This page is for information purposes only. Certain services and features may not be available in your jurisdiction.

What is Worldcoin?

OKX Learn

Published on Jul 24, 2023

Updated on Apr 25, 2024

4 min read

What is Worldcoin?

Worldcoin is an open-source protocol that aims to make the global economy accessible to everyone by creating a digital identity called World ID and providing, where allowed by law, a digital currency (Worldcoin).

Worldcoin was co-founded by Sam Altman, CEO of OpenAI, and aims to create a global currency and ID that allows for easy transfers, payments, and purchases using its token along with other cryptocurrencies and traditional assets.

Built upon World ID, Worldcoin is driving its mission forward through a suite of interconnected tools. These include:

World ID

World ID is a unique proof of personhood (PoP) credential that acts as a digital passport in the online world. It offers a privacy-focused digital identity solution that confirms an individual's unique existence through a custom biometric device called the Orb. The use of iris recognition sets Worldcoin's verification system apart from others, making it unparalleled in scale. This tackles the challenges associated with personal identification in a novel way.

Worldcoin Token

Worldcoin Token (WLD) is a unique token that has been distributed globally and at no cost, providing individuals with both practical use and the ability to participate in future decision making. You can trade WLD on the OKX exchange.

World App

The World App is a comprehensive platform that enables you to conduct transactions, purchases, and transfers using various currencies, including the Worldcoin token, digital assets, stablecoins, and traditional currencies.

Worldcoin embraces the future of decentralized identities. The technology empowers individuals to verify their human authenticity on integrated platforms. By doing so, it ensures fair airdrops, safeguards against bots and sybil attacks on social media, and promotes equitable distribution of resources.

How to participate in Worldcoin

Download the World App, which serves as the first wallet app supporting the creation of a World ID.
Head to the physical imaging device called the Orb to get the World ID Orb-verified. Orb Operators, a network of independent local businesses, operate most Orbs.
The Orb uses multispectral sensors to verify the authenticity and uniqueness of each individual, and issues an Orb-verified World ID. It's important to note that all images captured during the process are promptly deleted on-device by default, unless explicit consent for data custody is given.

How to deposit Worldcoin

1. Go to the main navigation bar and click on the 'Assets' option. Access the 'Deposit' page and choose the WLD token from the dropdown box.

A guide to depositing Worldcoin on the OKX platform. This step shows how to select the WLD token.

2. Select the 'WLD deposit network' option and generate your token wallet address by clicking 'Next'.

Showing how to select the WLD deposit network on the OKX platform

3. Deposit your WLD tokens to the Funding account by scanning the QR code or copying the WLD address to the platform you're withdrawing from.

How to deposit WLD tokens to your funding account on OKX

How to withdraw WLD tokens from OKX

1. First, navigate to the 'Withdrawal' page.

How to withdraw WLD tokens on OKX by first selecting the token on the withdrawal page

2. Once there, select the coin you want to withdraw and enter the amount of WLD you want to withdraw.

How to select the amount of WLD coin you wish to withdraw on OKX

3. Copy and paste the WLD address/domain and select your WLD withdrawal network. After verifying the accuracy of all the details, click 'next' and wait for your withdrawal to be processed.

The final step when closing your withdrawal of WLD coins on OKX

DISCLAIMER

THIS ARTICLE IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY. IT IS NOT INTENDED TO PROVIDE ANY INVESTMENT, TAX, OR LEGAL ADVICE, NOR SHOULD IT BE CONSIDERED AN OFFER TO PURCHASE OR SELL OR HOLD DIGITAL ASSETS. DIGITAL ASSET HOLDINGS, INCLUDING STABLECOINS, INVOLVE A HIGH DEGREE OF RISK, CAN FLUCTUATE GREATLY, AND CAN EVEN BECOME WORTHLESS. YOU SHOULD CAREFULLY CONSIDER WHETHER TRADING OR HOLDING DIGITAL ASSETS IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. PLEASE CONSULT YOUR LEGAL/TAX/INVESTMENT PROFESSIONAL FOR QUESTIONS ABOUT YOUR SPECIFIC CIRCUMSTANCES.

Disclaimer

This content is provided for informational purposes only and may cover products that are not available in your region. It is not intended to provide (i) investment advice or an investment recommendation; (ii) an offer or solicitation to buy, sell, or hold digital assets, or (iii) financial, accounting, legal, or tax advice. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances. Information (including market data and statistical information, if any) appearing in this post is for general information purposes only. While all reasonable care has been taken in preparing this data and graphs, no responsibility or liability is accepted for any errors of fact or omission expressed herein. Both OKX Web3 Wallet and OKX NFT Marketplace are subject to separate terms of service at www.okx.com.
© 2024 OKX. This article may be reproduced or distributed in its entirety, or excerpts of 100 words or less of this article may be used, provided such use is non-commercial. Any reproduction or distribution of the entire article must also prominently state: “This article is © 2024 OKX and is used with permission.” Permitted excerpts must cite to the name of the article and include attribution, for example “Article Name, [author name if applicable], © 2024 OKX.” No derivative works or other uses of this article are permitted.