By
Svetlana Soroka
May 10th, 2024
According to the announcement on the Worldcoin website on July 13, it took less than half the time to achieve 2 million sign-ups for World ID compared to reaching the first million.
Worldcoin has gained over 2 million users for its global identity protocol World ID. Currently in its beta phase, the project attracted many of these users through tours conducted in major cities worldwide.
The Worldcoin project aims to establish a global digital currency and identity system. Sam Altman created it to address the challenges associated with financial inclusion and identity verification using blockchain technology.
One of the prominent features of the project is the World ID protocol, which aims to provide individuals with digital passports stored on their smartphones. This enables secure and private identity verification using biometric data obtained through iris scanning, resulting in a unique identifier known as an IrisHash.
A key problem that the project aims to solve is the lack of legal identity for a significant portion of the global population. Referring to a statement from McKinsey Global Institute, it says:
“There are over 4.4 billion people worldwide who either don’t have a legal identity or have one that can’t be digitally verified. This is a major stumbling block when it comes to accessing financial services.”
According to the announcement on the Worldcoin website on July 13, it took less than half the time to achieve 2 million sign-ups for World ID compared to reaching the first million. The project announced the achievement of the 1 million sign-up milestone in January, and it took only six months to reach 2 million.
The new milestone was reached after the project’s global tour was carried out in cities like Barcelona, New York, Tokyo, Seoul, Buenos Aires, and Berlin. The tours resulted in an average of 40,000 individual sign-ups every week for the verified World ID.
In its announcement, it is stated that:
“Achieving 2 million World ID sign-ups is more than just an accomplishment for the Worldcoin community; it’s also a significant milestone in the broader global effort to make digitally-verifiable identity more accessible to everyone.”
More Users Lead to Increase in Demand for Worldcoin’s Services
The increase in users has also increased the demand for ‘Orb,’ the device used for iris scanning and data capture. As a result, it is expected that Orb will become more widely available to meet the growing demand in the coming months. Additionally, various apps and services have recognized the value of the World ID program. This is also very positive for Worldcoin, as it helps it further expand its reach to a larger user base since the services are opening up the verification model to their dedicated users.
To register for the World ID program and obtain a digital passport, individuals need to obtain their unique identifier, the IrisHash, which confirms their uniqueness. Upon successfully uploading their biometric information, participants are rewarded with WorldCoin (cryptocurrency) for their involvement and contributions.