What Is Worldcoin (WLD)?
The mission of the Worldcoin project is to build the world’s largest identity and financial network as a public utility, giving ownership to everyone. The Worldcoin system revolves around World ID, a privacy-preserving global identity network. World ID enables users to verify their humanness online ("Proof of Personhood") while maintaining their privacy through zero-knowledge proofs. 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, with all images being promptly deleted on-device per default (absent explicit consent to Data Custody). All Orb-verified World IDs holders are entitled to claim recurring grants of free WLD tokens (WLD tokens are not available in the US; see the Worldcoin Tokenomics section of the project's whitepaper for details). This has the potential to make WLD the most widely distributed digital currency. The WLD token is designed as a utility token with governance properties, empowering users by giving them a say over the future of the protocol. Beyond conventional "one-token-one-vote" governance mechanisms, the introduction of World ID paves the way for "one-person-one-vote" mechanisms. These two mechanisms can also be combined to enable new ways of governance.
After launch, the Worldcoin Foundation will solicit proposals and work with the community on how World ID and the WLD token should interact in Worldcoin's governance model (see the project's whitepaper for details on governance and decentralization). The community of users will determine the token's utility, but a few other use cases in addition to governance could emerge. For example, users may decide to use the WLD token to pay for certain actions in World App or another wallet app, to make other payments, or to signal their approval for certain initiatives or causes.
WLD is an ERC-20 token on Ethereum. Individuals will receive their user grants on Optimism Mainnet. Therefore, most WLD transactions will likely take place on the Optimism network.
Who Are the Founders of Worldcoin?
Worldcoin was founded by Sam Altman, Alex Blania, and Max Novendstern (Max Novendstern left the project in July 2021). The most well-known of the co-founders, Sam Altman, is also the co-founder and current CEO of OpenAI and former president of Y Combinator, a startup incubator. Initial research and development for the Worldcoin project was conducted by Tools for Humanity (TFH) and other partners. Worldcoin has raised over 250M USD across several funding rounds from investors such as a16z, Khosla Ventures, Bain Capital Crypto, Blockchain Capital, and Tiger Global, among others.