- Overview of Worldcoin
- Worldcoin Iris Scanner (Orb)
- Worldcoin Revolutionary tools
- How does it work?
- Data Protection
- Worldcoin Migration to Optimism Mainnet
Worldcoin has successfully migrated to the OP Mainnet
Worldcoin is a groundbreaking cryptocurrency project with a vision to revolutionize the global financial landscape. Born from a mission to create a fairer and more inclusive monetary system, Worldcoin aims to make cryptocurrency accessible to people worldwide. With a focus on simplicity, sustainability, and community-driven principles, Worldcoin seeks to empower individuals and businesses to harness the power of blockchain technology.
The core philosophy of Worldcoin lies in its commitment to making digital currencies more approachable for everyone. By removing barriers to entry, Worldcoin opens the door to a world where financial opportunities are not limited by borders or traditional institutions.
At the heart of Worldcoin is a strong community of forward-thinkers, technologists, and visionaries, united in their pursuit of positive change. Through an innovative distribution mechanism, Worldcoin aims to fairly and inclusively distribute its cryptocurrency to a broad spectrum of individuals around the globe, allowing for a more democratic distribution of wealth.
With a dedicated team and a passion for advancing the world of cryptocurrencies, Worldcoin is set to pave the way for a more equitable and connected financial future.
All Eyez on me!
Worldcoin Orb (Iris Scanner)
Worldcoin's innovative device, Orb, scans a person's iris to validate their uniqueness and humanity, providing them with a World ID that serves as a global digital passport.
The iris scan is transformed into a secure string of numbers known as a hash, ensuring the scanned image cannot be reconstructed even if the hash is exposed. The Orb transmits both the iris hash and a hash of the user's public key to Worldcoin servers. If the individual is a new sign-up, the hashes are added to the database and the company's blockchain for secure record-keeping.
To register for Worldcoin, individuals must undergo iris scanning using an orb-shaped device. This process guarantees that each sign-up is unique to a human and prevents duplicate registrations. As stated on the Worldcoin website, the orb stores solely an "IrisHash," a unique set of numbers that serve as an identifier for individuals. Importantly, the orb does not retain any biometric data.
Upon receiving their personalized IrisHash and crypto wallet, individuals are issued a "World ID," also known as a digital passport.
Worldcoin's Revolutionary Tools
Worldcoin is a collective of powerful tools driving the digitization of currency:
World ID - A privacy-focused digital identity addressing crucial identity-related issues, providing proof of individual uniqueness.
Worldcoin Token - The world's first token distributed globally and freely to individuals, serving utility and future governance purposes, simply for being unique.
World App - A fully self-custodial app empowering global payments, purchases, and transfers using Worldcoin tokens, digital assets, stablecoins, and traditional currencies.
How Does it Work?
Worldcoin offers a comprehensive custodial app that facilitates seamless global payments, purchases, and transfers using Worldcoin tokens, digital assets, stablecoins, and traditional currencies. Leveraging the unique digital identity of World ID, individuals can showcase their human presence in an online realm augmented by ever-advancing artificial intelligence.
Worldcoin prioritizes users' privacy and commits to anonymizing and erasing users' biometric data once its systems are optimized. While the company has collected thousands of iris scans to train its algorithms, they have not specified a timeline for data deletion.
According to a Worldcoin spokesperson, the only personal data leaving the Orb is a numerical representation of the essential features of the image, known as the iris code, used to validate uniqueness.
Optimism is not a separate blockchain but a Layer 2 scaling solution designed specifically for Ethereum. It aims to address the scalability challenges of the Ethereum blockchain by improving transaction throughput and reducing fees, making it more efficient and user-friendly for decentralized applications.
Optimism uses a technique called "rollups" to achieve its goals. Rollups involve bundling multiple transactions together and processing them off-chain. The resulting summary of these transactions is then submitted back to the Ethereum mainnet, reducing the computational burden and increasing the speed of processing. This approach allows Optimism to significantly increase the number of transactions that can be processed while maintaining the security guarantees of the Ethereum mainnet.
By utilizing the Optimism scaling solution, developers and users can experience faster and cheaper transactions on Ethereum, making it more practical for various real-world use cases and mass adoption of decentralized applications. It's important to note that Optimism is not a separate blockchain; it works as a layer on top of Ethereum, enhancing its capabilities and bringing scalability to the network.
Worldcoin Migration to Optimism Mainnet
In May, the Worldcoin Foundation and early protocol contributors at Tools for Humanity (TFH) announced the transition of World ID and TFH's World App to the OP Mainnet.
Today, crucial components of the technology stack have completed migration, and user migration has commenced, marking a significant stride towards scaling the future home of web3 identity and governance on the Optimism Superchain. For World ID holders and World App users, the completed migration entails:
- The Worldcoin protocol is now migrated to Ethereum, with bridges established for Optimism and Polygon PoS.
- Most Safe wallets have been deployed to OP Mainnet, while the rest will be deployed through user-initiated migration.
- World App now supports Uniswap on OP Mainnet.
- The World App update prompts users to begin the 90-second average migration process.
Highlighting the Significance of Decentralized Identity on Optimism's Superchain
Decentralized identity offers a gateway to integrity, democratic governance, and innovation in the digital realm. It empowers individuals with greater financial control and the ability to participate in the global economy on their own terms.
With World ID now on the OP Mainnet, exciting possibilities arise for Optimism's Citizens' House, strengthening governance alongside the Token House within the Optimism Collective. Additionally, the Optimism Collective's AttestationStation can further benefit from World ID, streamlining attestation processes and establishing a robust web of trust on any OP Chain in the Superchain.
The collaboration between Worldcoin and Optimism communities aims to build inclusive and open identity primitives, accessible to all applications across the Superchain and beyond. Together, they pave the way for a more inclusive and transparent digital future.
Worldcoin completes migration to op mainnet (2023) Worldcoin. Available at: https://worldcoin.org/blog/announcements/worldcoin-completes-migration-op-mainnet (Accessed: 21 July 2023).
What is Worldcoin? Unique Iris-scanning cryptocurrency backed by CHATGPT CEO Sam Altman- here’s how it works (no date) WION. Available at: https://www.wionews.com/technology/what-is-worldcoin-unique-iris-scanning-cryptocurrency-backed-by-chatgpt-ceo-sam-altman-heres-how-it-works-593731 (Accessed: 22 July 2023).