Exploring Worldcoin: Features, Privacy, and Challenges
Author: GaryMa, WuBlockchain With attention-grabbing terms like “OpenAI founder,” “luxurious financing background,” and “universal airdrop,” Worldcoin has garnered significant attention. Worldcoin, founded by OpenAI founder Sam Altman, recently announced the completion of a $115 million Series C funding round led by Blockchain Capital, with participation from a16z, Bain Capital Crypto, and Distributed Global. In October 2021, Tools for Humanity, the development company behind Worldcoin, raised $25 million at a valuation of $1 billion, with participation from notable investment firms such as a16z, Coinbase, Multicoin Capital, and 1confirmation. The power of the Internet lies in its strong network effects, and with the advancement of cryptocurrencies and the Web3 industry, users now have the ability to have control and ownership over networks. However, no cryptocurrency network has achieved mass adoption yet. If a cryptocurrency network or a specific cryptocurrency were adopted by the majority or even globally, it would unleash significant network effects, potentially giving rise to applications that were previously unimaginable. This is the vision of Worldcoin: a globally adopted cryptocurrency economic network. From a functional perspective, Worldcoin can be divided into three main modules: 1. World ID: A decentralized identity protocol that protects privacy and proves the uniqueness and authenticity of users without revealing their personal data such as names and email addresses. 2. Worldcoin (WLD): Tokens distributed freely to people, serving as utility and governance assets. 3. World App: A fully self-custodial official wallet that enables payment, purchases and transfers globally using the Worldcoin token, digital assets and traditional currencies. In practice, these three modules are not independent but integrated. They are presented separately here for conceptual clarity. So, how can Worldcoin quickly establish network effects? Worldcoin’s approach is to distribute tokens to all real users. Everyone can receive a certain amount of Worldcoin Tokens for free. The challenge here is to solve the “human-bot verification” problem without compromising user privacy. For this purpose, Worldcoin has developed a biometric device called Orb, which scans users’ irises and converts the iris photos into iris codes. This helps users register without the need to store or upload their iris photos, ensuring only the generated iris codes are saved. The workflow in practice is as follows: Phase 1: Sign-up and uniqueness check(World ID Sign-up) ● The user generates a Semaphore keypair on her phone. ● The user presents the hashed public key (via QR code) to the Orb. ● The Orb scans the user’s irises and locally computes the user’s IrisHash. ● The Orb sends a signed message containing the hashed public key and the IrisHash to the sign-up sequencer node. ● The sequencer node verifies the Orb’s signature, then checks if the IrisHash does not match any already in the database. If the uniqueness check passes, the IrisHash and the public key are saved. Phase 2: Claiming Worldcoin ● The user’s app locally generates a wallet address. ● The app uses Semaphore to prove that it owns the private counterpart to one public key registered in Phase 1. Because it’s a zero-knowledge proof, it does not reveal which public key. ● The proof is sent again to the sequencer, which verifies it and initiates the deposit of tokens to the provided wallet address. ● A so-called nullifier is sent along with the proof and ensures the user cannot claim the reward twice. It is worth mentioning that through the use of Zero-Knowledge Proofs (ZKPs), Worldcoin accounts can be dissociated from Orb’s related data. When users use their World ID, ZKP prevents third parties from knowing their wallet public key or tracking them across applications. ZKP also ensures that the usage of World ID is not tied to any biometric data or personal iris codes. World ID World ID is currently the core protocol of the Worldcoin ecosystem. As a decentralized identity protocol that protects privacy and does not collect or store users’ biometric information, it can play a crucial role in solving the human-bot verification problem in the upcoming AI era. However, the human-bot verification problem is just one of the basic use cases of World ID. Considering its anti-sybil defense features, World ID can have applications in governance, identity verification, reputation systems, and more. Worldcoin Token(WLD) Worldcoin Token (WLD) currently has limited information available. It has a total supply of 10 billion tokens, allocated as follows: ● 8 billion tokens for community distribution ● 1 billion tokens for long-term funding of the Worldcoin protocol, including developer grants ● 1 billion tokens for contributors to the protocol, including investors Worldcoin Network:OP Rollup L2 & SuperChain The positioning of the Worldcoin network is not to create a separate network but to build an optimistic rollup L2 network based on the Ethereum mainnet to leverage the composability of the Ethereum network. On May 11th, Worldcoin officially announced its vision for the OP Superchain. Issues and Challenges: Some users may have a limited understanding of Worldcoin and perceive it only as an application where they can receive airdropped tokens for free. Let’s loosely consider Worldcoin as an OP superchain with built-in wallet and identity protocols. Currently, the iris recognition technology and the associated workflow behind Orb are unfamiliar to most people. This innovation brings both potential and skepticism, as it faces the following challenges: ● Feasibility of offline user adoption for Orb iris recognition on a large scale: regulatory considerations in different regions and personal resistance to this type of biometric scanning. Currently, Worldcoin has