What is Worldcoin and how it works

worldcoin crypto

Worldcoin (WLD) is a cryptographic project that aims to create a. global identification systeminclusive and fully decentralized. The project’s approach is based on establishing a “proof of identity” that allows each person to be identified as a unique being, through biometric scanning, in this case, of the retina.

Worldcoin is the cryptographic project of Sam Altman, creator of Chat GPT, which aims to create a Universal Basic Income to all human beings for being “unique individuals”.

Worldcoin’s goal to offer an economic solution to the problems arising from the loss of job opportunities caused by innovations in Artificial Intelligence.

Worldcoin’s Proof of Identity aims to create a reliable way of. distinguish human beings from artificial intelligences, preserving privacy and enabling the creation of a Universal Basic Income through the WLD token.

What is Proof of Personhood or Proof of Humanity?

Worldcoin’s global identification system is based on the so called. “Proof of Personhood” or “Proof of Humanity”.a system by which it is established that an individual is a unique human being.

This is achieved by scanning irises in so-called “Orbs” (orbs), specialized hardware that scans the iris and converts the information into hashes on the Worldcoin blockchain, creating the World ID.

The project decided to scan the iris, as it has unique patterns, more complex than fingerprintss fingerprints and therefore facilitates the creation of a global identification system.

Once World ID is established, the system allows individuals to digitally sign without having to reveal their identity to the outside world. It does this in a similar way to what happens with “Zero Knowledge Testing.”

What Worldcoin is for

Beyond the aforementioned Universal Basic Income, which is created through the weekly issuance of WLD tokens that are gifted to users who have passed the Proof of Personhood. Worldcoin has other use cases focused on enhancing the accessibility to financial infrastructures. decentralized through its World App mobile application.

Proof of Personhood also aims to eliminate the impact of bot attacks on social networks. It may also enable the possibility of developing global governance processes and digital electoral voting systems.

WLD the Worldcoin token

WLD is an ERC-20 token developed on the Ethereum blockchain, but also available on Optimism (an Ethereum layer 2 network that offers faster transactions and lower fees).

The token has a total supply of 10 billion , although the circulating supply (tokens currently available for purchase) is 143 million.

Anyone worldwide (except in the United States) can download World App and reserve user grants, which they will receive each week. To claim these grants, it is necessary to scan the retina on one of the Orbs.

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