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Introducing Worldcoin
More than three years ago we founded Worldcoin with the ambition of creating a new identity and financial network owned by everyone; the rollout begins today. If successful, we believe Worldcoin could drastically increase economic opportunity, scale a reliable solution for distinguishing humans from AI online while preserving privacy, enable global democratic processes, and eventually show a potential path to AI-funded UBI.
Worldcoin consists of a privacy-preserving digital identity (World ID) and, where laws allow, a digital currency (WLD) received simply for being human. We hope that, where the rules are less clear, such as in the U.S., steps will be taken so more people can benefit from both.
You can now download World App, the first protocol-compatible wallet, and reserve your share. After visiting an Orb, a biometric verification device, you will receive a World ID. This lets you prove you are a real and unique person online while remaining completely private. As the global distribution of Orbs is ramping up, you can find the closest one and book time to be verified with World App and at worldcoin.org.
Worldcoin is an attempt at global scale alignment, the journey will be challenging and the outcome is uncertain. But finding new ways to broadly share the coming technological prosperity is a critical challenge of our time. We hope you’ll join us.
Alex Blania & Sam Altman
A New Identity and Financial Network
Introducing Worldcoin
Worldcoin was founded with the mission of creating a globally-inclusive identity and financial network, owned by the majority of humanity. If successful, Worldcoin could considerably increase economic opportunity, scale a reliable solution for distinguishing humans from AI online while preserving privacy, enable global democratic processes, and show a potential path to AI-funded UBI.
Worldcoin consists of a privacy-preserving digital identity network (World ID) built on proof of personhood and, where laws allow, a digital currency (WLD). Every human is eligible for a share of WLD simply for being human. World ID and WLD are currently complemented by World App, the first frontend to World ID and the Worldcoin Protocol, developed by the contributor team at Tools for Humanity (TFH).
“Proof of personhood” is one of the core ideas behind Worldcoin, and refers to establishing an individual is both human and unique. Once established, it gives the individual the ability to assert they are a real person and different from another real person, without having to reveal their real-world identity.
Today, proof of personhood is an unsolved problem on a global scale, making it difficult to vote online or distribute value on a large scale.The problem is even more pressing as increasingly powerful AI models will further amplify the difficulty of distinguishing humans from bots. If successful as part of Worldcoin, World ID could become a global proof of personhood standard.
Some of the core assumptions behind Worldcoin are:
Proof of personhood is a missing and necessary digital primitive. This primitive will become more important as increasingly powerful AI models become available.
Scalable and inclusive proof of personhood, for the first time, allows aligning the incentives of all network participants around adding real humans to the network. Bitcoin is issued to secure the Bitcoin network. Worldcoin is issued to grow the Worldcoin network, with security inherited from Ethereum.
In a time of increasingly powerful AI, the most reliable way to issue a global proof of personhood is through custom biometric hardware.
The following dynamic Whitepaper shares the reasoning behind the implementation of the project as well as the current state and roadmap.
World ID
World ID is privacy preserving proof of personhood. It enables users to verify their humanness online while maintaining their privacy through zero-knowledge proofs, via a custom biometric device called the Orb. The Orb has been designed based on the realization that custom biometric hardware might be the only long term viable solution to issue AI-safe proof of personhood verifications. World IDs are issued on the Worldcoin protocol, which allows individuals to prove that they are human to any verifier (including web2 applications) while maintaining their privacy through zero-knowledge proofs. In the future, it should be possible to issue other credentials on the protocol as well.
World ID aspires to be personbound, meaning a World ID should only be used by the individual it was issued to. It should be very difficult to use by a fraudulent actor who stole or acquired World ID credentials. Further, it should always be possible for an individual to regain possession of a lost or stolen World ID.
Worldcoin Token
While network effects will ultimately come from useful applications being built on top of the financial and identity infrastructure, the token is issued to all network participants to align their incentives around the growth of the network. This is especially important early on to bootstrap the network and bypass the “cold start problem”. This could lead the Worldcoin token (WLD) to become the widest distributed digital asset.
World App
World App is the first frontend to World ID: it guides individuals through the verification with the Orb and custodies an individual’s World ID credentials and implements the cryptographic protocols to share those credentials with third parties in a privacy preserving manner. It is designed to provide frictionless access to global decentralized financial infrastructure. Eventually, there should be many different wallets integrating World ID.
