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Sam Altman’s Worldcoin Crypto Token Soars on Launch

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Worldcoin
Worldcoin

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Worldcoin (WLD), the token that underpins Open AI co-founder Sam Altman’s crypto project, soared in first day trading today.

Worldcoin ramped up publicity for the coin over the weekend and it paid off with the token surging 110% to a high of $3.58. It’s pared gains since then and traded up 55% at $2.59 at 9.30 EST on volume of almost $330 million.

“This is a huge deal,” said Tiago Sada, head of product, engineering, and design at Tools for Humanity, which oversees the project, in an interview with Decrypt. “The project has been in beta for a while now and in development for even longer, so we’re really excited to finally make this happen.”

Worldcoin Aims to DistinguishHumans From AI

Worldcoin was founded in 2019 with the goal of creating a globally-inclusive identity and financial network. The project consists of “ a privacy-preserving digital identity network (World ID) built on proof of personhood and, where laws allow, a digital currency (WLD),” it says.

Despite being in beta, the project has reported having onboarded over 2 million users through iris scanning on the Worldcoin Orb. By scanning an iris, a user receives a World ID that Worldcoin says can be used to prove that they are a real, unique human to any platform that integrates with its protocol, mainnet.

Identifying people has become more important following the rise of AI and chatbots such as ChatGPT on the internet. The company also believes that the World ID will become particularly useful in helping to reduce or eliminate fraud.

“This will enable fair airdrops, provide protection against bots/Sybil attacks on social media, and enable the fairer distribution of limited resources,” Worldcoin says.

By launching the mainnet protocol, the project is ready to ramp up registration efforts. During testing, Worldcoin had only about 200 Orbs in a few cities. Tools for Humanity is now looking to increase the Orbs to at least 1,500 in cities all over the world by the end of 2023.

“Orbs are a piece of technology that was designed and produced by Tools for Humanity,” said Sada. “It has been open-sourced not just for transparency but also to make it easy for others to make Orbs that are supported by the protocol.”

Worldcoin Goes Public

Binance is allowing deposits from today and withdrawals from July 25. Customers will also be able to spot trade using the WLD/BTC and WLD/USDT pairs. WLD is not available in the US because of regulatory concerns.

According to the token’s economics, WLD has an initial supply of 10 billion, with 75% allocated to its community, 9.8% to the development team, and 13.5% to Tools for Humanity investors. The remaining 1.7% will be held at the Tools for Humanity Reserve to address the future needs of the company.

 

Worldcoin has also expanded the reach of the World App to an additional 40 countries, bringing the total to 120. The app entails a wallet for the Worldcoin protocol that runs on Polygon and helps users keep track of their tokens and funds.

The project is backed by Andreessen Horowitz, Blockchain Capital, and several other investors who have in total raised $240 million for the company. The most recent funding was announced in May, by when a total of $115 million had been raised in Series C funding for research and bot detection, which is one of the project’s main objectives.

A year earlier, the project had raised $100 million in preparation for the token and mainnet launch. The company also raised $25 million in 2021 in Series A funding. In total. The company’s valued at about $3 billion.

New Coin Listings to Watch Today as Burn Kenny Lists On Uniswap

Apart from WLD, there’s another new crypto listings to look out for in the market today. Velo Data, a centralized exchange has announced the listing of WAVES, COMP, STG, NEAR, and ATOM. Another significant listing that investors may be interested in is Burn Kenny, which will be listed on the popular decentralized exchange Uniswap.

The time and date for $KENNY’s IDO on Uniswap has now been set – 16:00 UTC / 18:00 CET today, July 24. Like its presale launch, that peak time has been calculated to allow as many traders as possible to take part.

Visit Burn Kenny here for more information.

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