The eye-scanning crypto project Worldcoin, co-founded by Sam Altman, announced on Sunday that the project's operators will receive rewards in the form of its native coin, WLD, instead of using its stable coin USDC.
Worldcoin operators who operate a biometric scanning device called Orb, developed by Tools for Humanity, will receive rewards in the form of WLD tokens as recognition of personal legitimacy. Previously, operator rewards were paid in USDC.
The transition from USDC to WLD will be completed next month, and the service is not available to users in the United States.
In a company update, Worldcoin noted that the project has seen a gradual increase in its native coin supply, from around 100 million to just over 130 million, or about 1.34% of the total supply of 10 billion coins.
This project aims to create a network of as many people as possible to verify human existence. "To achieve this, the majority of the WLD token supply will be awarded to new and existing users in the form of user grants over the next few years," the company wrote.
WLD Supply Increase
Worldcoin attributes this increase in WLD token supply to Orb users claiming around 34 million WLD in free user grants, since the launch of this native token in July.
The circulating supply consists of 100 million WLD tokens in loans granted to market makers, 34.3 million in claimed user grants, and tokens received by operators in return.
This loan will expire on Tuesday, October 24, and according to Worldcoin, the agreement will be renewed until December 15 "for a lower loan amount of 75 million WLD in total."
Last month, Sam Altman, who is also CEO of ChatGPT creator OpenAI, said that Worldcoin faced major operational challenges.
"The operational challenges are certainly enormous when you think about what it takes to produce these Orbs," Altman said in a panel discussion during the Token 2049 event in Singapore. He also emphasized that overcoming "biometric resistance" remains a challenge.
