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Worldcoin Announces Circulating Supply Update and Sales to Trading Firms

In a recent announcement on the Worldcoin blog, it has been revealed that World Assets Ltd., a subsidiary of the Worldcoin Foundation, plans to sell WLD tokens from the World Assets treasury to meet the growing demand for orb-verified World IDs and support the expansion of the Worldcoin network.

The majority of the currently circulating 193 million WLD tokens have been claimed by over 5 million individuals with orb-verified World IDs and through user grants in more than 160 countries. To facilitate the sale of WLD tokens, World Assets will be conducting private placements with select institutional trading firms operating outside of the United States.

These private placements will span a period of up to 6 months and will include measures to prevent the flow of WLD tokens sold outside the US back into the country. For instance, trading firms involved will be restricted from reselling WLD tokens to individuals or on digital asset trading platforms accessible to US persons. Additionally, a 40-day lock-up period may be implemented to restrict the resale of WLD tokens by trading firms, subject to legal and commercial considerations.

World Assets aims to negotiate with multiple trading firms, fostering competition among them to ensure the execution of private placements at prices close to prevailing market rates for WLD tokens, accounting for the aforementioned restrictions.

Under current market conditions, World Assets anticipates selling between 0.5 million and 1.5 million WLD tokens per week on average. This represents less than 0.1% to 0.4% of the weekly trading volume, leading to a corresponding increase in the circulating supply of WLD tokens.

It is important to note that World Assets may deviate from the outlined plans, and readers should refer to the Disclaimer provided in the Worldcoin Whitepaper for further details. Additionally, engaging with crypto products like WLD tokens carries inherent risks, and individuals are advised to review the Important User Information available on the Worldcoin website.

Please be aware that the availability of Worldcoin (WLD) tokens is restricted to certain territories, and they are not intended for individuals, companies, or organizations located in the United States or other restricted territories. However, World ID, TFH’s World App, and other associated functionalities within the Worldcoin ecosystem remain accessible in the United States.

For more information and updates, you can subscribe to the Worldcoin newsletter on the official website.

Image source: Shutterstock

Worldcoin (WLD) World App Reaches 10 Million Users

Worldcoin’s World App has achieved a major milestone, surpassing 10 million users since its launch in June 2023. The app, which aims to create a universal basic income, has gained significant traction and popularity among users worldwide.

World App: A Gateway to Universal Basic Income

The World App, developed by Worldcoin, offers users the ability to register their identity through eye-scanning technology known as “Orbs”. This innovative approach to identity verification has attracted millions of users who are interested in participating in the Worldcoin ecosystem and potentially benefiting from a universal basic income.

Rapid Adoption and User Engagement

Since its introduction, the World App has experienced rapid adoption, with an average of 2 million daily users and over 5 million monthly users. This level of engagement highlights the growing interest in cryptocurrencies and the potential for blockchain technology to revolutionize financial systems.

The success of the World App can be attributed to its user-friendly interface, accessibility, and the promise of a universal basic income. By providing a simple and intuitive platform, Worldcoin has made it easier for individuals from various backgrounds and countries to participate in the crypto economy.

Sparking Interest in Alternative Wallets

The viral story of a Kenyan user who used Worldcoin funds to purchase goats has captured the attention of the crypto community and highlighted the real-world impact of cryptocurrency. This heartwarming story has not only showcased the potential of Worldcoin but has also sparked interest in alternative wallets within the Worldcoin ecosystem.

Remco Bloemen, head of blockchain at the Worldcoin Foundation, expressed hope that the success of the World App would encourage other contributors to develop additional wallets for the protocol. By offering a variety of wallet options, Worldcoin aims to cater to the diverse needs and preferences of its user base, further promoting decentralization and accessibility.

Conclusion

Worldcoin’s World App has achieved a significant milestone, surpassing 10 million users since its launch in June 2023. The app’s user-friendly interface, eye-scanning technology, and the promise of a universal basic income have contributed to its rapid adoption and engagement. The success of the World App has also sparked interest in alternative wallets within the Worldcoin ecosystem, further driving the adoption and innovation of this cryptocurrency project.