registered nearly 1.8 million users, mainly concentrated in countries such as Argentina, India, and Spain. ● Long-term viability of iris code technology: We can set aside hypothetical questions about vulnerabilities in Orb hardware, ZKP verification, and other aspects. Looking ahead, a potential concern is whether the iris codes generated from scanning will remain consistent as a person’s age changes. ● Management of iris codes: Based on the available information, iris code data is uploaded to the sequencer node, which are currently likely to be operated by the official team. Since ZKP technology is used, the iris data (or World ID) is not associated with users’ wallet addresses. Even if the iris data were to be leaked or stolen, it would not involve users’ privacy. However, this assumption relies on trust in the storage practices of the official team and the application of ZKP technology. In closing The cryptocurrency industry has long advocated for “driving mass adoption.” Regardless, it is a positive development for the cryptocurrency industry that Worldcoin is attempting to break barriers with such a vision. At the very least, it has a strong support team, a luxurious institutional lineup, and offers free tokens. Follow us Wu Blockchain is free today. But if you enjoyed this post, you can tell Wu Blockchain that their writing is valuable by pledging a future subscription. You won't be charged unless they enable payments. |
Key phrases
Older messages
Global Crypto Mining News (May 22 to May 28)
Monday, May 29, 2023
1. There was an issue during Dash Core v19 activation where blocks were no longer being produced and the issue is being investigated. Cryptocurrency has indicated that due to the situation after v19
Asia's weekly TOP10 crypto news (May 22 to May 28)
Sunday, May 28, 2023
Author:Crescent Editor:Colin Wu 1. Hong Kong's weekly summary 1.1 Hong Kong to allow retail trading of major cryptocurrencies link On May 23rd, according to Bloomberg, Hong Kong is set to announce
Weekly Project Updates: Tornado Cash's Malicious Governance Controversy, MakerDAO Proposes Increasing DAI Savings …
Saturday, May 27, 2023
1. ETH's Weekly Summary a. Summary of the 162nd Ethereum All Core Developers Meeting (ACDE) link On May 26th, according to Christine Kim's summary of the 162nd Ethereum All Core Developers
WuBlockchain Weekly:Hong Kong to allow retail trading of major cryptocurrencies、Core PCE index exceeds expectation…
Friday, May 26, 2023
Top10 News 1. Hong Kong to allow retail trading of major cryptocurrencies link According to Bloomberg, Hong Kong will announce that retail investors can trade cryptocurrencies under new rules for the
HongKong Guideline on Anti-Money Laundering: Regulatory Requirements for Crypto Currencies and How to Identify Mon…
Thursday, May 25, 2023
Chapter 12 — VIRTUAL ASSETS Edit by WuBlockchain This Chapter provides guidance on the ML/TF risks in relation to virtual assets and the AML/CFT regulatory requirements and standards for addressing
You Might Also Like
Fidelity Bitcoin ETF’s $191 million outflow surpasses Grayscale as BlackRock records first redemptions
Thursday, May 2, 2024
All spot Bitcoin ETFs recorded outflows for the first time on record with $563 million leaving funds. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
DeFi & L1L2 Weekly - 📈 EigenLayer Withdrawal Queue Rises Amid EIGEN Airdrop Controversy
Thursday, May 2, 2024
EigenLayer withdrawal queue count rises amid EIGEN airdrop controversy. Runes make up over two-thirds of Bitcoin transactions since its launch. BlackRock's BUIDL leads the tokenised fund race. ͏ ͏
DeFi & L1L2 Weekly - 📈 EigenLayer Withdrawal Queue Rises Amid EIGEN Airdrop Controversy
Thursday, May 2, 2024
EigenLayer withdrawal queue count rises amid EIGEN airdrop controversy. Runes make up over two-thirds of Bitcoin transactions since its launch. BlackRock's BUIDL leads the tokenised fund race. ͏ ͏
VC Monthly Report: The number and amount of financing in April both decreased MoM
Thursday, May 2, 2024
Author: WuBlockchain According to statistics from RootData, there were a total of 161 publicly announced investment projects in the crypto VC field in April, a decrease of 13.4% from March 2024 (186
Reminder: Bitcoin Makes History By Becoming The Scarcest Asset In The World
Thursday, May 2, 2024
We bring you the top stories in crypto every week! Stories like... Monday April 29, 2024 Sign Up Your Weekly Update On All Things Crypto TL;DR Bitcoin Makes History By Becoming The Scarcest Asset In
Bitcoin falls below $57k as $13 billion in leveraged shorts placed on major exchanges
Wednesday, May 1, 2024
Major support at $50000 as Binance shows strong buy walls with large orders ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Hong Kong Cryptocurrency ETF First Day: IOP Exceeds Expectations, Low Trading Volume, Future Outlook
Wednesday, May 1, 2024
Editors | Cryptocats Harvest Global Investments and other companies submitted applications for Bitcoin spot ETFs to the Hong Kong Securities and Futures Commission as early as January 26th. On April
Increase your crosschain score
Tuesday, April 30, 2024
Axelar Quests launched on Flipside. Claim and AXL while you increase your chain score and build your reputation, helping potential airdrop eligibility Flipside Crypto gm and great news. Axelar has
Hong Kong’s Bitcoin and Ethereum ETFs launch with lower than expected trading volumes
Tuesday, April 30, 2024
Market stakeholders believe that the Hong Kong ETFs would still have a significant impact on the market, regardless. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
A Comprehensive Overview of Decentralized Communication Infrastructure: SendingNetwork
Tuesday, April 30, 2024
Author: GaryMa In the era of Web 2.0, the internet framework was primarily composed of three fundamental infrastructure modules: computation, storage, and communication. As we transition into Web 3.0,