- Worldcoin has launched a gas-free cryptocurrency wallet exclusively for verified humans, using its World ID system to differentiate between humans and bots.
- The wallet is based on “World ID,” a protocol that uses zero-knowledge proofs to verify humanness.
- Users who do not have a World ID can still use the app, but they will be unable to make feeless transactions.
Worldcoin, an innovative project aimed at distinguishing humans from artificial intelligence, has announced the launch of a one-of-a-kind gas-free cryptocurrency wallet exclusively for verified humans.
Created by Tools For Humanity, The World App uses the project’s “World ID” system to distinguish between humans and bots. To use the gas-free transfers, users must first create a World ID by providing a phone number or scanning their iris.
Surprisingly, the project does not save any personal information about its users. Instead, it generates a zero-knowledge proof to validate the user’s identity without disclosing the data used to create the evidence. Such a system provides users with a high level of security and privacy.
Users who still need to get a World ID can still use the app, but they will be unable to make feeless transactions.
One of the primary goals of the World App is to make the process easier for inexperienced cryptocurrency users. Tiago Sada, a member of the Worldcoin core team, explained that they initially tested regular wallets, but they proved too complex for ordinary users.
The World App emphasizes simplicity and usability. During its testing phase, the app has already attracted 1.5 million users and processes approximately 60,000 transactions per day.
The World App, available for download in over 80 countries, aims to maximize inclusivity by supporting phones over ten years old. This makes it more accessible to people in developing countries and those who may not own the most up-to-date smartphones. The app is also available in various languages, catering to a wide range of users.
The World App has collaborated with regulated cryptocurrency exchanges such as Moonpay and Ramp to enable seamless onboarding and offboarding directly from the wallet. Users can quickly deposit and withdraw funds using their bank accounts or local payment tools. Once in the wallet, the coins can be swapped using the built-in Uniswap integration.
Users can also connect their phone numbers to the app to send and receive cryptocurrency via phone contacts, making the process even more convenient.
Worldcoin, co-founded by Sam Altman, who was also a co-founder of ChatGPT developer OpenAI, intends to launch its token later this year. Users in eligible countries can claim the token once per week or once per month. However, users in the United States are not permitted to keep the asset.
Worldcoin focuses on AI and ID.
The final version of the World App will run on Ethereum rollups and emphasize artificial intelligence (AI) and identity technology. The Worldcoin project aims to provide AI-funded Universal Basic Income (UBI), empowering individuals in the Age of AI.
Despite its groundbreaking technology, Worldcoin has been dogged by controversy since 2021 because it relied on retina-scanning ID technology, which many have dubbed “dystopian.” However, the project has attempted to address these concerns by integrating its World ID product on an optional basis into the World App.
Users are not required to provide any personal information, and they can delete their data at any time. World ID keys are self-custodied, though users can back up their keys to cloud services.
Conclusion
Apart from Sam Altman’s involvement in both companies, Worldcoin has no direct relationship with OpenAI. Altman has worked in the tech industry since 2011, including stints at the startup accelerator YCombinator.
The wallet works with Android and iOS operating systems and is powered by the Polygon (MATIC) network. Circle’s USD stablecoin (USDC), Dai (DAI), Ether (ETH), Worldcoin (WLD), and Wrapped Bitcoin (WBTC) are currently supported by the wallet.
