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What Is Worldcoin (WDC)?
Worldcoin aims to be a global cryptocurrency that will be available to every person on the planet, regardless of whether or not they have a bank account in their name. Although the currency has been around since 2013, it only reached global recognition in 2021, when a scheme to distribute the coin was unveiled. Worldcoin’s ambitious plan is to sign up one billion users within the next two years. Its founders plan to achieve this by distributing 30 “Orbs” to operators worldwide. With these devices, operators can scan the irises of millions of humans who, in return, will receive Worldcoin as payment. The ultimate goal of its founders is to create a version of universal basic income for the cryptocurrency age and, in the process, deliver banking to the unbanked to as many people as possible.
Who Are the Founders of Worldcoin?
Worldcoin was developed by Alex Blania, Sam Altman and Max Novendstern – a group of U.S.-based entrepreneurs and angel investors. The most well-known of them, Sam Altman, is the former president of Y Combinator, a startup incubator, and an angel investor of companies such as Pinterest, Reddit, Asana, Airbnb and Stripe.
Worldcoin is backed by several high-profile investors that make up some of the biggest names in the cryptocurrency space: Sam Bankman-Fried (co-founder of FTX), Denis Nazarov (formerly a16z, founder of mirror.xyz) and Jesse Walden (founder of Variant Fund). Moreover, many early team members of Solana, several Ethereum projects, Polkadot, and Reid Hoffman (co-founder of LinkedIn) are involved with Worldcoin. In the first round, Worldcoin raised $25 million, thus valuing the company at $1 billion. Most recently, the company reportedly raised $100 million more, with its valuation reaching $3 billion.
What Makes Worldcoin Unique?
While airdrops are nothing unusual in the cryptocurrency space, Worldcoin proposed a highly unusual and daring mechanism to distribute its currency to users worldwide, according to the project.
Interested users, mostly people from the low-income countries that Worldcoin targets according to its mission, will have their eyeballs scanned by a device called Orb. This supposedly secure custom hardware device converts the image of a person’s iris into a numeric code without storing the image itself. This code is used as a unique identifier to verify whether a user is a real human and whether this person has already claimed their free Worldcoin. The code is reportedly not linked to a person’s wallet or transactions.
It is estimated that more than 100,000 people from different countries have signed up so far, putting Worldcoin on track to reach its goal of 1 billion people in under two years. Orbs have been deployed in 12 countries across four continents, and Worldcoin plans to distribute 50,000 Orbs per year from 2022 onwards.
The project will also develop a wallet app that allows users to conduct payments in cryptocurrency, find Orbs in their vicinity, and learn more about their project. The app will be non-custodial, meaning Worldcoin does not have control over the user’s coins.
Reportedly, Sam Altman came up with the idea behind Worldcoin after recognizing that cryptocurrency had reached enormous popularity, but had failed to achieve the mass adoption it was targeting. Worldcoin is an attempt to remedy this fact, as it is specifically geared towards equality. Moreover, Worldcoin generates an opportunity for everyone to own cryptocurrency, regardless of wealth, bank account ownership, citizenship, or background. By simplifying potential tripwires for blockchain newcomers like wallets, Worldcoin aims to make the process of acquiring cryptocurrencies more straightforward, according to the project.
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How Many Worldcoin (WDC) Coins Are There in Circulation?
Worldcoin has not specified how its tokenomics will look like. The only information released thus far is that 10 billion Worldcoins are to be created, with 20% reserved for developers/production. The remaining share of the total supply (8 billion) will go to users and operators of Worldcoin Orb devices.
How Is the Worldcoin Network Secured?
Worldcoin will be a layer-two solution on top of Ethereum. The declared goal of Worldcoin is to significantly improve the transaction throughput and energy efficiency of Ethereum.
Ethereum is a proof-of-work blockchain that is secured by a set of miners, but plans to transition to a proof-of-stake blockchain in 2022, thereby improving its energy efficiency and reducing its carbon footprint.
Where Can You Buy Worldcoin (WDC)?
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