Worldcoin is an open-source system founded by Sam Altman, the CEO of OpenAI, that aims to prove identity and financial public goods through Blockchain technology. It aims to solve the problem of approximately 1 billion individuals worldwide, especially in developing countries, who lack legal or digitally verifiable identities. Additionally, it aims to address the lack of access to banking for over 1.7 billion adults, particularly in rural areas. The system consists of three main components: World ID, World App, and WLD coin.
World ID is a decentralized and privacy-protected identity solution that allows users to prove that they are unique individuals and prevents the misuse of Worldcoin‘s services by bots. It is designed specifically for citizens lacking appropriate forms of identification in developing countries. The data stored in World ID is protected using zero-knowledge technology, providing verification without revealing the real identity or online habits.
World App serves as a mobile application connected to the user’s World ID. It functions as a cryptocurrency wallet and supports wallet features such as sending and receiving tokens, as well as buying and selling tokens. The application also enables users to access time-limited payments in WLD for verified users in eligible countries. World App has gained significant interest during the beta process, with over 1.5 million users registered.
WLD coin is the currency used for Worldcoin grants and governance on the protocol. It has a maximum supply of 10 billion and is listed on various cryptocurrency exchanges, including Binance.
The identity verification process of Worldcoin involves the use of a biometric imaging device called Orb to capture users’ iris patterns. Orb is used by Worldcoin Operators to personally verify users and turns World ID into a counterfeit form of identification.
While aiming to increase accessibility to the global economy and financial services, Worldcoin has faced criticism regarding privacy implications and tokenomics. Privacy advocates and former Ethereum developer Hudson Jameson expressed concerns about the Orb verification method and lack of transparency in the project.
Despite the criticisms, Worldcoin has received significant investments, including $100 million in a Series A round from investors such as a16z, Digital Currency Group, and Coinbase Ventures.
WLD coin can be safely bought and sold from Binance, the world’s largest cryptocurrency exchange by trading volume. At the time of writing, WLD coin is traded on Binance in WLD/BTC and WLD/USDT pairs.
To buy WLD coin, if you haven’t already, you need to first register on the Binance exchange. After completing the registration process, cryptocurrency or fiat money like Turkish lira should be transferred to the Binance account wallet. Once the transfer is completed, WLD coin can be purchased in both of the aforementioned pairs.
To make a purchase from the WLD/USDT pair, you need to first go to the interface of this pair. In the limit tab of the pair interface, enter the desired amount to be purchased in the specified field. After entering the amount, the purchase is completed with the WLD Buy order.