Worldcoin: A groundbreaking concept from the founders of OpenAI

Modified on Wed, 6 Dec, 2023 at 2:07 PM

Currently, all eyes are focused on the emergence of AI technology, which comes with tremendous benefits but also brings significant concerns. One of these concerns is the issue of identity impersonation, where individuals can be misrepresented or manipulated by AI. The Worldcoin project aims to tackle this problem with the concept of Proof-of-Personhood.

What is Worldcoin?

Worldcoin is a system developed with the goal of providing access to the global economy for every individual. It is designed to be decentralized, meaning that every user within the system has the ability to influence its operations, without being reliant on any central authority.

The Worldcoin system is built upon the collaboration of three main components:

  1. World ID — This is a digital personal data storage system that can securely hold unique identity information for each individual, allowing for distinct identities to be maintained.
  2. Worldcoin Token (WLD) — This digital token is used within the Worldcoin system. It is distributed for free to individuals who register and verify their identity through the World ID system.
  3. World App — This self-custodial digital wallet application enables users to manage their digital assets, including Worldcoin Tokens, stablecoins, and traditional currencies. Users can make payments, purchase goods, and transfer funds worldwide using Worldcoin Tokens through this app.

The Worldcoin system operates on a Layer-2 blockchain built on top of the Ethereum network. It utilizes Optimistic Rollups to handle a large volume of data. The Worldcoin Token follows the ERC-20 standard, enabling interoperability with other services on the Ethereum network.

How does Worldcoin work?

Worldcoin differs from other digital tokens in that it is distributed for free to individuals who register and verify their identity through the Worldcoin system. The process involves downloading the Worldcoin app, providing information, and then confirming one’s identity by scanning their eye using a device called “The Orb.” This spherical device is deployed by the Worldcoin team in various locations worldwide (You can check the locations of The Orb here.)

The reason for using eye scanning for identity verification is that each person’s iris pattern is unique, similar to fingerprints, and is more difficult to fake. This ensures that the individuals registering in the system are actual humans and not bots or AI.

When a user successfully scans their eye with The Orb, the device doesn’t store their biometric data. Instead, it generates an IrisHash, a set of codes derived from the scan that can identify the user. After obtaining the IrisHash and a digital wallet, users receive a World ID and a digital passport.


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