Worldcoin is described as “an open-source digital identification platform that aims to provide a solution for everyone to verify their human identity and differentiate themselves from AI in the digital space.”
As noted in a blog post by Matrixport, the Worldcoin ecosystem reportedly “comprises three main components: World ID, World App, and Worldcoin (WLD).”
World ID
The World ID focuses “on the Proof of Personhood (PoP) concept, placing human identity at the center of its ecosystem.” It allows users to “verify their human identity without compromising privacy.” To verify an individual’s identity, the World ID “supports multiple levels of personhood verification, including phone number and Orb biometric verification.”
The Orb is “an iris-scanning device that supports personhood verification. Since each individual has a unique iris pattern, the Orb scans a user’s iris and captures the structure of the iris to generate an identification code called IrisCode.”
IrisCode is not linked “to personal information but is used to prevent multiple World IDs from being acquired by one individual.” When the iris scan is completed, the system will securely store an anonymous IrisCode and i”ssue a World ID to the user.” Iris images are permanently deleted, and the platform “does not require repeated iris scans for identity verification.”
Each generated World ID is “added to the Worldcoin blockchain. Users can sign in and authenticate their identity into websites, mobile apps, and crypto dApps while remaining anonymous.”
World App
The World App is “a digital wallet designed to make Worldcoin and Ethereum protocols accessible to users. Users can obtain a World ID via the app.”
Worldcoin (WLD)
Worldcoin (WLD) is “the network’s native utility token.”
During the beta phase, the token was distributed to users “participating in the network.”
WLD went live “on July 24, 2023, and the market cap of WLD now stands at about $261 million, with over 113 million WLD tokens in circulation (as of late July 2023).”
WLD’s all-time high (ATH) price “peaked at $3.30 on July 24, 2023, and is now trading at about $2.30. (as of late July 2023).”
Worldcoin (WLD) is “available on the Matrixport app; alongside other blue-chip cryptocurrencies like Bitcoin (BTC), Ether (ETH), stablecoins (USDT, USDC, and BUSD), and many more. Users can deposit, withdraw and transfer WLD on the app.”
As covered, Matrixport claims it is “one of the world’s leading digital assets ecosystem providing one-stop crypto financial services to meet the emerging needs in asset management, trading and custody of digital assets.”
The company’s offerings to institutional and accredited investors “include Cactus Custody, spot OTC, asset management as well as access to real-world assets through tokenisation.”
With USD4B in actively managed digital assets, Matrixport achieved pre-money unicorn valuation in 2021 and “was named by CB Insights as the 50 most promising blockchain companies in the world in 2022.” Through its ventures arm, the company also “forges strategic collaborations with early stage Web3 innovators, helping them build, grow and scale.”
Headquartered in Singapore, the company holds “a Hong Kong Trust Company License, Money Lender Licence, FCA Appointed Representative and a Swiss FINMA SRO-VQF Membership.”
Founded in 2019 by OpenAI CEO Sam Altman, Max Novendstern and Alex Blania, Worldcoin aims “to create an open-source global financial and identity platform.”
It is designed to provide “a reliable solution for distinguishing humans from AI algorithms and preserving privacy.”
Worldcoin consists of World ID, “a privacy-preserving digital identity network, World App, and the Worldcoin (WLD) token.”
