On March 23, according to The Information, people familiar with the matter said that the encryption startup Worldcoin is seeking to complete a $100 million financing at a valuation of $3 billion . This round of financing will be completed in the form of a token sale. The original investor of the project a16z and Khosla Ventures participated in this round of financing.
In June last year, Worldcoin received $25 million in financing, with participation from Coinbase Ventures, Andreessen Horowitz (a16z), LinkedIn founder Reid Hoffman, and Day One Ventures.
It is reported that Worldcoin was founded by Sam Altman, former president of the top Silicon Valley incubator Y Combinator, and plans to launch a popular, zero-threshold cryptocurrency that scans the iris through a spherical device (Orb) developed by it to construct a unique personal identification code, Make the digital currency obtained by each person unique. Similar to the size of a basketball, the device maintains personal privacy and guarantees the overall transparency of this permissionless blockchain while confirming each person’s unique identity.
Worldcoin inherits Ethereum’s privacy model: accounts are anonymous and transactions are public. Crucially, Worldcoin accounts were never associated with any biometric data from Orb. Zero-knowledge proofs (ZKPs) are the enabling technology behind privacy-preserving biometric methods. It uses the open-source Semaphore zero-knowledge proof system to convert the uniqueness of IrisHash to the uniqueness of user accounts without linking them.
Phase 1: Registration and Uniqueness Check
- The user generates a semaphore key pair on his mobile phone.
- The user presents the hashed public key (via a QR code) to Orb.
- Orb scans the user’s iris and computes the user’s IrisHash locally.
- The Orb sends a signed message containing the hashed public key and IrisHash to the registered sequencer node.
- The sequencer node verifies the signature of the Orb and then checks that the IrisHash does not match anything already in the database. If the uniqueness check passes, save the IrisHash and public key.
Stage 2: Claiming Worldcoin
- The user’s application generates a wallet address locally.
- The application uses Semaphore to prove that it has the private counterpart of a public key registered in Phase 1.
- The proof is sent again to the sequencer, which verifies it and deposits the tokens to the wallet address provided.
- A so-called invalidator is sent along with the proof and ensures that the user cannot claim the reward twice.
In addition, it is worth noting that the team is developing a non-custodial mobile wallet application to simplify the process for users to log on to the platform. The wallet allows users to learn about Worldcoin and other cryptocurrencies, find Orb operators, claim their shares, view their balances, send global peer-to-peer payments, and use their Worldcoins across the Ethereum ecosystem .
In addition to wallets, the team is developing a series of open-source software development kits (SDKs) to help developers build products around Worldcoin — such as alternative clients, digital tipping, in-store payments and professional interfaces. These SDKs, combined with pre-existing decentralized finance protocols, will allow anyone to meet the needs of local, regional and global markets
World coin aims for broad compatibility. The underlying token is based on the Ethereum ERC-20 standard, in addition, the open source toolkit will make it easy for developers to interact with the currency and Layer2. Users can freely withdraw their funds to the Ethereum mainnet or migrate to any Ethereum Layer 2 via bridges, such as Optimism, Arbitrum, etc., and even become part of the ecosystem such as Solana, Polkadot, etc.
According to the official website, Worldcoin is only a few months away from its global launch and is currently undergoing field testing in a number of locations around the world. In these tests, some people waited hours to get their free WorldCoin share while local entrepreneurs were building businesses around Orb. Currently, a single device can attract an average of about 700 new users per week. The final plan is to produce more than 50,000 devices per year.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/a16z-participated-in-two-investments-the-latest-valuation-is-3-billion-us-dollars-understand-worldcoin-in-one-article/
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