Image source: Shutterstock

Worldcoin Project Launches: Aiming to Democratize Economic Opportunity in the Age of AI

The Worldcoin Foundation, co-founded by Sam Altman, Alex Blania, and Max Novendstern, announced the completion of the Worldcoin project’s protocol migration to the OP Mainnet on July 24, 2023.

Sam Altman, renowned as the CEO of OpenAI and creator of ChatGPT, is one of the key figures behind this initiative. The project aims to increase economic opportunity and enable global democratic processes in the Age of AI, and has also revealed plans to expand Orb sign-ups for World ID to over 35 cities across 20 countries globally.

The Worldcoin project has released the World ID SDK and minted the Worldcoin token (WLD), which is now transactable on the blockchain. The token was distributed to the millions of eligible people who participated in the beta testing phase.

In addition, Tools for Humanity (TFH), a tech company building on the Worldcoin network, has introduced a new release of World App. This app is the first protocol-compatible wallet that currently allows individuals to reserve their share of the WLD digital currency, where laws permit.

Worldcoin project co-founder and TFH CEO, Alex Blania, emphasized the importance of proof of personhood in the age of AI. He stated, “Through its unique technology, Worldcoin aims to provide anyone in the world, regardless of background, geography or income, access to the growing digital and global economy in a privacy preserving and decentralized way.”

The Worldcoin project was conceived to address the issue of 4.4 billion people worldwide lacking a legal, digitally-verifiable identity. This lack of identity limits their participation in the global economy and access to critical services like government aid, financial services, and healthcare.

The Worldcoin protocol includes World ID, a privacy-preserving digital identity; the Worldcoin token (WLD), the first digital currency to be freely distributed to people just for being a unique human; and World App, the first World ID-compatible app that enables payment, purchases, and transfers globally using digital assets and fiat-backed stablecoins.

The Worldcoin Foundation aims to realize more inclusive, fair, and just institutions of governance and of the global digital economy. The Worldcoin protocol, World ID, WLD tokens, and the World App are now globally available where laws allow. Orb-verified World ID services are expected to roll out to more than 35 cities in the coming months.

However, potential users should be aware that crypto products can be highly risky and their regulatory treatment is unsettled in many jurisdictions. The technologies comprising Worldcoin, including the WLD token, are experimental in nature. There is no guarantee that the network will operate as planned.

Worldcoin Whitepaper Analysis: Revolutionizing Digital Identity and Global Finance

The whitepaper for the Worldcoin project, which aims to create a global identification and financial network, was just released. This paper gives a thorough summary of the project’s goals, guiding principles, and future strategies. The purpose of this post is to examine the key points mentioned in the Worldcoin whitepaper.

The creation of a worldwide “proof of personhood” system is at the core of Worldcoin’s aim. With the help of this system, people might verify their individuality and humanity without having to reveal their real-life identities. This idea is crucial in the current digital age since it is becoming harder to distinguish between people and AI bots. According to Worldcoin, designing customized biometric hardware is the solution to this problem.

Worldcoin’s identity verification system, known as World ID, is designed to be privacy-preserving. It uses zero-knowledge proofs to verify an individual’s humanity while maintaining their privacy. The system operates through a custom biometric device called the Orb, which is designed to issue AI-safe proof of personhood verifications. The Orb is operated by a network of independent local businesses, and all images taken by the device are promptly deleted to ensure privacy.

The Worldcoin token (WLD) is issued to all network participants to align their incentives around the growth of the network. This strategy is particularly crucial in the early stages of the project to overcome the “cold start problem”. If successful, the Worldcoin token could become the most widely distributed digital asset.

Worldcoin’s infrastructure also includes the World App, the first wallet app that supports the creation of a World ID. To engage with the Worldcoin protocol, individuals must first download the World App and visit a physical imaging device, the Orb, to get their World ID Orb-verified.

Worldcoin aims to increase global equality of opportunity by providing universally accessible decentralized financial and identity infrastructure. The project envisions a future where everyone, regardless of their location, can participate in the global digital economy. This could fundamentally change the way humans transact value, identify themselves, and interact on the internet.

