Worldcoin, now rebranded as World Network, boldly aims to redefine digital identity and global finance. Co-founded by Sam Altman, Alex Blania, and Max Novendstern in 2019, this ambitious cryptocurrency project leverages iris-scanning technology to create a unique digital ID called World ID. But what is Worldcoin used for, and does it have a future? Projects Review dives into its purpose, potential, and challenges.
What Is Worldcoin Used For?
Worldcoin’s core mission is to provide a universal digital identity system. Its flagship feature, World ID, verifies human identity through iris scans using a device called the Orb. This proof-of-personhood (PoP) system ensures users are real humans, not artificial intelligence (AI) bots or duplicates.
Consequently, Worldcoin addresses the growing challenge of distinguishing humans from AI in an increasingly digital world. The project’s World App serves as a crypto wallet, storing World IDs and enabling access to decentralised finance (DeFi) applications. Users receive WLD tokens, the project’s cryptocurrency, as an incentive for signing up. This aligns with the project’s vision of universal basic income (UBI).
Additionally, Worldcoin facilitates seamless financial transactions. The World App supports bitcoin (BTC), ethereum (ETH), and the USDC stablecoin, with plans to include more cryptocurrencies.
By integrating biometric verification with blockchain technology, Worldcoin streamlines processes like welfare payments or fiscal stimulus distribution. For instance, governments could adopt WorldID to ensure equitable aid delivery and reduce fraud. Meanwhile, businesses might adopt it for secure online authentication, enhancing trust in digital interactions.
How Does Worldcoin Work?
The process begins with the Orb, a futuristic device that scans a user’s iris in seconds. This scan generates a unique cryptographic code, the IrisCode, that is stored on a decentralised blockchain.
Importantly, Worldcoin claims the original iris scan is deleted to protect privacy. Users then access their World IDs via the World App, which connects to decentralised platforms.
To incentivise adoption, Worldcoin airdrops WLD tokens to verified users, particularly in developing nations. As a result, over 26 million users, including 12.5 million verified humans, have joined the network by July 2025.
Does Worldcoin Have a Future?
Worldcoin’s future hinges on its ability to balance innovation with privacy concerns. On one hand, its proof-of-personhood system is revolutionary. As AI advances, distinguishing humans from bots becomes critical. Worldcoin’s biometric solution has the potential to become the industry standard for online authentication, particularly in light of the increasing prevalence of AI-driven scams.
Furthermore, its UBI vision aligns with discussions about AI-displaced jobs, offering a potential safety net. If successful, Worldcoin could onboard a billion users by 2030, transforming global finance.
However, significant hurdles remain. Privacy concerns loom large, with regulators in France, Germany, the UK, and Kenya investigating Worldcoin’s biometric data practices.
For example, Spain and Portugal temporarily suspended their operations in 2024 due to issues such as inadequate user consent and the collection of data from minors.
Critics argue that WorldCoin’s assurances about deleting data lack transparency, fuelled by scepticism. Additionally, the WLD token’s value has been volatile. The token has dropped more than 30% year-to-date (YTD). As of publication, it was trading for $1.29 after beginning the year on January 1, 2025, at $2.0873. This instability raises doubts about its long-term viability as a currency.
What Are Worldcoin’s Unique Strengths?
Worldcoin’s strengths lie in its innovative technology and high-profile backing. Orb’s biometric verification, paired with zero-knowledge (zk) proofs, ensures robust security while prioritising user privacy.
Moreover, endorsements from venture capital giants like Andreessen Horowitz and Bain Capital Crypto underscore its credibility. The project’s focus on underserved communities also sets it apart. By targeting the unbanked, Worldcoin promotes financial inclusion, potentially bridging economic gaps in developing nations.
What Challenges Threaten Worldcoin’s Success?
Despite its promise, Worldcoin faces critical challenges. Privacy remains the biggest issue. Critics, including Edward Snowden, have questioned the security of storing biometric hashes, warning of potential misuse.
Regulatory scrutiny could further hinder expansion, especially in data-sensitive regions like the EU. Additionally, Worldcoin’s reliance on independent operators for sign-ups has raised concerns about exploitation. Reports suggest operators targeted low-income communities, offering cash or tokens for iris scans, which some view as coercive.
Token economics also pose a risk. With a sizable number of WLD tokens held by the top 10 wallets, centralisation concerns persist. If investor confidence wanes, the token’s value could plummet further, undermining the UBI model. Technical vulnerabilities, such as the 2023 hack of operator credentials, underscore the need to address security gaps.
What Lies Ahead for the Project?
Looking forward, Worldcoin’s success depends on overcoming these obstacles. Strengthening privacy protocols and gaining regulatory approval will be crucial. For instance, adopting more transparent data practices could rebuild trust. Additionally, expanding partnerships, like the planned Visa debit card project, could boost adoption. If Worldcoin achieves its goal of a billion users, it could redefine digital identity and finance, offering a model for AI-funded UBI.
Conversely, failure to address privacy and regulatory concerns could stall progress. The project must also stabilise WLD’s values to maintain user confidence. While short-term price predictions remain bearish, long-term forecasts suggest a potential rise above its peak price of $11.82 in March 2024 if market conditions improve.
Final Thoughts: Will Worldcoin survive?
Worldcoin’s bold vision to merge biometrics, blockchain, and UBI is both groundbreaking and controversial. Its proof-of-personhood system tackles pressing issues in the AI era, offering a scalable solution for digital authentication.
Yet, privacy concerns, regulatory hurdles, and token volatility threaten its trajectory.
By addressing these challenges, Worldcoin could lead the charge toward a more inclusive digital economy. For now, its future remains a high-stakes gamble—innovative yet fraught with risks.
