Worldcoin Launch and Its Impact

BingX
3 min readSep 21, 2023

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Worldcoin is an incredibly innovative project within the cryptocurrency space because it introduces “proof of personhood.” This mechanism identifies a person’s unique features; it’s imperative with AI on the rise, as biometric verification is unique and exclusively human. Worldcoin states, “It is the first and most fundamental building block in establishing digital identity.”

By creating an open and permissionless identity protocol that can be used anonymously to prove uniqueness and humanness and to disclose credentials issued by other parties selectively, Worldcoin is impacting how we verify individuals. This technology has been applied to other industries, but never cryptocurrency, creating positive and negative discourse as with most disruptive technologies.

Worldcoin represents an open-source protocol with the backing of a worldwide assembly of developers, individuals, economists, and technologists dedicated to enhancing involvement in and availability to the global economy. Overseeing this initiative is the Worldcoin Foundation, which ensures the nurturing and expansion of the Worldcoin community until it achieves self-sustainability. The initiation of Worldcoin is facilitated by Tools for Humanity, who presently offer guidance to the Foundation and operate the World App.

The core project fundamentals are as follows:

World ID

WorldID is a digital identity solution focused on safeguarding privacy, strategically developed to address crucial identity-related challenges. These encompass the verification of an individual’s distinct personhood.

Worldcoin token (WLD)

WLD is a token that holds functional value and empowers users with influence over the trajectory of the Worldcoin protocol. WLD stands out as the pioneer token that is universally disseminated to individuals as recognition of their unique existence.

World App

This an application designed to facilitate worldwide transactions, acquisitions, and fund transfers by seamlessly integrating digital assets and conventional currencies.

The reach of this project is vast, aiming to be universally available worldwide. World ID can be conceptualized as a worldwide digital passport or identity wallet on the holder’s mobile device, allowing for anonymous utilization due to the integration of zero-knowledge proofs, thereby confirming their genuine and individual identity. Making it stand out in the crypto space, Worldcoin aims to be the most prominent identity and financial public network.

As the World ID protocol progresses under community development, it aims to offer compatibility and features beyond what is at the initial launch. The first features include verifications such as phone number validation, granting convenient entry for smartphone users, and Orb iris biometric validation. While already unique, these tools position the project to be vastly different from other projects, creating impacts beyond currency but having the potential to align with other emerging technologies and disrupt how they transact.

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