Worldcoin announces token economics: $WLD initial supply is 10 billion, 75% allocated to the community
Worldcoin, a cryptocurrency project co-created by OpenAI CEO Sam Altman, announced its official launch today. According to the official white paper, the native token WLD has been launched on the Optimisim mainnet. The initial supply limit is 10B, and the maximum circulating supply is 143 million. pieces
Worldcoin was officially launched today (24th). The goal of the project is to create an open source protocol for global financial fairness and inclusiveness. It can be divided into three parts: creating a global identity ID, a global currency and a bearer identity ID. With currency wallet, its vision is to build the world's largest and fair digital identity and digital currency system.
According to the official white paper released by Worldcoin, the native token WLD has been launched on Layer2's Optimisim mainnet, with an initial supply limit of 10 billion. WLD can be used for governance voting of the protocol, as well as paying WLD tokens to use the World App and other wallet applications, or to buy and sell goods and services. In the long run, WLD may also be seen as a means of storing global value.
The token distribution aspects of WLD are as follows:
75% will be allocated to the Worldcoin community, most of the tokens will be allocated to users, and some tokens will be allocated to the ecological fund and network operations
9.8% allocated to the initial development team, mainly Tools for Humanity (TFH) and other service providers
13.5% allocated to Tools for Humanity investors
1.7% will serve as a reserve for Tools for Humanity
As for liquidity, the maximum circulating supply of WLD at launch is 143 million, of which 43 million WLD will be allocated to users who have passed the biometric device Orb verification during the pre-launch phase of the project, and 100 million WLD will be loaned to those outside the United States. of market makers.
63% of pre-launch users are in Asia and Africa
In addition, the official white paper mentioned that the pre-launch phase of the Worldcoin project is from May 2021 to July 2023. During this period, more than 2 million people verified their World ID on Orb in more than 30 different countries, of which 32.1% Among users in Asia, 31.6% are users in Africa, 18.8% are users in Latin America, 17.1% are users in Europe, and less than 0.1% are users in other regions.
WLD’s final ideal token distribution
It is worth noting that since the Worldcoin project is still in its early stages, there are significant variables in the distribution of WLD tokens, including the number of Orbs deployed in the field, the number of new users verified each week, and the number of merchants and others seeking to take advantage of Worldcoin's functionality. and location, as well as other unknown factors, etc., so the final distribution of tokens cannot yet be determined.
The final ideal token distribution goal is as follows:
Worldcoin promises to accelerate registrations by deploying Orbs in more than 35 cities in 20 countries around the world. WLD tokens will be distributed to more than 2 million users participating in the test around the world. Those who pass the Orb validator will receive the initial 25 WLD tokens, as well as future regular grants. From today, users can also reserve and receive them in the World App Tokens until they can be verified using Orb.
The iris scanning device Orb is officially launched today. The closest installation point to Taiwan is in Hong Kong. The specific location is at No. 66 Shanghai Street. Users can make an appointment and register through the World App. In addition to Hong Kong, Orb is already available in Brazil, London, and Dubai. , Singapore, Manhattan and other places.
The popularity of chatGPT continued to increase in the first half of the year. Many bloggers in the encryption circle began to update their prompt techniques daily, and a lot of funds also went to the AI field.
What is Worldcoin going to do?
Worldcoin is a UBI (Universal Basic Income) project. Its vision is for a world without poverty and for everyone to have a minimum living standard.
The UBI project was proposed a long time ago. In the early stages of the last crypto bull market, several UBI projects were very popular, and everyone was paying attention to each other, and it was very lively.
In most previous UBI projects, the underlying logic was how to effectively identify a real person, some through face, some through social graph, and some through node meeting verification.
Most of these projects revolve around the underlying technology of how to identify people, and the mechanism of project tokens is mostly a mess. Most of these projects adopt an unlimited issuance model. As long as you have an ID, you can receive tokens every cycle. Without a real source of value, these tokens are naturally worthless, let alone a basic income.
Worldcoin and OpenAI
What makes Worldcoin feel different is its relationship with OpenAI, with which they have a common founder, Sam Altman.
When ChatGPT became popular, the most worrying thing was that it would compete with humans for jobs, leaving many people unemployed.