How does Worldcoin Work?
Worldcoin revolves around World ID, a privacy-preserving global identity network. Using World ID, individuals will be able to prove that they are a real, unique human to any platform that integrates with the protocol. This will enable fair airdrops, provide protection against bots/sybil attacks on social media, and enable the fairer distribution of limited resources. Furthermore, World ID can also enable global democratic processes and novel forms of governance (e.g., via quadratic voting), and it may eventually support a path to AI-funded UBI.
To engage with the Worldcoin protocol, individuals must first download World App, the first wallet app that supports the creation of a World ID. Individuals visit a physical imaging device called the Orb to get their World ID Orb-verified. Most Orbs are operated by a network of independent local businesses called Orb Operators. The Orb uses multispectral sensors to verify humanness and uniqueness to issue an Orb-verified World ID, with all images being promptly deleted on-device per default (absent explicit consent to Data Custody).
Potential Applications
Worldcoin could significantly increase equality of opportunity globally by advancing a future where everyone, regardless of their location, can participate in the global digital economy through universally-accessible decentralized financial and identity infrastructure. As the network grows, so should its utility.
Today, many interactions in the digital realm are not possible globally. The way humans transact value, identify themselves, and interact on the internet is likely to change fundamentally. With universal access to finance and identity, the following future becomes possible:
Finance
Owning & Transferring Digital Money: Sending money will be near instant and borderless, globally. Available to everyone. The world could be connected financially and everyone would be able to interact economically on the internet. The COVID relief fund for India, where over $400 million were raised in a short period of time by individuals around the world to support the country as a hint at what can be possible. Overall, this has the potential to connect people on a global scale unlike anything previously seen in human history.
Digital money is safer than cash, which can be more easily stolen or forged. This is especially important in crisis situations where instant cross-border financial transactions need to be possible, such as during the Ukrainian refugee crisis, where USDC was used to distribute direct aid. Additionally, digital money is an asset that individuals can own and control directly without having to trust third parties.
Identity
Keep the Bots Out: Bots on Twitter, spam messages, and robocalls are all symptoms of the lack of sound and frictionless digital identity. These issues are exacerbated by rapidly advancing AI models, which can solve CAPTCHAs and produce content that is convincingly "human". As services ramp up defenses against such content, it becomes essential that an inclusive and privacy-preserving solution for proof of personhood is available as public infrastructure. If every message or transaction included a "verified human" property, a lot of noise could be filtered from the digital world.
Governance: Currently, collective decision making in web3 largely relies on token-based governance (one token, one vote), which excludes some people from participating and heavily favors those with more economic power. A reliable sybil-resistant proof of personhood like World ID opens up the design space for global democratic governance mechanisms not just in web3 but for the internet. Additionally, for AI to maximally benefit all humans, rather than just a select group, it will become increasingly important to include everyone in its governance.
Intersection of Finance and Identity
Incentive Alignment: Coupons, loyalty programs, referral programs and more generally sharing value with customers is traditionally prone to fraud as the incentives for fraudulent actors are high. Frictionless and fraud resistant digital identity helps to align incentives and benefit both consumers and companies. This could even incept a new wave of companies owned in part by its users.
From: whitepaper.worldcoin.org
Also:
Worldcoin Rises, But So Do Privacy Concerns
The entire cryptocurrency market remains red on Tuesday, with Bitcoin trading at $29,185 and Ether exchanging hands at $1,855, with the total market cap down at $1.22 trillion. But one coin defied market momentum with everyone's eyes on the freshly launched Worldcoin (WLD).
At the time of writing, the $218 million market cap token has been trading at $2.09, down 22.7% in the past 24 hours while managing $477 mln in trading volume.
On Monday, the starting price of the coin was $0.15. But with all the market attention on WLD, it went to hit $3.30 but is down 38.88% since then, as per CoinGecko.
These gains came after the world's largest crypto exchange Binance listed the token, where the token price went as high as $0.5290. The trading pair WLD/USDT on Binance still accounts for 42.77% of all Worldcoin trading volume.
