Worldcoin (WLD)

Digital Identity

Worldcoin uses a biometric device called the Orb to scan users' irises and create a unique digital identity called World ID. This helps prove that each user is a real person, preventing fraud and duplicate accounts online.

Cryptocurrency Wallet

The World App acts as a wallet where users can store Worldcoin tokens (WLD), other cryptocurrencies, and even fiat money. It allows easy sending, receiving, and managing of digital assets.

Global Access and Inclusion

Worldcoin aims to onboard billions of people worldwide, including those new to crypto, by giving them free tokens and a simple way to join the digital economy.

Decentralized Finance and Governance

Users can participate in decentralized finance (DeFi) activities and collective decision-making through token-based governance models that include World ID, promoting more inclusive and diverse participation.

Developer Tools

Worldcoin provides open-source software kits (SDKs) for developers to build new applications like digital tipping, in-store payments, and other crypto services around the Worldcoin ecosystem.

Pros of Worldcoin

• Innovative Identity System: Worldcoin uses iris scanning to create a unique digital ID called World ID, helping verify real humans and prevent bots.
• Free Token Distribution: People who participate by scanning their iris receive free Worldcoin tokens, offering an easy entry into crypto.
• High Publicity and Support: Backed by Sam Altman and listed on major exchanges, it has strong visibility and potential for growth.
• Global Financial Inclusion: Aims to provide a new way for people worldwide to access financial services and digital identity.
• Privacy Measures: Stores only hashed iris data instead of raw biometric data to protect user privacy.

Cons of Worldcoin

• Privacy Concerns: Handling of biometric data raises worries about data security and potential misuse.
• Centralization Issues: Iris scanning and ID creation are centralized processes, which may conflict with decentralization ideals.
• Regulatory Challenges: Faces scrutiny and restrictions in several countries, including Kenya, France, and the UK.
• Market Volatility: The token price has experienced significant drops and uncertain future price predictions.
• Potential for Abuse: A black market for World IDs has emerged, allowing multiple identities to be bought, which undermines the system’s integrity.

Overall, Worldcoin is a bold project with unique features but also faces challenges related to privacy, regulation, and centralization.

Founders of Worldcoin

Worldcoin was founded by three people: Sam Altman, Alex Blania, and Max Novendstern. They started the project in 2019 with the goal of creating a new digital identity and financial network that is owned by everyone. Sam Altman is also known as the CEO of OpenAI.

Institutional Investors

Worldcoin has raised $240 million from 21 investors, including well-known firms like a16z (Andreessen Horowitz), Khosla Ventures, Blockchain Capital, Bain Capital Crypto, Distributed Global, Tiger Global, and Gaingels.

Angel Investors

Notable angel investors include Reid Hoffman and two others.

Lead Investors in Latest Round

The most recent Series C funding round of $115 million in May 2023 was led by Blockchain Capital, with participation from a16z, Bain Capital Crypto, and Distributed Global.

Founders and Ownership

Worldcoin is owned by Tools for Humanity and was co-founded by Sam Altman and Max Novendstern.

Halal Status of Worldcoin

• Yes, Worldcoin can be considered halal by some scholars because it is a digital token used for transactions and does not inherently involve interest (riba) or gambling (maysir).
• However, the halal status may vary depending on how it is used and individual interpretations of Islamic finance principles.