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How to Buy Worldcoin (WLD) and Everything You Need to Know

12 mins
Fact Checked
by Maria Petrova
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Users looking for privacy-focused tokens have likely come across the Sam Altman-founded Worldcoin, a controversial iris-scanning crypto project launched in 2023. But what is Worldcoin, and how can you buy the native token, WLD? This guide demonstrates how to buy Worldcoin (WLD) and everything else you need to know.

Methodology

Where to buy Worldcoin (WLD)

If you’re looking to buy WLD, you must first choose a compatible platform. Here are five BeInCrypto recommended exchanges, all of which support Worldcoin.

Availability
100+ countries
Fees
0.08% (maker) | 0.1% (taker)
Cryptos
320+
Availability
100+ countries
Fees
0.1%
Cryptos
600+

3. Gate.io

Availability
100+ countries
Fees
0.1%
Cryptos
1,500+
Availability
100+ countries
Fees
$0.99-$4.19
Cryptos
240+
Availability
200+ countries
Fees
0.16%-0.08% (spot, variable)
Cryptos
100+

How to buy Worldcoin (WLD)

While several platforms support WLD, we’ve used CoinEx for this demo. While the process may vary slightly depending on your chosen platform, the general steps will be the same. Here’s how you can buy WLD on CoinEx:

  1. Create an account: New customers must start by signing up for a CoinEx account. Note you will not need to KYC to purchase WLD.
CoinEx buy page worldcoin

2. Add funds: Log into your account. If your account balance is empty, you must purchase a cryptocurrency you can swap for WLD. For this example, we will use USDT.

USDT buy tether coinex

3. Search for WLD: Use the search bar at the top of the page to find WLD. Click on the correct option.

how to buy WLD

4. Swap your crypto: Once you have clicked “Worldcoin,” you will see the below interface. Input the amount of USDT you intend to swap for WLD. Double-check everything before clicking “Swap” to complete your purchase. If you plan to hold WLD, ensure you have a compatible crypto wallet to store your tokens safely.

WLD interface

What is Worldcoin (WLD)? 

Worldcoin is a project that looks to solve the problem of proof of personhood. Proof of personhood is a mechanism that verifies a person is unique and human online. It’s an important part of establishing one’s digital identity.

In a world with a lot of AI, knowing who is human matters more and more.

Sam Altman, OpenAI CEO: YouTube

Despite efforts to identify unique human users through CAPTCHA tests like clicking on fire hydrants, the challenge of proving personhood remains unresolved. This complicates online voting, financial activities, privacy, and security.

Worldcoin accomplishes this in a decentralized way using zero-knowledge proofs, without the user revealing their real-world identity to prove they are a person.

The Worldcoin Foundation is a non-profit organization started by Tools for Humanity. The non-profit supports the Worldcoin community and will continue to do so until it becomes self-sufficient.

Sam Altman, Max Novendstern, and Alex Blania founded Tools for Humanity in 2019. Altman, a co-founder and CEO, also helped found OpenAI alongside Greg Brockman, Peter Thiel, and Elon Musk.

How does Worldcoin (WLD) work?

worldcoin controversy

Worldcoin is centered around World ID, a privacy-focused global identity network. Through World ID, users can verify their unique human status on any participating platform — this means no more clicking on traffic lights, cars, or buses.

This method is Sybil resistant, supports fair airdrops, defends against bots on social media, and aids in the equitable distribution of scarce resources. Additionally, World ID could facilitate global democratic processes and innovative governance models, such as quadratic voting.

It might also pave the way for an AI-funded universal basic income (UBI). UBI is a social welfare idea in which all people of a country or geographic area receive a regular, unconditional cash payout. However, Worldcoin (WLD) would replace cash in the Worldcoin UBI system.

Why is Worldcoin (WLD) controversial?

worldcoin controversy

Worldcoin was launched amid much controversy in mid-2023. The project has faced strong criticism for its business model, which involves scanning people’s irises in exchange for cryptocurrency. Scanning and storing biometric data raises concerns about personal data security and access.

Moreover, Worldcoin received an even stronger rebuke for collecting biometric data in underdeveloped nations. The project received its first half a million users from field testing in 24 countries, such as Ghana, Indonesia, Kenya, and Sudan.

Some questioned the ethics of exchanging biometric data for cryptocurrency. This also raises concerns about exploiting those who might not fully understand the ramifications of surrendering their personal data.

Worldcoin (WLD) vs. other cryptocurrencies

There are many ways to compare WLD to other cryptocurrencies. Here, we will compare Worldcoin to Bitcoin.

Worldcoin (WLD) vs. Bitcoin: An ultimate comparison

There are many stark differences between BTC and WLD. For starters, WLD is an ERC-20 token, while BTC is a coin. This means that BTC has its own blockchain while WLD does not.

Since WLD is an ERC-20 token, it can easily be stored in both hot wallets and cold wallets (such as MetaMask or Ledger). The Worldcoin token exists on both the Ethereum and Arbitrum blockchains.

Meanwhile, Bitcoin is primarily a decentralized payment platform. This means that BTC holders can initiate transactions with each other without intermediaries. Worldcoin (WLD) is the incentive layer for onboarding users to its identity verification platform and other services.

Lastly, Bitcoin has a market cap of over $1.2 trillion. This makes up 53.2% of the total cryptocurrency market cap, which is approximately $2.36 trillion as of April 26, 2024. WLD has a market cap of just under a billion dollars, sitting at $925 million.

