World ID was launched in April 2023 as an artificial intelligence (AI) resistant, iris dependant identification (ID) protocol that allows the verification of humans online through ORB, a device which scans the iris of every individual
World ID is part of a broader ecosystem largely known to stakeholders of the crypto economy as WorldCoin.
World ID: What is WorldCoin?
World ID’s holding company WorldCoin was co-founded by Sam Altman, who also doubles up as Microsoft-backed OpenAI’s (firm behind ChatGPT) co-founder in 2020.
WorldCoin wants to enable universal access to the global economy regardless of geographical location. With this, WorldCoin “foresees an acceleration of the transition to an economic future that is open to all manner of persons and benefits every soul on earth”. Sorta like almost every crypto project. To be a part of the community, you need World ID, WorldCoin, and the World App.
As earlier mentioned, World ID is tailored to digital identity needs and helps prove that you are a real and unique person while using its technological features to fully protect your privacy.
WorldCoin with the ticker symbol, WDC token distribution did not follow the same patterns as the more than 20,000 cryptocurrencies in the market.
WorldCoin is distributed freely as a utility token (transactional digital currency) and governance token (which confers voting rights on the future of the project to all holders) just for being able to identify oneself as a unique individual. Despite plunging by 7% from its opening price of $0.06432 on April 5, 2021, to $0.0594 on April 2023, WDC exploded in the first quarter of 2023 with more than 650% in gains for holders.
World App can be found on the Apple and Google Play Stores for Android and iOS-powered smart devices.
This application enables purchases, payments, and transfers across the globe using the project’s native asset, other cryptocurrencies as well as fiat currencies such as the United States Dollar (USD), Great Britain Pound (GBP), and others.
World ID: Iris Scan ID
World ID is a protocol that employs zero-knowledge (ZK) technology (a method where a single party can prove to the other that a given mathematical statement is accurate) in connection with biometric data that will be provided by the irises (in humans this is a thin, annular structure in the eye that controls the diameter and size of the pupil as well as the amount light that can reach the retina) of users.
Privacy concerns related to the use of AI-powered applications continue to soar and this has led the Data Protection Authority of Italy to ban ChatGPT.
WorldCoin has assured interested users that World ID is a self-sovereign, private, and decentralized platform that will hand control over the utilization of data to users while taking appropriate measures to protect resource distribution.
As of 15:00 UTC on April 3, more than 1.4 million people have signed up with the protocol, with the majority of people coming from South America, Europe, Mexico, India, other parts of Asia, and Africa.
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