Worldcoin (WLD) is an open-source protocol designed to provide global access to the financial economy. It consists of three main components: World ID (a digital identity tool), World App (a self-custodial wallet), and the WLD token (a cryptocurrency distributed for free to users who verify their humanity through iris scanning). The project aims to boost economic opportunity, enable democratic processes, and potentially create an AI-funded universal basic income (UBI) program.
Worldcoin (WLD) is a digital identification platform that aims to provide individuals with a secure and convenient way to prove their human identity online. The platform consists of three main components: World ID, World App, and the WLD cryptocurrency token.
World IDWorld ID is a digital passport that verifies a user's identity through an iris-scanning device called the Orb. The Orb generates a unique IrisCode, which is saved on a decentralized blockchain. This IrisCode is not linked to personal information and is used solely to prevent users from acquiring multiple World IDs. The World ID is added to the Worldcoin blockchain, and users can verify their identity using a cryptographically secure app.
World AppThe World App serves as a repository for users' World IDs and provides access to a growing list of decentralized finance applications. It functions as a crypto wallet, storing user credentials and enabling them to verify their identity on third-party applications. The app can hold cryptocurrencies like Bitcoin, Ethereum, and USDC, with plans to support more cryptos in the future.
WLD Cryptocurrency TokenUpon creating a World ID and downloading the World App, users gain access to the WLD cryptocurrency token. WLD tokens were distributed to beta program participants and airdropped to users during the platform's official launch. The tokens are listed on crypto exchanges like KuCoin and Binance for trading. A total of 10 billion WLD tokens will be issued over a 15-year period, with approximately 143 million tokens currently in circulation.
Usage and Benefits- Digital Identity Verification: Worldcoin's digital passport system, World ID, uses iris scanning to verify users' identities, ensuring that they are human and unique. This verification process is free, private, and open to every human over the age of 18.
- Decentralized Finance: The World App provides access to decentralized finance applications, enabling users to participate in the global economy.
- Cryptocurrency Wallet: The World App serves as a crypto wallet, allowing users to store and manage various cryptocurrencies.
- Governance and Voting: WLD token holders gain voting rights in governance proposals that can shape the future of the platform.
- Potential for Payments: WLD tokens may be used for payments in the future, similar to other cryptocurrencies.
Overall, Worldcoin aims to increase economic opportunity and enable global democratic processes by providing a secure and private means of verifying personhood.
To store Worldcoin (WLD) tokens, follow these best practices:
Never share your password or seed phrase: Treat your seed phrase like a PIN, and never share it with anyone. This ensures sole accessibility to your wallet and prevents potential losses.
Use two-factor authentication: Enable 2FA for all wallets and linked accounts. This adds an extra layer of security by requiring a unique verification method in addition to your username and password.
Implement multisignature security: Use multi-sig security to protect your cryptocurrency. This requires multiple keys to verify transactions, ensuring your account remains safe even if one linked device is lost or stolen.
Use secure passwords: Create strong, unrelated passwords with a mix of capital and lowercase letters, numbers, and characters. Consider using password managers, but ensure you're the only one with access.
Back up your data: Regularly back up your accounts and store the backups in a secure, private location. This ensures you can recover your data if needed.
For storing WLD tokens specifically, you can use the Wigwam crypto wallet, which allows you to buy, store, trade, and stake your tokens securely. Additionally, you can store WLD tokens in your Ethereum (ETH) or Optimism (OP Mainnet) account on Ledger, where they will show under your ETH balance.
To buy Worldcoin (WLD) tokens, follow these steps:
Choose a Crypto Exchange: Select a reputable exchange that supports WLD trading, such as KuCoin, Binance, Gate.io, or Bit2Me. Compare fees, security features, and supported currencies before making a choice.
Create an Account: Register for a free account on the chosen exchange. This typically involves providing personal information, including your name and email address. You may need to complete Know-Your-Customer (KYC) verification to increase withdrawal limits and unlock additional features.
Verify Your Account: Complete the verification process by providing the required identification documents and confirming your email address.
Make a Deposit: Add funds to your account using a debit card, credit card, wire transfer, or Bitcoin. The deposit methods vary by exchange.
Buy Worldcoin: Use your deposited funds to purchase WLD tokens. You can choose between a Market Order or a Limit Order. Market Orders execute quickly at the best available price, while Limit Orders specify a maximum price to buy at.
Store Your Worldcoin: Once you have purchased WLD, you can store it in your exchange account or transfer it to a non-custodial wallet for added security.
Remember to research and compare exchanges, set an investment budget, and keep track of your investment performance to ensure a smooth and informed experience.