Worldcoin is a biometric cryptocurrency project founded in 2019 by OpenAI chief executive Sam Altman and a team of other investors and entrepreneurs. The project aims to create the world’s most extensive identity and financial network as a public utility. For this sake, Worldcoin uses iris scans for unique identification.
Worldcoin had issued the WLD token, but they were given out as Beta WLD tokens. But on July 24, 2023, Worldcoin launched out of beta, and Altman introduced WLD as a new cryptocurrency offering a novel identification method to reduce the risk of fraud. Technically, the WLD token is a Layer 2 Ethereum-based cryptocurrency intended to drive a more unified and equitable global economy.
Worldcoin combines artificial intelligence (AI) and blockchain technologies in an open-source protocol. The central part of this system is World ID, a privacy-preserving global identity network. Users can verify their humanness online using World ID, helping to distinguish themselves from bots or AI agents while maintaining their privacy through zero-knowledge proofs.
The Worldcoin project consists of three main parts;
- A unique digital identity that can be used worldwide (World ID),
- A global currency (WLD tokens),
- An app for payments and transfers using cryptocurrencies (World App).
How Worldcoin Works
To use the Worldcoin system, people must first download the World App. After creating a Worldcoin account, a user gets a crypto wallet named WalletConnect, which supports Bitcoin, Ethereum, and USDC. Reportedly, more cryptocurrencies will be added in the future.
Users wishing to get their World ID must visit a location where their eyes are scanned through a sphere-shaped device called the Orb. There are Orb operators in several large cities across 35 countries. This way, the system verifies a user is human and ensures they sign up once only. The Orb generates a special identifying code (an IrisCode) based on the user’s iris structure, which is distinct for every person.
The generated IrisCode is then saved in the Worldcoin blockchain to ensure nobody can replicate it. To preserve users’ privacy, the Orb does not store biometric data, and all the iris images are permanently erased after producing the corresponding IrisCode. However, the Orb keeps an IrisHash, a set of numbers to identify the person based on their scan.
After completing the process above, Worldcoin issues the user a World ID. The World App stores user credentials that they can use to verify themselves on any third-party application. This app also functions as a crypto wallet.
Where to Buy/Exchange WLD
All people holding a World ID can claim recurring grants of free WLD tokens (WLD tokens are not available in the US). Worldcoin issued WLD tokens during the beta phase. Many of these tokens were airdropped as part of the official launch three months ago. However, several crypto exchanges, including LetsExchange.io, have listed WLD for trading. According to the Worldcoin whitepaper, 10 billion WLD tokens will be issued over 15 years.
How to Store WLD
WLD is an ERC-20 token on Ethereum. Hence, one can store WLD tokens in any crypto wallet compatible with the ERC-20 standard. However, users will receive their user grants on the Optimism Mainnet. But it is not a problem. Users can easily swap WLD from one network to another using cross-chain swap functionality powered by LetsExchange.
Price Prediction
The WLD token officially launched on July 24, 2023, at $1.9. On the same day, the WLD price hit its all-time high of $3.6. However, this token has traded below its open price of $1.9 since mid-August, reaching an all-time low of $0.97 on September 13 this year. As of October 18, the WLD price was around $1.4. Hence, no significant price movement is expected for the rest of the year.
However, in 2024, WLD might trade at $3.6 on average, reaching a new all-time high of $3.7. In 2025, the average WLD price is forecasted to be $4.9, with a maximum of $5.2. In 2030, WLD could trade at $14.7 on average, reaching a maximum of $15. Hence, if you invest in WLD at the current trading price of $1.4, your investment could increase its worth by +971% by 2030.
Conclusion
Worldcoin is a project that aims to solve the authentication problems in the Web3 crypto sphere. It uses sophisticated technology to create digital “passports'' for the population worldwide. The idea is interesting. The WLD token could become the most widely distributed digital currency because of the way it is handed to Worldcoin users. Price predictions are optimistic about the future of the WLD token. However, the project has received criticism for its over-ambitious goals and dubious methods. So, if you want to invest in this cryptocurrency, do it cautiously.
Disclaimer
Please keep in mind that the above information is based exclusively on our observations and is provided for informational purposes only. It doesn’t constitute any kind of financial advice nor represents an official forecast. Cryptocurrency is a highly volatile asset, and you are investing in it at your own risk.