Worldcoin is an open-source digital identification platform that aims to provide a solution for everyone to verify their human identity and differentiate themselves from AI in the digital space. The Worldcoin ecosystem comprises three main components: World ID, World App, and Worldcoin (WLD).
World ID
The World ID focuses on the Proof of Personhood (PoP) concept, placing human identity at the center of its ecosystem. It allows users to verify their human identity without compromising privacy. To verify an individual’s identity, the World ID supports multiple levels of personhood verification, including phone number and Orb biometric verification.
The Orb is an iris-scanning device that supports personhood verification. Since each individual has a unique iris pattern, the Orb scans a user’s iris and captures the structure of the iris to generate an identification code called IrisCode. IrisCode is not linked to personal information but is used to prevent multiple World IDs from being acquired by one individual. When the iris scan is completed, the system will securely store an anonymous IrisCode and issue a World ID to the user. Iris images are permanently deleted, and the platform does not require repeated iris scans for identity verification.
Each generated World ID is added to the Worldcoin blockchain. Users can sign in and authenticate their identity into websites, mobile apps, and crypto dApps while remaining anonymous.
World App
The World App is a digital wallet designed to make Worldcoin and Ethereum protocols accessible to users. Users can obtain a World ID via the app.
Worldcoin (WLD)
Worldcoin (WLD) is the network’s native utility token. During the beta phase, the token was distributed to users participating in the network. WLD went live on July 24, 2023, and the market cap of WLD now stands at about $261 million, with over 113 million WLD tokens in circulation (as of late July 2023). WLD’s all-time high (ATH) price peaked at $3.30 on July 24, 2023, and is now trading at about $2.30. (as of late July 2023).
Worldcoin (WLD) is available on the Matrixport app; alongside other blue-chip cryptocurrencies like Bitcoin (BTC), Ether (ETH), stablecoins (USDT, USDC, and BUSD), and many more. Users can deposit, withdraw and transfer WLD on the app.