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Artificial Intelligence (AI) has advanced significantly in recent years, reaching a level where it is increasingly difficult to distinguish from humans based solely on online interactions. Modern AI technology has already caused numerous issues for humans, such as manipulating choices and the ability to mimic real individuals and others. The skill of verifying that content is generated by a human has wide-ranging implications for individuals, businesses, and societies. The Worldcoin project aims to address this problem with a threefold approach: World ID, World App, and Worldcoin coin (WLD).
What is Worldcoin?
The ambitious vision of the Worldcoin project is to create the largest identity and financial public service to provide universal access to the global economy. It takes a unique approach to verifying humanity through AI, distinguishing humans among billions of people worldwide. Ultimately, an individual’s personalized identity should be distinguishable from others without violating their privacy.
The developers of Worldcoin initially tackled this problem successfully through Orb, a biometric technology that captures a photograph of an individual’s eyes. This photograph is converted into a digital sequence to verify both humanity and uniqueness, serving as the only generated personal information. This data is then securely stored in World ID, which functions as a digital passport.
Exploring the Threefold Approach to Solving Identity Verification
As part of this identification and verification process, each person is given WLD coins, enabling them to receive free money by scanning only their irises.
Sam Altman, the founder and CEO of OpenAI, a viral AI chatbot, is also a founding partner of the Worldcoin project. Altman focuses on a threefold strategy to bring the project to life: creating a global identity for individuals, developing World App, and facilitating the use of WLD coins for purchases and other activities.
Worldcoin is developing the world’s largest identity protocol, which functions like a digital passport and can be accessed through an individual’s phone. It protects privacy by using zero-knowledge proof to verify humanity and uniqueness without collecting and storing personal data.
The launch of Worldcoin opens the door to real-life applications such as preventing bot accounts on social networks like Instagram and Twitter, voting in elections, and DAO governance, among many other areas where it can be used.
Orb supports World App as an open imaging device that uses biometrics to create a World ID, supporting this critical aspect of the project. To obtain a World ID, users must download World App and connect it to a compatible wallet. Worldcoin Operators from around the world assist in the operation of Orb, earning WLD coins in return.
WLD coin is an ERC-20 token that benefits from Ethereum‘s security, possessing governance features. It allows users to contribute to the direction and ongoing development of the platform. In addition to providing governance duties to token holders, WLD facilitates the secure transfer and purchase of cryptocurrencies and fiat currencies. It also supports compatibility with built-in services and tools for optimized functionality.
The supply of WLD coins is classified as 10 billion, which will be distributed according to the following allocation:
- Worldcoin Community: 75%
- Tools for Humanity (TFH) Investors: 13.5%
- Initial Development Team: 9.5%
- Uncommitted Reserve of TFH: 2%
During the launch, there will be a maximum initial circulating supply of 136 million WLD coins, including 36 million allocated to Orb-verified individuals during the beta phase and 100 million lent to market makers operating outside the United States.
How to Buy WLD Coin?
WLD coin can be purchased and sold quickly and securely through Binance, the world’s largest cryptocurrency exchange in terms of trading volume. To buy WLD coin, you first need to register for Binance (if you haven’t already) and then deposit fiat currency. After depositing a fiat currency such as Turkish lira, US dollars, or Euros into the cryptocurrency exchange, you can proceed with the purchase transaction through the trading pairs in which WLD coin is traded.
WLD coin transactions on Binance started on July 24, 2023, at 12:00.
