The transition of operator rewards from USDC stablecoins to its native WLD tokens was executed by the ambitious and somewhat controversial Worldcoin (WLD) project on October 24. This transition resulted in an increase in the circulation of WLD tokens within the open market.
In a recent Sunday post, it was explained by Worldcoin that the initial launch of the WLD token had featured a relatively low circulating supply, slightly surpassing 100 million WLD. This approach had been motivated by the project's goal to encompass as many individuals as possible within its network. In alignment with this mission, the majority of the WLD token supply had been allocated to new and existing users over time in the form of user grants.
Worldcoin, an identity protocol supported by OpenAI founder Sam Altman, had utilized a specialized hardware unit called an "Orb" to verify the identity of individuals through iris scans, confirming their humanity. The project had envisioned that this technology would ultimately benefit the broader crypto and artificial intelligence (AI) ecosystems as they were integrated into society. Users who had been verified via the Orb had had the opportunity to claim WLD tokens through the project's app where regulations permitted. In contrast, Orb operators had previously been compensated in USDC tokens for each iris scan, although the exact payment amount per scan had remained undisclosed.
Malwa, S. (2023) Sam Altman’s Worldcoin Switches Orb Rewards Plan to Boost WLD Supply, www.coindesk.com. Available at: https://www.coindesk.com/markets/2023/10/23/sam-altmans-worldcoin-switches-orb-rewards-plan-to-boost-wld-supply/ (Accessed: 23 October 2023).