Besides Binance, several other major exchanges listed the token on the same day of its launch. Centralized crypto exchanges (CEXs) Huobi, OKX, KuCoin, Bybit, WOO X, MEXC, Bitget, and Gate.io have already started allowing trading for the coin along with the decentralized exchanges (DEXs) Uniswap.
However, it's important to note that only 1% of the token supply, about 107 million out of the 10 billion, is circulating in the market. This puts the current FDC (Fully Diluted Valuation) at $20.2 bln.
While a new shiny thing for crypto to focus on, WLD comes with centralization and privacy implications, which has the market criticizing the project.
Worldcoin: Scan Your Iris in Exchange for Tokens
The company started ramping up expectations on Twitter over the weekend before its launch, with users prompted to update the mobile app. The functionality was also blocked in the app with the message, “It's time. Join us in the World App.”
Then on Monday, Worldcoin announced on Twitter that it had launched its mainnet and WLD token.
“More than three years ago, we founded Worldcoin with the ambition of creating a new identity and financial network owned by everyone,” wrote co-founders Sam Altman and Alex Blania in the company letter.
The project involves a privacy-preserving digital identity, World ID, which is proof of being a real and unique person online. The ID is given upon visiting the biometric verification device called Orb.
Orb is a tailor-made silver ball approximately the size of a bowling ball that weighs 2.8 kg or just under 6.2 lbs. Using the scan, the orb creates a unique identifier for each human but doesn't process or store any related data locally, as per the company. And in exchange for the full verification, which requires users to scan their irises using Orb, users are airdropped 25 WLD tokens.
“Worldcoin is an attempt at global scale alignment, the journey will be challenging, and the outcome is uncertain. But finding new ways to broadly share the coming technological prosperity is a critical challenge of our time,” wrote Altman and Blania.
Tokenomics, Demographics, & Future Plans
With Worldcoin mainnet and token launched, developers will now also have access to the project's software development kit (SDK), which up until now has been available in beta mode. Verified users participated in token airdrops, which will now be converted, and users will be able to move them out of World App or use them within the application.
World App is a crypto wallet that was launched in May. It is designed by the research lab and tech product development company Tools for Humanity (TFH), which Altman and Blania co-founded. On Monday, the World App put up a notice of being “at capacity” and “experiencing high loads.”
Right from the launch, features like peer-to-peer concepts will be available on the World App. Beyond that, the public availability of SDK means developers can create tools and apps using its identity protocol World ID.
The project is also ramping up the Orb availability worldwide, with about 200 Orbs currently available. Late last month, Worldcoin integrated with an identity and access management software provider Okta that has “hundreds of millions of users” and is aiming for billions.
According to the company, the plan is to make 1,500 Orbs available by the end of the year. Made in Germany, the Orbs feature a wide-angle camera as well as a telephoto camera to capture an image of the human iris. Already more than 2 million people have been scanned — 32% of them being from Asia and Africa each, 19% from Latin America, and 17% in Europe, the firm said in its whitepaper.
In the coming months, Worldcoin will make the verification available in 35 cities. The app is currently available in 120 countries. Moreover, the company will be adding the option to book appointments as opposed to pop-ups.
With the launch of its ERC-20 token, the project further finalized its migration from Polygon to the Optimism network, a layer 2 scaling option for Ethereum. The move was first announced in February as part of its commitment to “realizing a scalable, inclusive future that unlocks the full potential of crypto and furthers the evolution of identity on the blockchain.”
The project also released WLD tokenomics on Monday, which shows that the WLD supply will be capped at 10 billion tokens for 15 years. After this, the network governance can decide to implement an inflation rate of up to 1.5%, along with how to allocate the minted tokens.
The maximum circulating supply at launch is 143 million WLD, of which 43 million will be allocated to already verified on the World App during pre-launch. One hundred million, meanwhile, is given to market makers outside the US, which will expire in three months, to facilitate trading.
As per tokenomics, the majority (75%) of the token supply will be made available to the Worldcoin community. These 7.5 billion WLD tokens were minted before the launch. The foundation aims to allocate 6 billion of those to users. However, not all 2.5 billion WLD, meant for insiders, has been allocated.
Out of the remaining supply, Tools for Humanity's investors will receive 13.5%, while the initial development team is set to get a 9.8% slice. The portion meant for the team is presently under lockup, with a plan to release it gradually over the coming three years. Rounding off the allocation, a 1.7% reserve has been set aside to handle potential contingencies.