Worldcoin’s vision for the future includes instant and borderless financial transactions, protection against bots and spam messages, and the fairer distribution of limited resources. The project also sees potential for global democratic governance mechanisms and a path to AI-funded Universal Basic Income (UBI).

While Worldcoin’s vision is ambitious, it’s important to note that the project is still in its early stages. The success of the project will depend on various factors, including the widespread adoption of the Worldcoin token, the effectiveness of the Orb device in verifying personhood, and the development of applications built on top of the Worldcoin infrastructure.

In conclusion, Worldcoin presents a novel approach to the challenges of digital identity and financial inclusion. By leveraging custom biometric hardware and blockchain technology, the project aims to create a globally inclusive identity and financial network. However, the realization of Worldcoin’s vision will require significant technological advancements and widespread adoption. As with all emerging technologies, potential users and investors should conduct their own due diligence before getting involved.

CoinFund: Worldcoin Could Onboard Billions of Users into the Crypto Economy

In a recent blog post by CoinFund, the investment firm detailed its thesis for investing in Worldcoin, a project aiming to solve the identity problem in the crypto economy. The post, authored by Austin Barack and Jake Brukhman, was published on July 23, 2023, and provides an in-depth look at the potential of Worldcoin.

Worldcoin’s mission is to prove human uniqueness in a digital context while maintaining anonymity and privacy. The project has developed a state-of-the-art hardware device, the Worldcoin Orb, which uses iris biometrics to determine human uniqueness. The Orb creates a unique hash from a user’s iris pattern, which is then used to prevent duplicate sign-ups. Importantly, the raw biometric data is permanently deleted after the hash is created, ensuring privacy.

The ability to prove a user’s uniqueness without requiring personally identifiable information has significant implications for digital interactions. For instance, it can enable one-person-one-vote systems in Decentralized Autonomous Organizations (DAOs), prevent the creation of spam social media accounts, and facilitate equitable airdrops in crypto networks.

Worldcoin’s approach also allows for the fair distribution of a network asset on a global scale. With the Worldcoin Orb and World ID, each user can receive approximately equivalent amounts of Worldcoin’s native token (WLD), regardless of when they sign up. This approach aims to incentivize user participation and could potentially bring billions of users to the crypto economy.

As of July 23, 2023, Worldcoin has signed up more than two million users (2,060,888 to be exact). CoinFund, one of Worldcoin’s earliest backers, believes that Worldcoin’s unique approach to proving personhood and distributing network assets could be transformative for global digital coordination and financial inclusion.

However, it’s important to note that CoinFund’s views are not representative of all investors, and potential investors should conduct their own due diligence. The future of Worldcoin, like all crypto projects, is subject to various risks and uncertainties.

In conclusion, Worldcoin’s innovative approach to solving the identity problem in the crypto economy could potentially onboard billions of users to the crypto economy. Its unique proof of personhood and fair distribution of network assets are key innovations that could transform digital interactions and global financial inclusion.

Worldcoin Protocol Undergoes Comprehensive Security Audits

Worldcoin, a blockchain-based protocol that integrates both off-chain and on-chain components, a proof of humanity protocol co-founded by Sam Altman of OpenAI, recently underwent two separate security audits. The audits were conducted by Nethermind and Least Authority, two reputable audit firms, beginning in April 2023. The protocol’s implementation, which includes its use of cryptographic constructs and smart contracts, is detailed in the Worldcoin whitepaper.

Worldcoin publicly launched on July 25, 2023, with the token WLD listed on mainstream crypto exchanges including Binance and Okex. However, the launch was met with immediate criticism. The French data protection agency, CNIL, questioned the legality of Worldcoin. The United Kingdom’s Information Commissioner’s Office (ICO) considered investigating the project for potential violations of the country’s data protection laws.

The audits covered a wide range of areas, including the correctness of the implementation, potential implementation errors, adversarial actions, secure key storage, resistance to DDoS attacks, vulnerabilities in the code, protection against malicious attacks, performance issues, data privacy, and inappropriate permissions.

Nethermind focused on the protocol’s smart contracts, which include the World ID contracts, the World ID state bridge, the World ID example airdrop contracts, the Worldcoin tokens (WLD) grants contracts, and the WLD ERC-20 token contract and its associated vesting wallet. Out of the 26 items identified during this security assessment, 24 (92.6%) were fixed after the verification stage, one was mitigated, and the remaining one was acknowledged.

