Worldcoin, an innovative project designed to identify humans and distinguish them from artificial intelligence, has announced the launch of a unique gas-free cryptocurrency wallet exclusively for verified humans.
The World App, created by Tools For Humanity, incorporates the project's "World ID" system to differentiate between humans and bots. To access the gas-free transfers, users need to first register for a World ID by providing a phone number or submitting an iris scan. Interestingly, the project doesn't store users' personal data. Instead, it generates a zero-knowledge proof to verify that the user is human without revealing the data used to generate the proof. Such a system ensures a high level of security and privacy for users. Users who don't have a World ID yet, may still use the app but won't be able to take advantage of the feeless transactions.
One of the primary objectives of the World App is to simplify the process for inexperienced crypto users. Worldcoin core team member Tiago Sada explained that they initially tested regular wallets, but they proved to be overwhelming for ordinary users due to their complexity. With the World App, the focus is on simplicity and ease of use. Durikng its testing phase, the app has already managed to attract 1.5 million users and processes around 60,000 transactions on a typical day.
“When we first started, we actually just went out with normal wallets, the wallets a power user like me would use day-to-day, and it turns out those were too overwhelming for normal people. There were too many options, too many things to do, [which were] not super clear. [...] We’re launching [this wallet] as a product so that there is this alternative wallet that is focused just on simplicity," Sada shares.
Available for download in over 80 countries, the World App aims to maximize inclusivity by offering support for phones that are over ten years old. This makes it more accessible for people in developing countries and those who may not have the latest smartphones. The app is also available in multiple languages, catering to a diverse user base.
The World App has partnered with regulated cryptocurrency exchanges like Moonpay and Ramp to facilitate seamless onboarding and offboarding directly from within the wallet. Users can easily deposit and withdraw funds using their bank accounts or local payment tools. Once the coins are held in the wallet, they can be swapped through the built-in Uniswap integration. Additionally, users can connect their phone numbers to the app to send and receive cryptocurrency through phone contacts, making the process even more convenient.
Worldcoin, co-founded by Sam Altman, who also co-founded ChatGPT developer OpenAI, plans to launch its token later this year. Users in eligible countries will be able to claim the token on a weekly or monthly basis. However, users in the U.S. are not meant to hold the asset. The World App's final version will run on Ethereum rollups and will focus on artificial intelligence (AI) and ID technology. The Worldcoin project claims that it seeks to provide AI-funded Universal Basic Income (UBI), empowering individuals in the Age of AI.
Despite its groundbreaking technology, Worldcoin has faced controversy since 2021 due to its reliance on retina-scanning ID technology, which many have labeled "dystopian." However, the project has attempted to address these concerns by integrating its World ID product into the World App on an optional basis. The app doesn't require any personal information from users, and they can delete their data instantly if they choose. World ID keys are self-custodied, although users have the option to back up their keys on cloud services.
Worldcoin is not directly related to OpenAI beyond Sam Altman's involvement in both firms. Altman has held various positions in the tech industry, including roles at the startup accelerator YCombinator between 2011 and 2019.
The wallet is compatible with both Android and iOS operating systems and runs on the Polygon (MATIC) network. Currently, the wallet supports Circle's USD stablecoin (USDC), Dai (DAI), Ether (ETH), Worldcoin (WLD), and Wrapped Bitcoin (WBTC).
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