A Tool to Enable Global Democratic Processes
Back in May, the San Francisco and Berlin-based startup Tools for Humanity raised $115 million in a Series C round led by Blockchain Capital with participation from a16z, Bain Capital Crypto, and Distributed Global to build Worldcoin.
The project uses AI to create unique codes to represent the scans and complies with “very, very local and very specific rules and regulations in each of the markets where there's an Orb,” said Rebecca Hahn, chief communications officer at Tools for Humanity, in an interview.
While US citizens and those based in the country cannot access the token, Tools for Humanity's head of product, engineering & design, Tiago Sada, said that the “lack of regulatory” still allows them to get a verified World ID. As such, the company is confident in using the network in the US, based on people's excitement to sign up for World ID.
“It is really sad,” said Altman of not issuing tokens in the US amidst an SEC-led crackdown on digital assets. “Of course, we're going to follow the law. I hope that there's more clarity in the US over time and a more friendly environment.”
World ID, the project's main offering, is described as a “digital passport” to prove that its holder isn't an AI bot but a real human. Moreover, its wallet application World App can leverage the network of authenticated users to root out bots.
“In the age of AI, the need for proof of personhood is no longer a topic of serious debate; instead, the critical question is whether or not the proof of personhood solutions we have can be privacy-first, decentralized, and maximally inclusive,” said Blania.
According to the company, the distinction between human and AI bots is necessary in the age of generative AI chatbots like ChatGPT.
Altman is the co-founder of Open AI, the startup behind ChatGPT, which sent OpenAI's valuation to almost $30 billion. A couple of months ago, Altman called upon Congress to regulate AI and recently committed to a White House-brokered safety pledge.
According to Altman, Worldcoin can help address how generative AI will reshape the economy. “People will be supercharged by AI, which will have massive economic implications,” he told Reuters.
The idea is to have AI-funded UBI or universal basic income, a government-run program where every individual is entitled to payments, with Worldcoin to help eliminate fraud by adopting it in distributing UBI.
As AI “will do more and more of the work that people now do,” UBI can help to combat income inequality because only real people can have World IDs, noted Altman. While UBI could be “very far in the future,” Altman said, Worldcoin lays the groundwork for it to become a reality. “We think that we need to start experimenting with things so we can figure out what to do,” he said.
Besides Worldcoin and ChatGPT, Altman has also invested in Elon Musk's Neuralink and startup Retro Biosciences which aims to lengthen human life. He is also behind a nuclear fission startup Oklo, which will go public in a deal valuing the company at $850 mln. Speaking on his investments, Alman said in an interview with the Financial Times that “these are independent parts of a specific vision of the future which I believe in.”
Major Privacy, Centralization, & Security Concerns
With Worldcoin, Altman and Blania want to increase economic opportunity and scale a reliable solution for distinguishing humans from AI online while preserving privacy, limiting centralized control, and enabling global democratic processes.
However, the project is already facing scrutiny regarding how it has been collecting and processing the data and whether it can be safe from hackers in the future. Also, can it really be fraud-proof with a black market for iris scans reportedly already flourishing?
Late last month, Tools for Humanity's Sada said that users can opt to have their data retained, in which case, “their data is encrypted,” which then can be used for improving the accuracy and inclusivity of the models.” The user also has the ability to always revoke permission, Sada added.
The market, however, isn't convinced, with Dogecoin co-creator Billy Markus referring to Worldcoin as “creepy and weird.”
Meanwhile, Ethereum co-founder Vitalik Buterin released a blog post on Monday where he detailed his major concerns with Worldcoin's user authentication system, called “Proof-of-Personhood” (PoP).
Buterin argued that Worldcoin's system has potential issues with accessibility, centralization, privacy, and security.
According to him, World IDs won't be readily accessible to everyone, and scanning one's iris could potentially release more information than intended. Moreover, the “Orb” is a hardware device, and Buterin alleges that “we have no way to verify that (Orb) was constructed correctly and does not have backdoors,” alleged Buterin, adding the company can still insert a backdoor into its system and create “arbitrarily many fake human identities.”
