What is Worldcoin? How can you buy it & when will it be available in India?

Worldcoin is a groundbreaking initiative that was founded over three years ago with the ambitious goal of creating a new identity and financial network accessible to everyone.

The Worldcoin team envisions that the successful implementation of their platform could lead to significant improvements in economic opportunities, provide a reliable solution for distinguishing humans from AI online while safeguarding privacy and potentially cover the way for AI-funded Universal Basic Income (UBI).

In this explainer, we will dive into the key components of Worldcoin, including what it is, how to obtain a World ID, and the potential benefits it aims to bring to the world.

What is Worldcoin?

Worldcoin (WLD) is a cryptocurrency project founded by Sam Altman, the CEO of OpenAI. The project was officially launched on 24 July 2023, with a revolutionary goal of redefining the digital identification process by introducing the World ID. This digital identity verification system aims to distinguish real humans from AI entities online, ensuring user privacy and security.

World ID: A virtual passport for humans

The foundation of Worldcoin is built upon two core features: the World ID and the digital currency, WLD. The centrepiece of Worldcoin's innovation is the World ID, which acts as a digital passport to verify that its owner is a real human.

 

In a digital world where AI chatbots, like ChatGPT, have gained immense popularity, it has become increasingly challenging to distinguish between humans and AI entities. As AI technology advances, the chances of fake virtual identities and bots pose a threat to user privacy and security.

Accompanying the World ID is the digital currency, WLD. Individuals who possess a World ID will have the opportunity to receive WLD simply for being human. This innovative approach to distributing digital currency seeks to foster widespread financial inclusion and empowerment.

How does Worldcoin’s iris technology work?

In 2019, Altman launched Worldcoin, and earlier this month, the company unveiled a digital wallet created for the Worldcoin ecosystem. The World App, a digital wallet that allows for World ID authentication, Worldcoin token purchase, and worldwide money transfer, aims to increase the accessibility of digital identification and global financial services.

 

Worldcoin uses iris-scanning technology, which is an innovative form of user identification, to confirm that each user is a human and not a bot. To do this, individuals look into a tiny orb-shaped device that records their iris pattern and transforms it into a biometric scanning code, which serves as their ‘proof of personhood.’

After three years of research and development, which involved one year of small-scale field testing followed by one year of transitioning to large-scale manufacturing, the current version of the Orb has been developed and is now being made open source.

These tiny orb-shaped sphere devices, strategically positioned in various locations worldwide, conduct face and iris scans to ensure the person using the World ID is indeed a human. By maintaining real-world identity anonymity, the World ID provides a reliable solution to protect users from cyberattacks on their identities.

How to obtain World ID?

To obtain a World ID and WLD tokens, users need to download the World App. This application serves as the gateway to Worldcoin's ecosystem, allowing users to create their World ID after completing the in-person biometric screening at an Orb. After obtaining digital verification, the person can proceed to possess Worldcoin tokens and have ownership of them.

At present, Worldcoin is accessible on various international exchange platforms, such as Binance, Coinbase, and OKX.

Where will the new orbs be available?

Worldcoin's mission to provide digital identity through the World ID is taking a giant leap forward with the rollout of 1.5K Orbs in 35+ cities across 20+ countries on five continents.

 

By the end of 2023, Orbs will be made available to the cities of Dubai, London, and Europe, including the prominent cities of India like Delhi and Bangalore. Here’s the list of all the countries where the new orbs will be available.

The World App and this platform will provide location details and allow reservations where applicable. Additionally, updates will frequently be posted on the official Worldcoin Twitter account.

Worldcoin expands access to World ID with 1.5 million Orbs

Worldcoin is taking a significant step towards increasing global access to its digital identity protocol, the World ID. The project has begun the rollout of 1.5 million orbs in more than 35 cities worldwide.

During its beta phase over the last six months, the Worldcoin project has already verified the humanness of more than 40,000 individuals per week. Countries like Spain, where over 150K individuals have already verified their World ID. Additionally, in countries like France and Brazil, temporary pop-up locations will be established to allow people to easily locate a nearby Orb and sign up for their World ID.

On the other hand, the United States has 11 Orb locations, distributed across Los Angeles, New York, Miami, and San Francisco. As part of its global expansion plan, Worldcoin aims to scale up Orb sites to 35 cities in 20 countries. The founders of Worldcoin envision this initiative as a stepping stone towards economic equality and the ultimate goal of UBI.

By creating a reliable system to distinguish humans from AI and protecting user privacy, Worldcoin aims to increase economic opportunities and potentially show a path to AI-funded UBI.

Conclusion

Worldcoin represents a pioneering initiative that seeks to revolutionise the way we perceive digital identity and financial inclusion. Through the World ID and the distribution of the digital currency, WLD, Worldcoin aims to empower individuals while preserving their privacy and security.