worldcoin token

Worldcoin which is the eyeball-scanning crypto startup cofounded by OpenAI cofounder Sam Altman is finally out and soared on its listing on multiple exchanges. Here’s how you can get your airdrop of the audacious project which seeks to offer a digital passport or “World ID” to most humans on the earth.

The startup was founded three years back and has so far raised $250 million from investors including Andreessen Horowitz, Reid Hoffman, and Khosla Ventures. Along with Altman, Alex Blania is another co-founder of the company.

According to the cofounder’s letter posted on the Worldcoin website, “It could drastically increase economic opportunity, scale a reliable solution for distinguishing humans from AI online while preserving privacy, enable global democratic processes, and eventually show a potential path to AI-funded UBI (universal basic income).”

Altman is best known for OpenAI’s ChatGPT whose success has sparked an AI race globally with tech companies especially in the US and China scrambling to launch their own ChatGPT-like products.

companies citing AI during Q1 2023 earnings calls
Source: FactSet

AI has been the buzzword in the US corporate world and according to FactSet, 110 S&P 500 companies used the word “AI” in their Q1 2023 earnings call – which is over thrice the ten-year average and the highest level since 2010.

AI is the Buzzword for US Tech Companies

We are now in the second quarter earnings season and AI heavyweights like Alphabet and Microsoft would release their quarterly earnings this week.

Coming back to Worldcoin, it seeks to address one of the criticisms of AI that with advancements it might not be possible to tell the difference between real humans and AI bots by assigning a World ID to humans.

Also, by offering UBI it seeks to prevent the fallout from the expected job losses due to AI. There are already signs that AI is taking a toll on existing jobs and companies like Dropbox and IBM have attributed some layoffs to AI.

wld coin supply
Source: Worldcoin

Worldcoin Supply is Capped at 143 Million Initially

Initially, the circulating supply of Worldcoin is limited at 143 million while the total supply would be capped at 10 billion tokens until 2038. Post that period, it has kept a provision to increase the supply by 1.5% annually to make up for inflation.

Of the initial supply of 143 million, Worldcoin has earmarked 43 million tokens for users verified during pre-launch. It said that the remaining 100 million tokens will be given in loans to non-U.S. market makers with an expiry of three months.

Overall, Worldcoin has reserved 75% of the tokens for the community, 13.5% to investors of Tools for Humanity (TFH) investors, and 9.8% to the initial development team, while keeping the rest 1.7% in reserve.

worldcoin token allocation
Source: Worldcoin

It increased the combined allocation for TFH and the initial development team from 20% to 25% as the process “proved to be more complex and costly than TFH initially anticipated.”

The company sounded critical of US regulatory environment and said “Worldcoin consists of a privacy-preserving digital identity (World ID) and, where laws allow, a digital currency (WLD) received simply for being human.”

It however added, “We hope that, where the rules are less clear, such as in the U.S., steps will be taken so more people can benefit from both.”

Notably, US crypto regulations have been a grey area but bulls received a boost when a US federal court ruled that Ripple wasn’t a security.

As for AI, the country is still working on regulations and last month Altman testified before the US senate. Altman has also criticized AI regulations in Europe.

How to Get Your Worldcoin Airdrop?

To get the Worldcoin token (WLD), users need to download the World App and go through a biometric verification process via one of Orb machines, which are helmet-shaped eyeball-scanning verification devices from Worldcoin.

According to the company, “After visiting an Orb, a biometric verification device, you will receive a World ID. This lets you prove you are a real and unique person online while remaining completely private.”

wld price chart
Source: CoinGecko

On successful verification, eligible users would get 25 tokens. According to CoinGecko, at the time of writing, WLD’s market cap is $209 million across 107 million WLD tokens. The token surged yesterday after Worldcoin released a white paper on WLD. The token trades on several crypto exchanges including Binance.

Currently, 32% of orb-verified users are based in Asia which makes it the largest region. Africa comes second with 31.4% while Latin America and Europe account for 19% and 17.3% respectively.

Source: Worldcoin

In its cofounder letter, Worldcoin says, “Worldcoin is an attempt at global scale alignment, the journey will be challenging and the outcome is uncertain. But finding new ways to broadly share the coming technological prosperity is a critical challenge of our time.” It is inviting more people to join the network as Altman’s startup tries to get the best of crypto and AI.

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