FeaturesWorldcoin (WLD)Bitcoin (BTC)
TypeTokenCoin
NetworkEthereum and ArbitrumBitcoin
PurposeIdentity verification Peer-to-peer (P2P) payments
Market cap.$971 million$1.2 trillion

Worldcoin (WLD) ecosystem 

Within the Worldcoin ecosystem, there are four main primitives: World ID, Worldcoin, World App, and Worldchain. Here’s a quick look at each.

World ID

World ID is a privacy-preserving proof of personhood, otherwise known as an anonymous ID. It uses zero-knowledge proofs to verify user identities online while protecting sensitive information. This is accomplished using a custom biometric device known as the Orb. The Orb is designed to be a long-term solution for AI-safe verification of personhood.

World IDs are issued through the Worldcoin protocol. This protocol allows individuals to demonstrate their humanity to any verifier, including web2 applications. It maintains user privacy using zero-knowledge proofs. Some of the future plans include issuing other types of credentials on the Worldcoin protocol.

World ID is intended to be “person-bound.” This means it can only be used by the individual to whom it was issued. It aims to be secure against fraud by unauthorized parties who might steal or acquire World ID credentials. Additionally, it is also possible for someone to recover a lost or stolen World ID.

Worldcoin

Worldcoin (WLD) is the token issued by the network. It aims to align participant incentives with the growth of the network by initiating network activity. This distribution is intended to bootstrap the development of useful applications on the network’s financial and identity infrastructure.

World App

The World App is the frontend for World ID and is available on Android and iOS. It assists users in completing verification through the Orb, manages their World ID credentials, and uses cryptographic protocols to share these credentials with third parties while preserving privacy.

Designed to enable seamless access to global decentralized financial infrastructure, the app sets the groundwork for future integrations. Over time, it’s expected that many different crypto wallets will incorporate World ID.

Worldchain

World Chain is described as a “blockchain for humans.” It prioritizes human users by offering them priority block space and a free gas allowance, making it easier for verified humans to start using the network.

This blockchain will be open source, permissionless, and secured as a layer-2 solution on Ethereum, enhancing its scalability within the Optimism Superchain ecosystem.

Its design encourages real-world applications by integrating World ID for Sybil resistance. The aim is for the community to govern World Chain. As a result, this setup will offer developers a platform to reach users with apps that focus on real-world utility.

Worldcoin (WLD) wallets 

Once you have bought Worldcoin, you will need to find a secure wallet to store the token. Here’s a quick roundup of some of the top options in 2024.

Type
Mobile app and extension
Cryptos
50+ blockchains
Custody
Non-custodial (except mobile app)
Type
Mobile and hardware
Cryptos
35+ blockchains
Custody
Non-custodial
Type
Mobile and extension
Cryptos
5,500+
Custody
Non-custodial
Type
Mobile app and extension
Cryptos
100+ blockchains
Custody
Non-custodial
Type
Mobile, extension, and cloud
Cryptos
150+ blockchains
Custody
Non-custodial

Worldcoin (WLD): Should you buy into the hype?

Before investing in or using Worldcoin, there are a few things users should consider.

Pros and cons of investing in Worldcoin (WLD)

Firstly, if you are interested in investing in Worldcoin, you should remain aware of its usage. Less than a year after its launch, the Worldcoin app reached over 4 million downloads. However, this momentum slowed as 2024 set in. As of late April 2024, there are more than over 5 million unique humans on Worldcoin.

On the other hand, Worldcoin has close associations with OpenAI and Sam Altman — though it is not specifically an artificial intelligence project. Narratives dominate most of the popular sectors in crypto. Worldcoin’s proximity to Sam Altman and OpenAi may prove useful, with positive AI news often acting as a bullish signal for the price of WLD.

Moreover, the project was seeded by several big-name venture capitalist firms. Some of these include a16z, Khosla Ventures, and Blockchain Capital. In its latest round of funding, Worldcoin raised $115 million, amounting to about $240 million in total from three funding rounds.

Is Worldcoin (WLD) a good investment for you?

Whether you should purchase Worldcoin depends on your strategy. If you are a long-term investor who believes in the vision of the Worldcoin ecosystem, consider that as of April 26, 2024, WLD is down from its all-time high but still up from year to date.

how to buy worldcoin price
Worldcoin price: CoinMarketCap

Although it has dropped from its all-time high of about $10, the price of WLD has increased significantly since its launch. In other words, for long-term holders, WLD is trading at a significant discount.

Narratives rule crypto

Whether it makes sense to buy Worldcoin entirely depends on your investment strategy. As stated previously, narratives rule crypto. Worldcoin’s success will depend on whether the project can gain real-world adoption or generate enough hype or controversy to draw the attention of speculators. As always, ensure to prioritize security when interacting with decentralized ecosystems. Never invest more than you can afford to lose.

Frequently asked questions

Top crypto projects in the US | June 2024

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Ryan Glenn
Ryan Glenn is a journalist, writer, and author. Ryan is motivated to educate as many people as possible on the benefits of web3 and cryptocurrency. He has authored “The Best Book for Learning Cryptocurrency,” and runs an educational platform, web3school.us, dedicated to demystifying the crypto space. Ryan built the platform to transition tech-savvy and non-tech individuals into crypto and give everyone a baseline understanding of the different fields in the cryptosphere. Ryan is also an...
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