orldcoin is a digital ID protocol that has only just launched. Their mission is to create a worldwide financial and identity network that is hosted on the blockchain. Why is this needed and could this be moving us into a dystopian future?
There is one huge problem that we can’t seem to get rid of in the age of the internet and that happens to be human verification. We have all noticed the insane amount of bots on every website and app out there. This can be resolved with one simple solution, a digital identity.
How does Worldcoin work?
Well, the platform consists of three key components, the World ID, the World App and the WLD token. Let’s break them down, starting with the ID.
As I mentioned, the World ID is used to confirm one’s identity online. To become verified and receive an ID, users will have to scan their eyes with an iris-scanning device known as the Orb. Why? Eyes are just like fingerprints. Everyone is different.
Once your eye has been scanned, you will receive a unique IrisCode, which is then privately attached to your World ID. This is done to ensure that no one can steal or use your identity. Only you have access to your ID. You could see it as another form of seed phrase.
The World ID is stored on the Worldcoin blockchain and within the network lays the World App. The World App essentially serves as your wallet, where you will store your assets such as FIAT and Crypto, while also storing your World ID! It works just like your pocket wallet!
Worldcoin World App
Without the World App, your ID and tokens are completely useless. The World App is the native WLD wallet used to interact with apps in the ecosystem.
In the wallet, we can expect the average buy/sell and send/receive functionalities, however, also implemented is your digital ID which as we said is used to make sure you’re a real person.
Creating its unique ecosystem, not every cryptocurrency or blockchain will be integrated into the Worldcoin App, however, they have made the wise decision to focus on Ethereum. Will Bitcoin and non-EVM compatible networks soon join the list?
Finally, we have WLD which is the native currency of the network and will be used to interact with Worldcoin compatible Apps. After reading the tokenomics, I can understand why WLD has received a lot of grief for its minuscule 1% circulating supply.
From what I can gather, it seems WorldCoin is airdropping the majority of its tokens to its early users. As you may have seen, there are people queueing up in Mexico, Japan and many other places to get their eyes scanned by a WorldCoin Orb!
I have also heard, people are getting 25 WLD tokens just for getting a World ID, which is the equivalent of roughly $50. Whether or not the 99% of the remaining supply is reserved for airdrops, is yet to be discovered. We will soon find out!
Worldcoin WLD Tokenomics
Here are the current WorldcoinTokenomics in place:
Initial Supply Cap: 10 Billion
Circulating Supply at Launch: 143M (1.43%)
Inflation: Up to 1.5% annually. Inflation can start at the earliest after 15 years and is issued by the protocol governance. At the moment, the default inflation rate is set at 0%.
These tokenomics are set up to be used worldwide, so should therefore be sustainable. Only time will tell.
How To Buy Worldcoin (WLD)
If you’re looking to buy WLD, it is one of the easiest tokens to obtain. WLD is available on most centralised exchanges and the leading blockchain Ethereum, as well as the Layer 2 network, Optimism.
We have broken down the three ways of getting the $WLD token:
Option 1- Centralised Exchange
The WLD token is currently available on pretty much every centralised exchange.
Here are some Centralised Exchanges we recommend for you to buy or trade the WLD token:
- Binance - The most popular CEX in the world
- ByBit - EARN UP TO $30K in DEPOSIT BONUSES
- BitGet - Trade on BitGet and receive 0% Deposit Cashback + $5,000 DEPOSIT BONUSES
- Coinbase - Spend $100 and Get $10 back!
- Cryptocom - Official Fifa 2022 World Cup Sponsor
It is always recommended not to store your crypto on a centralised exchange due to the various risks it may hold. That is why we recommend option 2.
Option 2 - DeFi Wallet & Decentralised Exchange
To get started you will need a DeFi wallet and make sure to secure your seed phrase with a hardware wallet (Trezor):
If you are buying WLD through your DeFi wallet, you will need to have your wallet set up and ready with $ETH on either the Ethereum or Optimism networks. If you haven’t set up a DeFi wallet or don’t know how to use Ethereum or Optimism, you can check out our tutorial videos here:
Remember it is always recommended to use a Defi wallet or better yet a hardware wallet like Trezor to store your cryptocurrencies.
Option 3 - The Orb
Get your hands on 25 WLD tokens by scanning your eyeball, as we explained above. This is the most controversial way of owning $WLD, but it will cost you nothing but your privacy. To some that doesn’t have a price point.
So, if it is for you then you need to find your closest Orb in your nearest city! At the moment, there are 34 countries in which Orbs can be found.
In such a short time, the WorldCoin platform has already garnered over 2.2M users that span over 120 different countries! My question is, does everyone want to scan their eye and upload their entire identity online?
I mean, it looks like we’re heading in that direction…
At the time of writing, WLD is priced at $1.53 with a market cap of $193M+! Worldcoin has not been battle tested and 99% of the supply is still not in circulation, so expect volatility. WLD is yet to experience a bull run and will most likely reach insane prices!