Worldcoin is an innovative and ambitious project aiming to create a global economy that is accessible to everyone, regardless of their country or background. The project was co-founded by Sam Altman, the CEO of OpenAI, and is being developed by a team called Tools for Humanity. The Worldcoin Foundation acts as the steward for the project, supporting and growing the Worldcoin community until it can become self-sufficient.
Worldcoin is built on three core components:
World ID: This is a digital identity that proves the user is a real and unique person, while fully respecting the individual’s privacy.
Worldcoin: The first token to be globally and freely distributed to people, just for being a unique individual. This token can be used for both utility and future governance.
World App: This application enables payment, purchases, and transfers globally using the Worldcoin token, along with other digital assets and traditional currencies.
The project has raised significant capital through various funding rounds. Tools for Humanity, the team behind Worldcoin, raised $115 million in a Series C round led by Blockchain Capital. Other notable investors in the round included a16z, Bain Capital Crypto, and Distributed Global. This comes after a successful raise of $100 million in March 2022 at a $3 billion valuation9.
The latest raise will be used for bot detection, research and development, and the expansion of the Worldcoin project and application. As of now, Worldcoin is in beta testing and has onboarded about two million users across five continents.
Worldcoin is not without its controversies. The project has faced privacy concerns due to its use of a device called “The Orb” to scan users’ irises to establish their unique identity. However, the project asserts that the original biometric data is immediately destroyed after use, and only a unique encoding of the iris, known as an ‘iris code’, leaves the orb1.
As of May 26, 2023, the price of Worldcoin (WDC) is $0.041091727644. In the past 24 hours, it experienced a -20.4% decline; over the past week, it has decreased by 28.0%13. Despite the recent decrease, the value of WDC has increased by 141.0% over the past year.
Despite the volatility, there is significant optimism about the potential of Worldcoin. Some investors believe that it could become the biggest onramp to crypto and that the World App could become the most widely adopted crypto wallet.
There are, however, some gaps in the information available. It’s unclear how Worldcoin plans to address regulatory concerns that may arise with the distribution and use of its token globally. Furthermore, details about the user experience on the World App, the security measures in place, and how Worldcoin will ensure the privacy and safety of user data are not readily available.
Overall, Worldcoin represents an exciting venture in the world of cryptocurrencies, with the potential to disrupt traditional financial systems and create a more equitable global economy. As with all crypto ventures, potential investors should carefully consider the risks and research before getting involved.
This article reflects the state of Worldcoin as of May 26, 2023. Given the fast-paced nature of cryptocurrency projects, it’s advisable to keep an eye on the latest developments