Worldcoin employs iris-scanning Orb technology for identity verification to ensure fair cryptocurrency distribution and support universal basic income. Its unique approach addresses fraud and aims for a more equitable digital economy. The project, backed by significant investments, plans to make technological gains widely accessible. With a governance model transitioning towards decentralization, Worldcoin raised $240M across three rounds, indicating strong market confidence in its potential to include billions in the crypto economy and redistribute wealth generated by AI.
Value Proposition:
Worldcoin introduces a unique identity verification system using the Orb to scan irises, aiming for equitable crypto distribution and a step towards universal basic income. This technology seeks to ensure cryptocurrencies are awarded to real people, addressing potential fraud and establishing a fairer digital economy. Despite sparking debate over privacy concerns, Worldcoin has garnered significant investment support. This venture represents an effort to use AI and blockchain for social benefit, pushing for a digital economy that shares technological gains broadly.
Governance:
Worldcoin's governance structure is aimed at evolving towards decentralization over time. Initially, the protocol is developed and overseen by Tools for Humanity (TFH), with the Worldcoin Foundation set up to scale the network towards public utility and decentralized governance. Governance decisions, including potential future inflation rates and token allocation mechanisms, will be made by the network's participants, with a vision for the protocol to ultimately be governed by its community.
Tokenomics:
Worldcoin's tokenomics are structured to support its vision of a globally inclusive digital identity and financial network. The project has set the total supply of its WLD tokens at 10 billion, with a cap in place for the first 15 years. Post this period, the network could introduce an inflation rate of up to 1.5% annually, based on governance decisions.
Previous Funding:
Worldcoin has raised a total funding of $240M over 3 rounds. It's first funding round was on Jun 29, 2021. It's latest funding round was a Series C round on May 16, 2023 for $115M. The Series C funding round was led by Blockchain Capital, with contributions from notable investors such as a16z, Bain Capital Crypto, and Distributed Global.