Not to mention, users' phones could be hacked and then coerced into giving out their iris scans, he said. And while specialized hardware systems are better at protecting user privacy than traditional identification schemes, it also introduces “much greater centralization concerns.” “There is no ideal form of proof of personhood,” Buterin said.
All said, the token has captured traders' interest, while the project is gaining censure for now. And it remains to be seen if the project has any long-term viability beyond the short-term pump.
Frequently asked questions about Worldcoin
Currently in beta, the Worldcoin protocol is intended to be the world’s largest identity and financial public network, open to everyone regardless of their country, background or economic status. Read more about the protocol in the “What is Worldcoin?” blog.
How it works:
World ID
a privacy-preserving digital identity designed to help solve important, identity-based challenges, including proving an individual’s unique personhood.
Worldcoin token (WLD)
a token providing utility and giving users a say over the direction of the Worldcoin protocol. WLD is the first token to be globally and freely distributed to people just for being a unique individual.
World App
an app that enables payment, purchases and transfers globally using digital assets and traditional currencies
To sign up for World ID, follow these three steps:
Step 1: Download the World App from the App Store or Google Play in countries where it is available
Step 2: Follow the prompts to find a local Worldcoin Operator who can verify your unique personhood
Step 3: Receive your World ID in your World App and use it in a wide variety of everyday applications without revealing your identity
Worldcoin Operators are currently onboarding in additional locations. Please continue to check back regularly in the World App if a Worldcoin Operator is not immediately available near you.
Orb & Worldcoin Operators
The Orb is an imaging device that verifies you are a real and unique person who has not previously received a World ID. It is necessary because it is the only secure way of reliably determining uniqueness and personhood while also preserving privacy. Additional information about the Orb can be found on the Worldcoin blog.
The Orb checks that an individual is real and is unique, and has not previously received a World ID. It does this by capturing and processing images of an individual and their unique iris pattern. Since no two people have the same iris pattern and these patterns are very hard to fake, the Orb can accurately tell people apart from one another without having to collect any other information about them—not even their name. More details about the Orb and why biometrics are needed to prove uniqueness and humanness are outlined in a post on the Worldcoin blog.
The Orb complies with the specifications set forth in the international standard which includes eye safety (IEC-62741). The technology the Orb uses to verify uniqueness and personhood is opento the public for review and input. The Worldcoin community (including the Worldcoin Foundation) will continue working to ensure safety and privacy are at the center of all advancements.
Once launched, WLD will be available to anyone located in a place where WLD is available.*
*Worldcoin tokens are not intended to be available to people in the United States or other restricted territories. More details can be found in the Worldcoin terms of use.
Worldcoin Operators are individuals who operate Orbs all around the world and can earn Worldcoin or fiat currency by introducing Worldcoin to their communities and helping people securely sign up for World ID via the Orb. The Operators are not employees of the Worldcoin Foundation or Tools for Humanity, and run their operations independently while being expected to follow a strict Code of Conduct that emphasizes complying with laws and protecting the public.
Easily identifiable by their branded clothing, Worldcoin Operator team members can be seen throughout the community. These individuals facilitate the World ID sign-up process by helping users download the World App, assisting in account set up, verifying individuals for uniqueness via the Orb and providing educational resources regarding digital currencies. Worldcoin also provides 24/7 support to users through an online help center and live customer support agents.
Download the app to locate a Worldcoin Operator near you.
Worldcoin Operators are currently onboarding in additional locations. Please continue to check back regularly in the World App if a Worldcoin Operator is not immediately available near you.
Visit the Worldcoin Operator application site and apply!
Worldcoin Operators are currently available in a limited number of locations, but Worldcoin plans to offer additional locations in the future.
Launch
Worldcoin is expected to launch soon. The exact launch date will be determined by the leadership of the Worldcoin Foundation, which is charged with supporting the protocol and growing the Worldcoin community until the community becomes self-sufficient. The launch date will be set based on when the network and early applications can launch responsibly, in a way that is best for users and the long-term mission of the public utility.
“Launch” is the moment when the Worldcoin protocol goes “live,” leaving beta and entering a production-grade state. This means that users can use the protocol to do things like transmit and store value on the network and participate in applications running on the network.
