WorldCoin is a blockchain-based biometrics solution that aims to create a global network that combines identity verification and financial frameworks. The core concept revolves around "Proof of Personhood," verifying genuine human identity, enabling economic opportunities, and powering a Universal Basic Income model, all anchored by the World ID digital identity network and the WLD token.
In this article, we will discuss WorldCoin, World ID, World App, WLD tokens.
What Is WorldCoin?
WorldCoin is an innovative initiative founded with the goal of creating a globally accessible and all-encompassing network that interweaves identity and financial frameworks, collectively owned and shared by a majority of the world's population. WorldCoin aspires to yield substantial advancements in economic opportunities, provide a robust solution for distinguishing between human individuals and artificial intelligence entities in online interactions while upholding individual privacy, facilitate the implementation of democratic processes on a global scale, and potentially pave the way for a Universal Basic Income model powered by artificial intelligence.
At its core, the WorldCoin ecosystem revolves around a multifaceted framework, building on the concept of "proof of personhood," - an intricate mechanism by which individuals' genuine human identity is established and verified, thereby empowering them to assert their distinct existence without compromising their real-world identity. This innovative approach addresses a prevalent global challenge, particularly in the context of online interactions, where verifying and distinguishing human participants from automated bots has become increasingly intricate.
WorldCoin's foundational components encompass a privacy-oriented digital identity network, aptly named World ID, that is meticulously constructed upon the principles of "proof of personhood." Additionally, WorldCoin integrates a digital currency known as WLD, which extends economic opportunities to every human participant by virtue of their human status, offering them a share of the digital currency. Complementing these elements is the World App, a user-friendly interface that serves as the initial point of access to the World ID and the underlying WorldCoin Protocol, a technological framework crafted by the collaborative efforts of the contributor team associated with Tools for Humanity (TFH).
To summarize, WorldCoin has a comprehensive range of features that collectively enhance its identity verification and usage capabilities as follows:
- Advanced Iris Scanning: Employing an innovative iris scanning technology, WorldCoin ensures robust and secure user identity verification.
- Decentralization: WorldCoin is a decentralized system, which means that it is not controlled by any single entity. This makes it more resistant to fraud and censorship.
- Proof-of-Personhood: WorldCoin introduces a distinctive feature named “Proof-of-Personhood”. By utilizing Zero-Knowledge Proof, this mechanism verifies a user's identity without exposing it. This ensures secure and private identity confirmation and user privacy.
- Global Accessibility: Designed with a global scope in mind, WorldCoin transcends geographical boundaries and jurisdictional limitations. Its accessibility extends to individuals from all countries.
- Scalability for Mass Adoption: Scalability is a key component of WorldCoin. It is positioned for widespread adoption and seamless usage by a large user base because it was designed to support billions of users.
WorldCoin emerges as a visionary initiative, poised to reshape the global digital landscape by offering a comprehensive platform that harmonizes individual identity and financial networks, all while pioneering innovative solutions to critical challenges posed by modern technological advancements.
What Is World ID?
World ID functions as a safeguarded attestation of individual identity without compromising privacy. World ID works by employing zero-knowledge proofs through a specialized biometric tool named The Orb, where users can validate their human authenticity in online interactions. The development of The Orb stems from the recognition that custom biometric hardware presents a sustainable avenue for generating AI-secure proofs of personal identity.
World IDs are given out using the WorldCoin system. They help people prove they're human to different places that need proof, like Web 2.0 apps, while still keeping their privacy safe using a method called zero-knowledge proofs. In the future, they might also be able to give out more types of proof using the same system.
The main goal of World ID is to connect it closely to one individual’s biometrics for verification without compromising on privacy. This means the World ID is only meant for the individual to whom it was originally assigned. The system is designed to make sure that if someone loses their World ID or it gets stolen, they can always get it back.
What Is the World App?
The World App stands as the initial user interface for World ID, leading individuals through the verification process using the Orb device. It securely stores an individual's World ID details and applies cryptographic procedures to share the details with external entities while maintaining privacy. The application is developed to offer seamless entry into the worldwide decentralized financial framework. In the future, various wallets are expected to incorporate World ID functionality.
What Is the WLD Token?
Worldcoin's WLD token functions as the native digital asset within the Worldcoin initiative, a globally distributed identification system. Engineered as a utility token embedded with governance capabilities, it endows users with the ability to influence the protocol's direction.
The WLD token has the following utilities:
- Identity Verification: The WLD token is employed to validate a user's identity on the Worldcoin platform. This validation utilizes a technique called "Proof of Personhood," employing zero-knowledge proofs to confirm identity without exposing personal details.
- Decision-Making: The WLD token holds significance in voting on proposals pertaining to modifications in the Worldcoin protocol. This mechanism grants users a voice in the network's governance.
- Incentives: WLD tokens are bestowed upon users who contribute to the Worldcoin network, such as confirming their identity or contributing to network security.
- Staking: WLD tokens can be used in staking to earn rewards. Staking involves locking up WLD tokens to aid in securing the integrity of the Worldcoin network.
Where to Buy and Trade WLD Tokens?
CoinEx is a fast cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 700+ tokens supported, including WLD, users can now trade easily and seamlessly. To purchase WLD tokens on CoinEx, follow the steps below.
- Create an Account: Start by signing up for a CoinEx account.
- Deposit Funds: After logging in, deposit funds into your CoinEx account using any supported cryptocurrencies or deposit methods available on the exchange. Having funds in your account enables you to execute trades seamlessly.
- Navigate to WLD Trading Page: Once your account is funded, go to the dedicated WLD trading page on CoinEx. Here, you can find various trading pairs involving WLD tokens.
- Choose a Trading Pair: Select the desired trading pair that matches WLD with another cryptocurrency. For instance, you may choose WLD/USDT if you wish to trade WLD against USDT (Tether).
- Specify the Purchase Amount: Determine the quantity of WLD tokens you want to purchase. Input the amount in the trading interface, which will calculate the corresponding cost based on the current market price.
- Execute the Trade: With the specified amount, proceed to execute the trade. Confirm the details, and if you are satisfied, submit the order.
By following these comprehensive steps, you can easily trade WLD on CoinEx, taking advantage of the available trading pairs.