Worldcoin is a company that is developing decentralized finance solutions. It was founded in 2019 and has personnel across the world in places such as India, Argentina, and the United States. The stated goal of the company is to develop solutions so everyone can have access to the global economy.
On July 24, 2023, the company officially launched after years of development, with the company continuing to develop solutions and products to understand whether something was made by humans or an AI algorithm through identity verification.
Worldcoin is developing several tools for its ecosystem that are intended to work together to make a large financial public network that would be open to everyone in the world. These tools include World ID, Worldcoin Token, and World App.
World ID is a tool that uses biometrics to identify the user. It is used to provide each user with a protected digital identity that can be used to make digital transactions. The ID is created when users scan their irises with an orb-shaped hardware device that is sent to them by Worldcoin. After scanning their irises, the unique ID is created, and users earn Worldcoin Tokens and begin using the rest of the ecosystem.
Worldcoin Token is the yet-to-be-launched cryptocurrency of the Worldcoin ecosystem. It is intended to be used for both utility and governance for the Worldcoin ecosystem. Although the token was initially planned to be launched globally, it will not be available in some countries, including the United States, for various regulatory reasons. At launch, the token was given the WLD ticker symbol and was up 20 percent on its launch price on major cryptocurrency exchanges.
World App is a mobile application built on Polygon that needs to be downloaded on Android or iOS devices to begin the process of accessing the Worldcoin ecosystem. The app can be used to make payments, purchases, and transactions across the globe in places where Worldcoin is available.
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