Least Authority, on the other hand, concentrated on the protocol’s use of cryptography, including its use of the Semaphore protocol and the enhancements made to scale the protocol in a more gas-efficient manner. These include the protocol’s cryptographic design and implementation, the Rust implementation of the semaphore protocol, and the Go implementation of the Semaphore Merkle Tree Batcher (SMTB). The team identified three issues and offered six suggestions, all of which have either been resolved or have planned resolutions.

In their report, Least Authority stated, “We found that the cryptographic component of the Worldcoin Protocol is generally well-designed and implemented.”

Some of the items identified during the audits were due to the protocol’s dependencies on Semaphore and Ethereum, such as elliptic curve precompile support or Poseidon hash function configuration.

Worldcoin aims to establish a proof of personhood that is decentralized, privacy-preserving, open-source, and accessible to everyone. For more information about the project, the Worldcoin whitepaper and related documents are available for review.

Worldcoin Faces Investigation by Germany's Regulator

The Bavarian State Office for Data Protection Supervision has initiated an investigation into the Worldcoin crypto project, a new initiative that requires users to provide iris scans in exchange for a digital ID and potentially free cryptocurrency, according to Reuters. The investigation, which began in November 2022, is probing the large-scale processing of sensitive biometric data.

Worldcoin, launched last week with the ambition to create a new “identity and financial network,” has already seen 2.1 million sign-ups, primarily during a two-year trial period. The sign-up process involves a shiny spherical “orb” that scans faces in various locations, including France, Germany, and Spain.

The German regulator’s president, Michael Will, has expressed concerns about the project’s use of new technology to process sensitive data on a vast scale. Questions have been raised about the suitability of these technologies for transferring financial information, and whether users have provided explicit consent based on clear and sufficient information.

Worldcoin’s network is described as “privacy-preserving” on its website, with assurances that personal data is stored in encrypted form. The Worldcoin Foundation, a Cayman Islands-based entity, has publicly stated its compliance with European Union rules and pledged cooperation with governing bodies regarding privacy and data protection practices.

However, privacy campaigners have voiced concerns over the wide-scale collection and storage of biometric data, fearing potential increases in surveillance or targeted actions against specific demographic groups.

Several European supervisory authorities have also shown interest in Worldcoin. France’s privacy watchdog has commented that the legality of Worldcoin’s data collection appears “questionable,” and Britain’s data regulator has announced plans to make inquiries into the project.

The investigation is led by the Bavarian state regulator due to the presence of a German subsidiary of Tools For Humanity, the company behind Worldcoin, in the region.

The Worldcoin project represents a novel approach to identity verification and financial networking but has clearly raised significant legal and ethical questions. As the investigation continues and more authorities express interest, the crypto community and privacy advocates alike will be watching closely to see how these concerns are addressed.

But the scrutiny in Germany is not the only challenge Worldcoin faces.

Worldcoin underwent comprehensive security audits conducted by Nethermind and Least Authority, beginning in April 2023. The audits covered areas such as correctness of implementation, secure key storage, resistance to attacks, and data privacy. Out of 26 items identified, 24 were fixed, one was mitigated, and one was acknowledged.

Despite these measures to enhance security and privacy, the project’s coin WLD launch on July 25, 2023, was met with immediate criticism. French and UK authorities questioned the legality of Worldcoin and considered investigating potential violations of data protection laws, adding to the growing list of concerns surrounding this ambitious project.

Five Market Makers Nearing Worldcoin (WLD) Loan Settlement Date

In July, according to EmberCN, when Worldcoin (WLD) launched, it lent a collective sum of 100 million WLD to five market makers to enhance liquidity. According to the terms, these market makers must either return the coins or buy them at a price ranging between $2 to $3.12 by the conclusion of a three-month term, which is slated for October 22. With the date less than a month away, a close examination of the recent on-chain activities and the current WLD holding statuses of these market makers unveils notable insights.

