Worldcoin, the pioneering crypto project spearheaded by Sam Altman, has released its much-anticipated WLD tokens today. The initiative is positioned as a solution to challenges resulting from the surge of AI tools, despite reservations from privacy advocates.
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What does Worldcoin do?
Worldcoin offers an innovative approach to online identity verification, utilizing physical iris-scanning orbs to authenticate users. In this ambitious global endeavor, the project has verified over two million individuals, mainly in the Global South. With the successful deployment of its WLD tokens, each of these verified individuals is poised to receive their share of the digital currency.
Utility of WLD token
WLD tokens serve as the backbone of the Worldcoin ecosystem. Not only are these tokens a form of digital currency, but they also play a pivotal role in incentivizing user participation. Users who have been verified by an orb will initially receive 25 WLD tokens, along with the potential for periodic grants in the future. Furthermore, as of the launch, people can reserve tokens on the World App until they have the opportunity to visit an orb.
WLD token launches
After multiple setbacks, Worldcoin launched its WLD token today, promising to distribute the tokens to over two million verified individuals worldwide. WLD is trading on crypto exchanges like Binance, Kucoin and more. The project, one of the most contentious in the crypto landscape, aims to enable individuals to authenticate their identities online through credentials validated in person by iris-scanning orbs. Over two million people, primarily from the Global South, have been validated and are set to receive their WLD tokens.
Tiago Sada, the head of product, engineering, and design at Worldcoin’s core developer, Tools For Humanity, expressed excitement about the launch. “It’s a really big day for the project on Monday,” said Sada. “Hopefully, we will see a lot of people excited to visit the orbs that will start showing up in various cities around the globe.”
The launch comes at a volatile time for token issuers, with U.S. regulators tightening their grip on the sector. As such, Worldcoin has emphasized that its tokens will not be available in the U.S. Sada mentioned that the project adheres to each country’s regulations.
In an announcement made today, Worldcoin pledged to speed up sign-ups by deploying orbs in over 35 cities across 20 countries globally. This followed a revelation in March about a contract with Jabil to amplify the production of these devices. By the end of the year, the number of orbs in circulation is expected to increase from about 200 to around 1,500.
Individuals verified by an orb will initially receive 25 WLD tokens, with more periodic grants promised. As of today, people can also reserve tokens on the World App until they can visit an orb.
Worldcoin’s investor deck from December 2022 disclosed that the total supply of WLD tokens will be 10 billion, with 80% set aside for users, operators, and the ecosystem. The remaining 20% will be for the Worldcoin team and its investors.
Read: Vitalik Buterin’s shares concern on Worldcoin
This launch follows Worldcoin’s recent migration to the OP Mainnet, a Layer 2 scaling solution.
Sam Altman, Worldcoin’s co-founder, is also the CEO of OpenAI, the successful AI tool, ChatGPT. The Worldcoin project is regarded as a crucial response to the fast-paced evolution of AI tools like ChatGPT and the implications for the future of work.
Alex Blania, CEO of Tools for Humanity, stated, “In the age of AI, the need for proof of personhood is no longer a topic of serious debate; instead, the critical question is whether or not the proof of personhood solutions we have can be privacy-first, decentralized, and maximally inclusive.”
The project envisions various use cases for the protocol and its verified credentials, ranging from uncollateralized lending programs, universal basic income models, to applications in the metaverse, which are virtual worlds backed by blockchain.
At the time of writing this article, WLD token is trading at 2.58USD, with a marketcap of $269,985,791. If you would like to learn about future price of Worldtoken, we recommend reading our article on WLD price prediction 2023 to 2030
Conclusion
Worldcoin’s token launch signifies a significant milestone for the project. With its tokens now in circulation, it presents a unique integration of blockchain technology and biometric authentication. However, the project’s promise and potential must balance with ongoing concerns about privacy and regulatory compliance. Only time will tell whether this innovative blend of technology and identity verification will resonate with users and the broader crypto market.