Worldcoin is a new digital currency for worldwide identification and financial network. It aims to enhance economic opportunity and provide a solution for identifying people from AI online while maintaining anonymity.
What Exactly is Worldcoin?
Worldcoin is a privacy-preserving digital identity network (World ID) based on proof of personhood. Meanwhile, WLD is the native token for Worldcoin. World ID and WLD are presently supplemented by World App, the first interface to World ID, and the Worldcoin Protocol, developed by the Tools for Humanity (TFH) contributor team.
“Proof of personhood” is one of Worldcoin’s basic concepts. It relates to proving that an individual is both human and unique. Once established, it allows the individual to declare that they are a real person who is distinct from another real person without having to reveal their true identity. With Worldcoin, we can finally identify people from AI online while maintaining anonymity. It will also enable worldwide democratic procedures and show a potential road to AI-funded UBI.
The Fundamentals of Worldcoin
World ID is a proof of personhood that protects one’s privacy. It allows users to validate their humanity while keeping their anonymity online via zero-knowledge proofs and a bespoke biometric device called the Orb. The Orb was created with the understanding that unique biometric hardware may be the only long-term feasible solution for issuing AI-safe proof of personhood verifications.
World IDs are issued following the Worldcoin protocol, which enables individuals to verify their humanity to any verifier (including web2 applications) while retaining their privacy through zero-knowledge proofs. Furthermore, World ID aims to be person-bound. This means that a World ID should only be used by the person to whom it was provided. Therefore, it will be extremely difficult to utilize stolen World ID credentials. Meanwhile, an individual will always be able to reclaim a lost or stolen World ID.
All network participants will receive WLD tokens in order to align their incentives around the network’s expansion. Early on, this is particularly crucial to bootstrap the network and avoid the “cold start problem.” Soon, the Worldcoin token (WLD) might end up becoming the most widely distributed digital asset as a result of this.
The World App is the first gateway for World ID. It helps users complete the Orb verification process and maintains their World ID credentials. It also uses cryptographic protocols to exchange those credentials with other parties while protecting their privacy. Access to the world’s decentralized financial infrastructure will be extremely easy. Eventually, a wide range of wallets should incorporate World ID.
How Does Worldcoin Work?
World ID is the center of Worldcoin. People will be able to present their humanity to any platform that interfaces with the protocol using World ID. This will allow for fair airdrops and security from social media bots and Sybil attacks. It will also provide a more equitable allocation of scarce resources. World ID can also facilitate new types of governance (such as quadratic voting) and global democratic procedures, and it may eventually offer a route to an AI-funded universal basic income.
How to use Worldcoin?
To engage with the Worldcoin protocol, individuals must first download World App. It is the first wallet app that supports the creation of a World ID. Individuals must also visit a physical imaging device called the Orb to get their World ID Orb-verified. Most Orbs are operated by a network of independent local businesses called Orb Operators. The Orb uses multispectral sensors to verify humanness and uniqueness to issue an Orb-verified World ID, with all images being promptly deleted on-device per default (except explicit consent to Data Custody).
Where to buy WLD Token
You can find WLD Tokens here at MEXC! We are listing WLD/USDT in our Innovation Zone!
What is the Price of WLD Tokens?
The WLD token is coming to MEXC soon. You can check the live price of their token right here!
How to buy WLD Tokens on MEXC
You can buy WLD Tokens on MEXC by following the steps:
- Log in to your MEXC account and click [Trade]. Click on [Spot].
- Search “WLD” using the search bar to see the available trading pairs. Take WLD/USDT as an example.
- Scroll down and go to the [Spot] box. Enter the amount of WLD you want to buy. You can choose from opening a Limit order, a Market order, or a Stop-limit order. Take Market order as an example. Click [Buy WLD] to confirm your order. You will find the purchased WLD in your Spot Wallet.
You can find a detailed guide on how to buy WLD Tokens here.
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