifiable digital identity

Worldcoin (WLD), a groundbreaking cryptocurrency and digital identity project led by OpenAI’s CEO, Sam Altman, has officially launched after 4 years of development. The platform aims to tackle a significant challenge posed by recent advancements in artificial intelligence, which has made it increasingly difficult to distinguish between human-made content and algorithms. By introducing a unique eye-scanning orb for identity verification through the Proof of Personhood (PoP) consensus mechanism, Worldcoin aims to provide users with a secure and verifiable digital identity, ensuring that they are genuine humans and not bots. Let’s delve deeper into the key points of this ambitious venture.

In their words

Worldcoin is an open-source protocol, supported by a global community of developers, individuals, economists and technologists committed to expanding participation in, and access to, the global economy. The Worldcoin Foundation is the steward, and will support and grow the Worldcoin community until it becomes self-sufficient.

The Core of Worldcoin: The Eye-Scanning “Orb”

At the heart of the Worldcoin project lies its innovative eye-scanning technology known as the “orb.” To create a unique digital identity, users must undergo an in-person eye scan, which certifies them as genuine human individuals. This process effectively addresses the challenge of verifying authenticity in an AI-driven world. By leveraging biometric data, Worldcoin offers a privacy-first approach to identity verification, aiming to safeguard user information.

worldcoin launches today: https://t.co/UXXE5AFznS

— Sam Altman (@sama) July 24, 2023

Cryptocurrency and App Integration

Worldcoin (WLD) not only limits itself to identity verification but also introduces its own cryptocurrency, aptly named Worldcoin. Users can access this digital currency and make secure payments, transfers, and interact with various digital assets via the Worldcoin app. The seamless integration of digital currency and identity verification sets Worldcoin apart from traditional cryptocurrencies and aligns with its vision of a privacy-centric, inclusive, and decentralized platform.

The Beta Phase and Global Expansion

During its beta period, Worldcoin managed to amass an impressive user base of over 2 million individuals. Encouraged by this success, the platform is now embarking on an extensive expansion plan. The cryptocurrency has been under testing in countries such as Chile, Norway, Indonesia, Kenya, Sudan, and Ghana for the past three years. By the end of the year, Worldcoin expects to make 1,500 orbs available in 35 cities across 20 countries to continue onboarding new users for free. The project’s cryptocurrency token is also available for trading on select exchanges, with more platforms showing interest in listing it.

Worldcoin (WLD) www.coinmarketcap.com

Proof of Personhood (PoP) Consensus mechanism

Proof of Personhood (PoP) is a mechanism that different applications use to verify the uniqueness and personhood of individuals, such as Global Universal Basic Income (UBI) and the Worldcoin project. We need a highly secure and inclusive PoP mechanism to prevent multiple registrations.

Building Blocks of PoP

PoP consists of several building blocks: deduplication (to ensure uniqueness), authentication (to prevent fraud and ensure ownership of credentials), and recovery (in case of lost or compromised credentials).

Actors in PoP Mechanism

The PoP mechanism involves three actors – Users, Issuers, and Verifiers. Users seek to prove their uniqueness and personhood. Issuers then grant PoP credentials to users, and Verifiers check the authenticity of these credentials.

Deduplication

The PoP mechanism must ensure that each user receives only one PoP credential. Deduplication is crucial to prevent fraudulent activities.

Authentication

PoP credentials should be hard to transfer to someone else or for fraudsters to use them. Users need to be authenticated as the rightful owners of their credentials.

Recovery

Effective recovery mechanisms are needed in case users lose access to their credentials. Different methods like user-managed backup, social recovery, or re-issuance can be used.

Revocation and Expiry

Revocation is necessary to handle compromised credentials, and expiry can enhance the integrity of the PoP mechanism.

Solving PoP at Scale

Implementing a global PoP mechanism requires inclusivity, fraud resistance, and person-bound credentials. Different approaches like online accounts, official ID verification, web of trust, social graph analysis, and biometrics are evaluated, with iris biometrics being considered the most suitable for global verification.

World ID

World ID, issued through the Orb biometric device, is a privacy-preserving, person-bound PoP credential that aims to verify humanness and uniqueness on a global scale.

Authentication with World ID

World ID can be authenticated using face authentication or other methods, ensuring that only the legitimate owner of the ID can use it.

Ongoing Research

The PoP mechanism is continuously being improved and researched to enhance inclusivity and security.

Addressing Concerns and Criticisms

Despite its ambitious goals, Worldcoin has faced criticism from sceptics. Chief among the concerns is the use of biometric data, such as eye scans, to verify identities. Raising valid questions about privacy risks associated with storing and handling sensitive information. Additionally, some critics argue that using blockchain technology to identify individuals in such a precise manner contradicts the technology’s primary purpose of maintaining anonymity.

Milder criticism has been drawn over the exclusion of the United States of America from Beta testing. The world’s largest economy is key to the uptake of just about anything. Worldcoin should be no different. From the African perspective, the inclusion of Kenya in beta testing is a good omen that will likely see greater chances of inclusion of African countries in the next stage of the rollout.

Looking Ahead: Worldcoin’s Vision and Challenges

Sam Altman, the driving force behind Worldcoin, envisions a future where the platform garners an impressive 2 billion users. However, scaling the platform poses a challenge, particularly due to the requirement for in-person eye-scanning appointments. Nonetheless, Altman remains steadfast in his commitment to progress and emphasizes the importance of projects like Worldcoin in the age of AI.

Worldcoin’s formal launch represents a significant milestone in the realm of cryptocurrency and identity verification. Moreover, with its pioneering eye-scanning technology, Worldcoin strives to establish a privacy-first, decentralized, and inclusive approach to verifying users’ identities in an AI-driven world. As the platform continues to expand and address concerns raised by critics, it remains an ambitious experiment with the potential to reshape the landscape of digital identity and cryptocurrencies. Additionally, the platform’s commitment to privacy and decentralization sets it apart from traditional identity verification methods. Furthermore, Worldcoin’s unique focus on inclusivity ensures that individuals from all walks of life can participate in the digital economy with ease. In conclusion, Worldcoin’s innovative approach and ongoing efforts to improve and adapt make it a promising contender in the evolving world of cryptocurrencies and identity verification.