Human ID Project Worldcoin Unveils Gas-Free Crypto Wallet
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Human ID Project Worldcoin Unveils Gas-Free Crypto Wallet

Worldcoin is reportedly planning another funding round this year, after raising $100 million in 2022.
Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.

On Monday, Worldcoin rolled out World App, the gas-free crypto wallet that verifies human identity using zero-knowledge proofs. After the app, the Worldcoin community is expecting the launch of its native token, which was initially planned for the first half of this year.

What is the World App?

Worldcoin, a human ID project co-developed by OpenAI CEO Sam Altman, announced on Monday the launch of a gas-free crypto wallet called “World App.” Operating on the Polygon blockchain, the wallet seeks to provide users with a decentralized alternative enabling them to manage their data and identity, access finance, and drive crypto adoption.

The wallet utilizes Worldcoin’s “World ID” system to distinguish between humans and bots. Users using the gas-free wallet must register for a World ID first by providing a mobile phone number or iris scan. According to the project developers, the app does not store data users provide but instead creates a zero-knowledge proof to ensure the user is human.

World App is available on iOS and Android and allows users to hold and trade cryptocurrencies, including USDC, DAI, ETH, Wrapped Bitcoin (WBTC), and Worldcoin (WDC).

Over 1.5 million users used the app during testing, with 60,000 transactions registered on a typical day. World App users can deposit and withdraw funds using their bank accounts or local payment methods and transfer funds to phone contacts or other crypto wallets.

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Worldcoin Token Launch?

The rollout of the World App comes ahead of the Worldcoin’s token launch, which the project previously said would take place in the first half of 2023. Users can claim a portion of the token after getting scanned by Worldcoin Orb – the company’s innovative biometric imaging device.

Worldcoin is worth around $3 billion after the project secured $100 million in a funding round from Khosla Ventures and a16z, one of the most prominent crypto investors. Reports from earlier this year suggested that Worldcoin may be planning a new funding round at the same valuation.

The company’s founder, Sam Altman, is best known for being the CEO of OpenAI, an artificial intelligence (AI) research laboratory behind the latest internet sensation, ChatGPT. The chatbot’s huge success left many in the tech and crypto industries scrambling to launch their generative AI solutions.

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Do you think Worldcoin is well-positioned to succeed, given the increasing number of bots on the internet? Let us know in the comments below.