Worldcoin, led by OpenAI’s CEO Sam Altman and Alex Blania, is undertaking an audacious endeavour to incentivise global adoption of its currency. The startup aims to integrate a crypto wallet (along with a portion of their currency) into every individual’s smartphone worldwide. Over the weekend, Worldcoin heightened anticipation on Twitter. 

On Sunday, users received a prompt to update their mobile app, temporarily blocking its functionality. The message displayed was “It’s time. Come aboard the World App. July 24, 2023, 11 am.”

Life Has Been Made Simpler For Worldcoin Users

On March 14, the project initiated its launch, simultaneously introducing a waitlist for its software development kit (SDK). Developers can access the SDK to build tools and apps using the World ID, the project’s identity protocol. To achieve complete verification, users must use Orb, a custom-made device that scans their irises to create a distinctive identifier. 

Tiago Sada, the head of product, engineering, and design at Tools for Humanity, stated that Beta tokens would undergo conversion. He stated that they will enable Beta testers to utilize them as they see fit within the World App. The tokens, rooted in the Ethereum ERC-20 design, can also be transferred to other platforms.

Orb by Worldcoin

Worldcoin Proceeds To Optimism For Massive Scalability

The project’s introduction of the token indicates its finalization of the migration to the Optimism network. This move to the Ethereum layer 2 scaling solution will increase Orb availability worldwide.

As of now, Sada has made approximately 200 Orbs available. However, the firm plans to manufacture 1,500 Orbs by year-end and offer appointment booking options instead of pop-ups. 

Worldcoin currently holds approximately 20% of all its tokens. However, the tokens will not be launched in the U.S. now. In the initial 15 years, the startup is capping the total token supply at 10 billion “WLD” tokens. The token had a maximum circulating pool of 143 million at its launch on Monday.

WLD Token Distribution, Source: Worldcoin
WLD Token Distribution, Source: Worldcoin

Worldcoin Is Already Making Waves Worldwide

The verification service will expand its reach to 35 cities in the upcoming months, and the app is already accessible in 120 countries. The Orbs have successfully scanned over 2 million individuals. 

Global Distribution of Individuals Scanned by the Orbs, Source: Worldcoin
Global Distribution of Individuals Scanned by the Orbs, Source: Worldcoin

The use of biometric data has sparked some concerns. However, the company addresses this by employing artificial intelligence to generate unique codes representing the scans. Moreover, they ensure compliance with specific regulations in each market where Orbs are deployed.