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On Monday, via its Twitter account, Worldcoin, the crypto project led by Sam Altman, announced the launch of its WLD token and mainnet.
The company created a buzz on Twitter over the weekend, and Semafor was the first to report the news. However, the official launch was initially planned with an announcement to the press under embargo.
On Sunday, users were presented with a notification urging them to update the mobile app. However, this update temporarily restricted app functionality, displaying the message "It's time. Join us in the World App. July 24, 2023 11am."
Developers will gain access to the Worldcoin software development kit (SDK), which was previously only available in beta mode. This SDK empowers developers to create innovative tools and applications using the World ID, the project's cutting-edge identity protocol. To achieve full verification, users are required to undergo iris scanning through Orb, a specially designed device that generates a unique identifier from human irises without processing or storing any associated data locally, as confirmed by the company.
Up until now, the SDK has only been accessible in its beta mode, with users receiving beta tokens through five airdrops.
"Beta tokens will will get converted and they'll be able to use those however they wish inside of world up or take them out elsewhere," said Tiago Sada, head of product, engineering & design at Tools for Humanity, the startup behind Worldcoin. The token is based on the Ethereum ERC-20 design.
Asked about whether Worldcoin will be listed on exchanges, Sada said "We'll see what what other parties choose to do. What we know is that there are certain features like some peer to peer concepts, that will be available from day one on the World App, and then everything else will be up to different people," meaning the developers who build with the protocol.
Biometric device
The token launch marks the completion of the project's migration to the migration to the Optimism network, a Layer 2 scaling solution for Ethereum, and signifies a widespread increase in Orb availability worldwide.
So far, Sada has only released 200 Orbs to the public, which have been used to scan over 2 million people. According to Sada, the company plans to manufacture 1,500 Orbs by the end of this year, offering the option to book appointments rather than relying solely on pop-up events. The Orbs are produced in Germany, as stated by Rebecca Hahn, the Chief Communications Officer for Tools for Humanity.
Sam Altman, the co-founder of Open AI, the company behind ChatGPT, has been making strides in the tech industry. Recently, the Tools for Humanity team, responsible for Worldcoin, achieved a remarkable feat by securing a substantial $115 million in a Series C funding round in May. Notably, the round was led by Blockchain Capital, and prominent investors like a16z, Bain Capital Crypto, and Distributed Global also participated in this significant investment opportunity.
"In the age of AI, the need for proof of personhood is no longer a topic of serious debate; instead, the critical question is whether or not the proof of personhood solutions we have can be privacy-first, decentralized, and maximally inclusive," Worldcoin co-founder Alex Blania said in a press release.
The comprehensive tokenomics of the project are scheduled to be disclosed later on Monday. Back in May, Worldcoin had already introduced the World App, a wallet designed for the protocol and operating on the Polygon network.
WLD will not be accessible in the U.S. due to prevailing regulatory uncertainties.
