Worldcoin launches World ID 2.0, WLD increases nearly 10%.
On the evening of December 13, 2023, Worldcoin (WLD) – the cryptocurrency project founded by Sam Altman officially introduced an upgraded version of the decentralized identification solution called World ID 2.0.
Not only that, the head of the product department of Tools for Humanity (main developer of the project), Mr. Tiago Sada, also said that he has integrated World ID 2.0 into new platforms such as Minecraft, Reddit, Telegram, Shopify. and Mercado Libre – the largest e-commerce platform in Latin America.
Introducing World ID 2.0https://t.co/EklnjoCPlN
— Worldcoin (@worldcoin) December 13, 2023
The first World ID or version 1.0 was introduced in early 2023. It is a decentralized and privacy-preserving identity solution. World ID 1.0 is built with a Proof of Personhood mechanism. This mechanism allows each user to prove they are a “real human” instead of a “bot”. This is considered a “digital passport” for users.
Data in World ID is stored and protected using Zero-Knowledge technology. This technology allows users to prove that they are real individuals while still maintaining anonymity. This mechanism is implemented to prevent abuse of Worldcoin benefits and also prevent Sybil Attack.
The new version World ID 2.0 will bring three levels of authentication to users depending on different usage scenarios, including:
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“Regular” or “World ID Device Level” – Download the Worldcoin app and create a World ID: Users simply create a profile without using the Worldcoin Orb to scan their iris, thereby proving that they are a real person .
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“Standard” or “World ID Orb” Level – Create a profile and perform an iris scan with Worldcoin Orb to verify identity.
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“High” or “World ID Orb+” security – Requires users to use facial recognition to protect the app, in addition to the previous two steps.
The head of product at Tools for Humanity has stated that integrating World ID 2.0 into new platforms such as Minecraft, Reddit, Telegram, Shopify, Mercado Libre can help applications distinguish between Bots and real people . At the same time, Shopify merchants can ensure that each customer only uses the discount code once.
World ID 2.0 provides users with three levels of authentication depending on different use cases
In the announcement, Worldcoin revealed plans to expand operations to Mexico, Singapore and many other countries in Asia. According to information from the project’s website, nearly 5 million people globally already own World ID and about 2.6 million people have scanned their iris with Orb to verify their identity. Within the last 7 days, more than 100,000 people have created new accounts.
Although Worldcoin is actively promoting its development, the “iris scanning” project faces many difficulties related to legal issues in many countries. Worldcoin co-founder Sam Altman also faced challenges from the company OpenAI in November 2023.
The project’s developer is even in trouble with raising additional capital through the OTC sale of WLD tokens for only 1 USD/token – a price about 2.5 times lower than the current value.
Related: Worldcoin Wants to Raise More Capital by Selling WLD Tokens
Immediately after announcing the launch of World ID 2.0, the WLD token quickly increased by nearly 10%, from 2.3 USD to 2.55 USD. Currently, the price of this cryptocurrency is still reacting positively on the Binance exchange.
Chart of WLD/USDT 1h frame on December 14, 2023 at 1:30 (UTC) on Tradingview