The best ways to receive the latest information about Worldcoin are to sign up for a World ID, to download the World App Alternatively, follow Worldcoin on Twitter or Discord.
Data Privacy & Security
Personal data must be shared for a user to download the World App.
Individuals who want to receive a World ID are not required to share their name, phone number, email address, or home address. Images collected by the Orb are used to generate a unique iris code. By default these images are immediately deleted once the iris code is created, unless the user opts in to Data Custody. Opting into Data Custody will decrease the probability and frequency of the user’s need to reverify their World ID as the iris code algorithms change. The World ID sign up process is only intended to verify an individual’s uniqueness - i.e., that they have not previously signed up and received a World ID.
Worldcoin users may choose to share additional data, but this is never required. As an example, a user may provide their email address to sign up for the Worldcoin newsletter.
Importantly, the Worldcoin Foundation and its initial contributor Tools for Humanity do not, and never will, sell anyone’s personal data, including biometric data.
To learn more about the Worldcoin approach to data collection, handling and privacy, visit the protocol’s privacy page or the Worldcoin Blog.
The Worldcoin Foundation and its contributor Tools for Humanity do not and never will share any personal data (including biometric data) with anyone who is not working on or assisting with the Worldcoin project.
The Worldcoin Foundation and its contributor Tools for Humanity never have and never will sell any personal data.
Any personal data shared with Worldcoin is encrypted in transit and at rest.
Worldcoin is fully compliant with all laws and regulations governing biometric data collection and data transfer, including Europe’s General Data Protection Regulation (“GDPR”). Worldcoin never collects any biometric data from any user without that user’s explicit consent. Worldcoin’s Biometric Data Consent Form clearly describes its purposes in this area.
Minors are not allowed to participate in the project.
In the European Union, Tools for Humanity is under the supervision of the Bavarian State Office for Data Protection Supervision (Bayerisches Landesamt für Datenschutz).
Worldcoin is not a Virtual Asset Service Provider (“VASP”) or another similar classification. When a user downloads the World App and is verified as a unique person at an Orb, they are provided with two separate virtual tools: (1) a World ID, a privacy-preserving digital identity, and (2) a self-custodial wallet. As a self-custodial wallet provider, Worldcoin does not provide exchange services and does not hold custody of any crypto assets or funds.
Worldcoin is built on the Ethereum blockchain utilizing both layer 1 and layer 2 technologies for efficiency. On September 15, 2022 the Ethereum blockchain underwent “the merge,” a transition that reduced the energy used in operating the Ethereum blockchain by more than 99.95% overnight.
Other
Worldcoin is a decentralized open source protocol supported by a global community of developers, economists and technologists committed to expanding participation in, and access to, the global digital economy. It is intended to become a public network, with ownership by everyone.
The Worldcoin Foundation is the initial steward of the protocol, and will support and grow the Worldcoin community until it becomes self-sufficient. It will do this by facilitating decentralization of the project over time consistent with Worldcoin’s goals and mission-focused ethos.
Tools for humanity (TFH) is a global technology company established to accelerate the transition towards a more just economic system. It led the initial development of Worldcoin and operates the World App, but it has no other affiliation with and is governed entirely independently of the Worldcoin Foundation. Over time, TFH will continue to develop important tools supporting Worldcoin and beyond. Tools for Humanity Corporation is a Delaware (U.S.) corporation headquartered in San Francisco, California. It has a wholly-owned subsidiary, Tools for Humanity GmbH based in Erlangen, Bavaria, Germany. TFH has offices in San Francisco, Erlangen, and Berlin.
The best ways to receive the latest information about Worldcoin are to sign up for a World ID, to download the World App or to subscribe to the Worldcoin email updates. Alternatively, follow Worldcoin on Twitter or Discord. Updates will also be available via the Worldcoin blog.
Because Worldcoin is an open-source protocol, it is supported by a global community of developers, individuals, economists and technologists. Anyone can use their skills to contribute to Worldcoin, by engaging on the Worldcoin Github, becoming a Worldcoin Operator, or later pursuing a grant from the Worldcoin Foundation. Individuals interested in specifically working at the Worldcoin Foundation or joining contributor Tools for Humanity should visit the Worldcoin careers page for information regarding open positions.
From: https://worldcoin.org/faqs?m=1
