Think of Worldcoin as a three-legged stool: It only works if people adopt and use three mutually reinforcing components.
World ID
The heart of the platform is World ID, which the company claims will enable users to “verify their humanness” online while maintaining their privacy. This so-called “proof of personhood” is created by an iris-scanning device called the Orb.
Much like fingerprints, every person’s iris pattern is different. The Orb scans a user’s iris and uses its structure to create a unique identification code called an IrisCode. The code is not associated with a user’s personal information—it exists solely to prevent people from acquiring more than one World ID.
After the Orb scans your iris and saves an anonymous IrisCode, it then issues your World ID. It also permanently deletes each iris image. The system does not depend on pointing scanners at your eyeballs each time you need to verify your identity.
Each World ID is added to the Worldcoin blockchain, and users deploy a cryptographically secure app to identify themselves.
As of this week’s launch, Worldcoin Orbs are available in Hong Kong, Tokyo, Singapore, Seoul, Paris, Lisbon, Mexico City, São Paulo, Nairobi, New York, San Francisco and approximately 25 other cities around the world.
At the time of writing, there is not yet a permanent Worldcoin Orb available for users to visit in any Australian city.
World App
The World App is the repository for your World ID. Worldcoin claims that the app preserves users’ privacy while also providing access to a growing roster of decentralised finance applications.
The app functions as a crypto wallet, but its primary purpose is to store user credentials so that users can verify themselves on any third-party application.
Besides your World ID, the app can hold Bitcoin, Ethereum and USDC, and the company says more cryptos will be supported in the future.
WLD Cryptocurrency Token
Once users create a World ID and download the World App, they get access to the WLD cryptocurrency token.
WLD was issued to users who took part in the beta program. A large quantity of WLD was airdropped to users on Monday as part of the platform’s official launch. Crypto exchanges have listed WLD for trading, including KuCoin and Binance, the world’s largest exchange by volume.
According to the Worldcoin white paper, a total of 10 billion WLD will be issued over the course of 15 years. Currently 143 million WLD are circulating as of the official launch. Of this amount, 43 million were allocated to verified World App users, and 100 million were sent to market makers to facilitate trading.