Sam believes that the efficient productivity of AI will greatly benefit mankind. It can free up most people's time, so that they no longer need to work to have a guaranteed income. Only a small number of people need to work to feed all mankind.
You can earn income without working. This has been achieved in many European countries, and their minimum living standards are very high. But in many poor areas, this is very difficult.
OpenAI's vision is to make AI benefit mankind. Its agreement with Microsoft simply states that when enough profits are made, OpenAI will become a public welfare organization. In the future it hopes to spread the money it makes to all mankind.
Worldcoin’s ambitions
With such a vision, the core problem to be solved is to give it to real people, not fake people (for example, during the epidemic period in the United States, I heard that many fake people went to collect money).
The first thing Worldcoin has to do is to identify who is a real person. Only real people can have a verified account to receive money. They achieve this through Orb's iris recognition technology.
Those who pass the verification will have a verified identity and a corresponding crypto wallet account. Why do you need a crypto wallet?
This is actually the problem that blockchain wants to solve. In developed countries, bank account/social security numbers are easy to obtain, almost everyone has a social security number and can be used to identify a real person.
In many underdeveloped areas, not to mention bank accounts, even identification documents are lacking. How to send money to them? There is no address for remittance and no account for transfer.
This is what blockchain can solve, a decentralized infrastructure that allows everyone to have a wallet address that can accept cryptocurrencies for various payments.
This is what FB Xiaoza wanted to do at the beginning. The Libra he wanted to create was to allow everyone to have an encrypted account, and then use the Libra he issued as the settlement currency to become the settlement layer infrastructure of the entire Internet. .
Speaking of this, we can see another direction of Worldcoin. They hope to become the settlement layer of the world's Internet. By issuing basic income to every real person, everyone can register for Worldcoin and have a real encrypted account.
I didn’t say before how Worldcoin’s UBI is implemented. As long as real users have registered for Worldcoin and passed Orb verification, they can receive 1 worldcoin every week. Its total amount is 10 billion, and one is less than one.
The source of value of Worldcoin
UBI is realized by distributing this worldcoin. So what is the source of value of worldcoin?
By distributing worldcoin to every verified person, it is actually a way to attract new users in the early stage. Who doesn’t want to get it for free? And it may be very valuable in the future. Through Orb iris recognition, it can effectively prevent fake accounts from fleecing.
With real users, worldcoin also provides identity verification capabilities. It can integrate various web3 and web2 projects just like WeChat scan code login. Yes, it can integrate traditional Internet applications.
It also provides a learn to earn application, which allows users to obtain cash rewards by learning encryption knowledge.
It also offers a cash wallet (integrated with Circle’s USDC), a cryptocurrency wallet account, and a worldcoin token account.
Based on the above, Worldcoin actually provides a complete set of identity and banking systems in traditional fields, and it also provides Internet entry-level identity verification capabilities.
With these capabilities, Worldcoin can actually serve as a unified entrance for web2 and web3 in the future, which will also bring a lot of additional revenue. These incomes are the source of worldcoin's UBI universal basic income.
Think again about the relationship between Worldcoin and OpenAI. In the future, artificial intelligence will be super developed, and the money earned may be spread through similar channels like worldcoin.
Don't think that spreading money is unrealistic. During the epidemic, the United States spread money indiscriminately. At that time, its channels for spreading money were not smooth. Many people did not have bank accounts, especially many forgers.
If Worldcoin's infrastructure can run smoothly, this method of distributing money will be very efficient and closer to reality.
Summarize
What is Worldcoin:
It is a UBI project that will distribute tokens to everyone who registers and verifies authenticity
What Worldcoin is capable of:
Recognize real person through iris and complete identity verification
Distribute worldcoin tokens to everyone who passes the verification
Provide everyone with a digital identity that can be used for identity verification in various applications to ensure that the real person
Crypto wallet and payment services for everyone
Provide learning and earning services, users can receive money by learning knowledge
Speculations about Worldcoin's revenue sources:
Worldcoin may be used to pay for some services in the future
Provide identity service capabilities for third parties to identify real people
Become an application entry-level platform that can collect taxes
Distribute revenue from AI