Wintermute

Initially allocated 28 million WLD, Wintermute now holds 14.16 million WLD on-chain. In the recent fortnight, there has been a retrieval of 1.93 million WLD from Binance. This reflects a possible preparation towards fulfilling the loan settlement terms. The retrieval also suggests a level of activity that might be aimed at either returning the borrowed sum or purchasing them as per the agreed price range.

Amber Group

Amber Group started with an allocation of 24 million WLD, but its current on-chain holdings have dwindled to 4.5 million WLD. In July, a hefty sum of 19.5 million WLD was transferred to various centralized exchanges (CEX), with no recent retrievals noted from these platforms. The large transfer to exchanges could have been a move to take advantage of possible higher market prices, but the lack of recent retrievals from CEX might raise queries on their strategy towards the upcoming settlement deadline.

Flow Traders

Similar to Amber Group, Flow Traders was allocated 24 million WLD. They now hold 8.5 million WLD on-chain. Noteworthy is their recent activity where they retrieved 2.45 million WLD from multiple CEX in the last two weeks. This activity could be perceived as a step towards amassing the necessary WLD for either return or purchase as per the loan agreement.

Auros Global

With an initial allocation of 12 million WLD, Auros Global’s on-chain holdings have significantly reduced to 0.5 million WLD. They transferred 11.5 million WLD to various CEX in July, with no recent activity of retrievals from these platforms. The substantial reduction in on-chain holdings and the absence of recent retrievals may prompt questions regarding their strategy as the loan settlement date approaches.

The observed data exhibits a range of strategies among the market makers as the loan settlement deadline looms. Some market makers have initiated retrievals from exchanges, possibly in preparation for the return or purchase of the borrowed WLD, while others have not shown such movements. These actions are critical for WLD stakeholders to monitor as they could potentially impact the market dynamics of Worldcoin.

The unfolding scenario presents a significant juncture for Worldcoin and its market makers. The actions of these market makers could either fortify or challenge the market stability of WLD, especially as the settlement date nears. The anticipation builds among the WLD community and the crypto market at large as to how these market makers will act – whether they will return the borrowed WLD or opt to purchase them, and how such actions would subsequently affect the market dynamics of Worldcoin.

Worldcoin (WLD) Investigated by South Korea's Personal Information Protection Commission

The Personal Information Protection Commission (PIPC) of South Korea has officially commenced an investigation into the cryptocurrency project Worldcoin (WLD) due to concerns over its data collection methods, which include the gathering of iris information. The commission detailed its course of action on March 4th, 2024, following a string of civil complaints regarding the privacy implications of Worldcoin’s operations.

Worldcoin has come under scrutiny for its collection of biometric data at various locations within South Korea. The PIPC’s inquiry will focus on compliance with the ‘Personal Information Protection Act’, particularly the collection and handling of sensitive data and the potential transfer of personal information overseas.

The PIPC, chaired by Go Hak-soo, has confirmed that associated Worldcoin entities are actively accumulating facial and iris recognition data across approximately ten sites within the nation. The commission’s proactive approach underscores its role as the guardian of personal privacy in South Korea, reflecting growing concerns globally over the intersection of privacy and technology in the digital age.

This news is particularly significant within the cryptocurrency and blockchain sectors, where the balance between innovation and user privacy is often debated. With the surge in popularity of cryptocurrencies and the increasing prevalence of blockchain technology in various aspects of daily life, the PIPC’s actions may set a precedent for how similar cases could be handled worldwide.

As the investigation unfolds, the commission plans to thoroughly examine the extent of the data collection, the security and consent protocols in place, and whether Worldcoin’s activities align with South Korean laws governing the protection of personal information. Should violations be found, the PIPC has pledged to take appropriate measures in accordance with the relevant legislation.

Given the intricacies of international law and the digital nature of cryptocurrency projects that often operate beyond traditional borders, the PIPC’s investigation into Worldcoin may also spark further discussions on international cooperation and regulation in the digital currency space.

This development serves as a reminder to all entities operating within the blockchain and cryptocurrency industries of the importance of adhering to local privacy laws and regulations. As digital currencies continue to evolve, the need for clear guidelines and adherence to privacy standards becomes increasingly paramount to ensure the protection of individuals’ personal information.