Worldcoin is a cryptocurrency and digital identity project co-founded by OpenAI CEO Sam Altman. Launched on July 24th, it initially distributed 43 million WLD tokens to over 2 million eligible users. The project's core vision is to build the world's largest, fairest digital identity and financial system, aiming to help people globally access the digital economy.
What is Worldcoin?
Worldcoin is an ambitious initiative developed by OpenAI's Sam Altman. It seeks to create a globally inclusive identity and financial network. A primary long-term goal is to explore the potential for an AI-funded universal basic income (UBI) model.
After three years in development, the project attracted 2 million users during its testing phase. Upon its official launch, its network expanded significantly. The project utilizes a unique hardware device called the "Orb" to scan irises for identity verification. At launch, 1,500 Orb devices were deployed across 35 cities in 20 countries to help onboard millions of new users.
In a public letter, Altman and co-founder Alex Blania stated that if successful, Worldcoin could vastly increase economic opportunity, provide a reliable way to distinguish humans from AI online, protect privacy, promote global democratic processes, and potentially pave a path toward an AI-funded UBI.
Worldcoin’s ecosystem is built on three core pillars:
- World ID: A privacy-preserving digital identity protocol. It uses zero-knowledge proofs to verify an individual's unique human identity (proof-of-personhood) without compromising their personal data.
- Worldcoin Token (WLD): The native governance token. It's designed for use within the World App, with an expected 60% of the total supply distributed to users who verify their identity via the Orb.
- World App: A self-custodial wallet application. It enables users to hold, send, and receive WLD tokens, digital stablecoins, and traditional currencies for payments and transfers globally.
The project is backed by major venture capital firms in the crypto space, including a16z, Coinbase Ventures, and Blockchain Capital. Notably, a16z has participated in multiple funding rounds, demonstrating strong support for Worldcoin's mission.
Getting Started with the World App
To participate in the Worldcoin ecosystem, you first need to download the World App, the official wallet for the project.
The process to get started is straightforward:
- Download the World App from your device's official app store.
- Create an Account by entering your mobile number and completing SMS verification. It is crucial to securely back up your wallet password or seed phrase.
- Complete Verification. The next step is to verify your unique human identity using an Orb device for an iris scan.
- Claim Your Grant. After successful verification, new users typically become eligible for a WLD token grant. Initial distributions were part of a weekly claim process, though distribution schedules may change.
- Complete Tasks. The app often offers weekly tasks, such as answering simple questions. Completing these can reward you with additional crypto, like Bitcoin.
Privacy Tips for the World App:
- Navigate to Privacy settings and adjust "Find me by Phone" to "No one" if you wish to keep your phone number private.
- In your Account settings, consider keeping "iCloud/Google Drive backup" disabled. This prevents your sensitive wallet recovery information from being stored on a centralized cloud server.
The Worldcoin Token ($WLD)
Alongside its identity protocol, Worldcoin launched its native cryptocurrency, $WLD. The initial distribution targeted over 2 million users globally, with a focus on inclusion, particularly for individuals in the Global South. The $WLD token began trading on major cryptocurrency exchanges like Binance, OKX, and Bybit on its launch date.
How to Acquire $WLD Tokens
The fastest way to acquire WLD for free is to download the World App and complete identity verification at an Orb location. This makes you eligible for a user grant. Users may also receive additional airdrops over time, which usually must be claimed manually within the app.
From a technical standpoint, Worldcoin ($WLD) is an ERC-20 token on the Ethereum mainnet. However, user grants are distributed on the Optimism layer-2 network to reduce transaction fees. Therefore, most $WLD transactions occur on Optimism. Users can bridge their tokens back to the Ethereum mainnet using the official Optimism bridge if needed.
It is important to note that the token allocation was updated from the initial plan. The share of tokens allocated to Tools for Humanity (TFH), the initial development team, was increased from 20% to 25%. The project stated this change was due to the greater complexity and higher cost of responsibly developing and launching the network than initially anticipated.
👉 Explore more strategies for managing digital assets
Frequently Asked Questions
What is the main purpose of Worldcoin?
Worldcoin aims to create a global financial and identity network based on proof of unique personhood. Its goals are to increase economic opportunity, provide a reliable way to distinguish humans from AI bots online, and eventually explore pathways toward a system of universal basic income funded by AI.
Is the Orb iris scan safe? How is my data protected?
The Orb generates a unique iris code (a hash) to verify your uniqueness without storing the actual image of your iris. This code cannot be reverse-engineered to recreate your biometric data. The process is designed to protect user privacy through zero-knowledge proofs, allowing you to prove you are human without revealing personal information.
Can I use Worldcoin without doing the iris verification?
You can download the World App and use it as a cryptocurrency wallet without verification. However, to receive the WLD token grant and obtain a World ID (which is core to the project's identity protocol), you must complete the in-person Orb verification.
Where can I buy or trade WLD tokens?
$WLD is listed on several major centralized cryptocurrency exchanges, including Binance, OKX, and Bybit. You can buy, sell, and trade WLD on these platforms like any other cryptocurrency.
What is the difference between World ID and the WLD token?
World ID is your digital passport that proves you are a unique human. The WLD token is the native cryptocurrency used within the ecosystem for governance, payments, and transfers. You need a World ID to be eligible for certain WLD distributions.
What blockchain is WLD on?
The WLD token exists as an ERC-20 token on Ethereum. However, to make transactions faster and cheaper for users, its primary distribution and transaction layer is on the Optimism network, an Ethereum layer-2 scaling solution.