What is Worldcoin
Worldcoin is a global identity and financial public network that aims to democratize access to a digital economy regardless of a person's location, background, or economic status. It operates using a unique ecosystem consisting of a privacy-preserving digital identity (World ID), a native token (Worldcoin token or WLD), and an application (World App).
The World ID is a distinct feature of Worldcoin. It is designed to provide a means to prove one's unique personhood while preserving privacy. This digital identity is intended to help solve identity-based challenges, such as fraud and identity theft, particularly in digital transactions.
The Worldcoin token (WLD) is another crucial element of the ecosystem. WLD serves as a utility token, providing functionality within the network and giving users a voice in the direction of the Worldcoin protocol. Importantly, WLD is the first token that is freely and globally distributed to individuals just for verifying their uniqueness. Currently, verified users can claim one free WLD token per week with no maximum limit, given they are in a region where WLD is available.
The World App, the third key component, is a mobile application enabling payments, purchases, and transfers using digital assets and traditional currencies globally. Users can sign up for World ID through the World App, claim their free Worldcoin tokens, and transact using their assets.
To sign up for a World ID, users need to download the World App from the App Store or Google Play, follow prompts to find a local Worldcoin Operator to verify their unique personhood and receive their World ID in the app. The Worldcoin Operators are responsible for onboarding new users and regularly expanding to new locations.
Following the Worldcoin mainnet launch, users will receive their Worldcoin tokens if they have verified their uniqueness and are located in a region where the Worldcoin token is available. Once distributed, the tokens can be used for a range of activities. For instance, they can be used for governance, to pay for certain actions in the World App, or as a store of value to make payments.
The value of the Worldcoin token (WLD) is not guaranteed and may fluctuate significantly based on several factors, similar to other digital assets. These factors include the total number of World ID holders, the range of applications that developers create, and the supply of tokens in circulation.
For those interested in acquiring more than their free portion of WLD, they can purchase more once the mainnet is live, become a Worldcoin Operator, or receive a Worldcoin grant from the Worldcoin Foundation, which will be awarded to those contributing to the project's advancement.
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