What Is Worldcoin? A New Global Digital Currency for Everyone

Worldcoin is a new global digital currency that aims to create universal access to the global economy for every person on the planet. Unlike other cryptocurrencies, Worldcoin is not mined or bought, but freely distributed to anyone who can prove their unique personhood using a special device called an Orb. In this article, we will explain what Worldcoin is, how it works, and why it matters.

What is Worldcoin?

Worldcoin is an open-source protocol, or system, created to help give everyone access to the global economy. It’s designed to be decentralized, meaning that ultimately its supervision and decision making will rest with its community of users.

The people and organizations supporting Worldcoin are developing the tools that work together to help it achieve its mission. These include:

• World ID - a privacy-preserving digital identity designed to help solve many important, identity-based challenges including proving an individual’s unique personhood
• Worldcoin Token - the first token to be globally and freely distributed to people, for both utility and future governance, just for being a unique individual
• World App - a fully self-custodial app that enables payment, purchases and transfers globally using the Worldcoin token, digital assets, stablecoins and traditional currencies

Worldcoin is not just another cryptocurrency. It is a new way of empowering people and creating opportunities for them to participate in the global economy, regardless of their country or background.

How does Worldcoin work?

Worldcoin works in three steps:

1. Download the World App - Downloading the World App allows a person to set up their Worldcoin account and access a digital wallet connected to Worldcoin, Bitcoin, Ethereum and other digital and traditional currencies including stablecoins. World App is operated by Tools for Humanity, a contributor to the Worldcoin system.
2. Sign up for World ID - It’s possible to use the World App without signing up for World ID. In order to receive a free share of Worldcoin Tokens and other digital currencies, however, a person must sign up for World ID by visiting a Worldcoin Operator and verifying their unique personhood at an Orb. This process may evolve in the future to include other verification signals. The Orb uses iris biometrics to establish an individual’s unique personhood, then creates a digital World ID that can be used pseudonymously in a wide variety of everyday applications without revealing the user’s identity.
3. Receive your free share of Worldcoin and other digital currencies - Once an individual has verified their unique personhood, they can use their World ID within the World App to learn about digital currencies and receive free airdrops of Bitcoin, Ethereum and more.

Why does Worldcoin matter?

Worldcoin matters because it has the potential to transform the lives of billions of people who are currently excluded from or underserved by the global economy. By giving everyone a free share of a new digital currency, Worldcoin hopes to create a more inclusive and fair economic system that welcomes and benefits every person on the planet.

Some of the benefits that Worldcoin can offer are:

• Financial inclusion - Many people around the world lack access to basic financial services such as bank accounts, credit cards, or loans. This limits their ability to save, invest, or borrow money for their needs. With Worldcoin, anyone can have a digital wallet that allows them to store and transact with various currencies without intermediaries or fees.
• Economic opportunity - Many people around the world face barriers to economic opportunity such as poverty, discrimination, or lack of education. This prevents them from pursuing their dreams or improving their living standards. With Worldcoin, anyone can have access to new sources of income, education, or entrepreneurship by leveraging the power of digital currencies and networks.
• Social impact - Many people around the world suffer from social problems such as inequality, corruption, or violence. This affects their human rights and dignity. With Worldcoin, anyone can have a voice and a stake in shaping the future of their communities and societies by using their tokens for governance or philanthropy.

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. He is also the CEO of OpenAI, a research organization that aims to create artificial intelligence that can benefit humanity.

Alex Blania is a theoretical physics student who is the CEO of Worldcoin. He is passionate about using technology to solve global challenges and create positive social impact. Max Novendstern is a former investment associate at Bridgewater Associates, a hedge fund, and a co-founder of Worldcoin. He is interested in building systems that can empower people and improve the world.

Above: Worldcoin founders Sam Altman and Alex Blania.
Image Credit: Worldcoin

How can I get Worldcoin airdrops?

Worldcoin airdrops are free distributions of Worldcoin tokens and other digital currencies to users who have verified their unique personhood using an Orb. Airdrops are meant to reward early adopters and incentivize more people to join the Worldcoin network.

To get Worldcoin airdrops, you need to do the following:

1. Download the World App - You can download the World App from the official website or from the app store. The app will let you set up your Worldcoin account and access your digital wallet.
2. Find an Orb near you - You can use the app to locate an Orb near you. Orbs are operated by Worldcoin Operators, who are independent contractors or organizations that help onboard new users. You can also apply to become an Operator yourself if you want to earn money and help grow the network.
3. Scan your eyes at the Orb - You need to scan your eyes at the Orb to verify your unique personhood and sign up for World ID. This will take less than a minute and will not reveal your identity or personal information. You only need to do this once.
4. Claim your airdrops - After scanning your eyes, you will receive a notification on your app that you have received your first airdrop of Worldcoin tokens. You can also receive additional airdrops of other digital currencies such as Bitcoin and Ethereum over time.

Image Credit: Worldcoin

You can use your Worldcoin tokens and other digital currencies for various purposes, such as making payments, buying goods and services, investing, donating, or voting on the future of the network. You can also exchange them for other currencies or cash out at any time.

Conclusion

Worldcoin is a new global digital currency that will launch by giving a free share to every human on Earth. It is an ambitious project that aims to create universal access to the global economy by building the world’s largest identity and financial public utility. By using innovative technologies such as biometrics, blockchain, and mobile apps, Worldcoin hopes to empower people and create opportunities for them to participate in the global economy, regardless of their country or background.

If you are interested in learning more about Worldcoin, you can visit their website or follow them on social media. You can also download the World App and sign up for World ID to receive your free share of Worldcoin and other digital currencies when they launch.

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