The Worldcoin Foundation, the non-profit steward of the Worldcoin protocol, has announced a significant change in how it compensates Orb device operators. Orb device operators are independent participants who verify the unique personhood of users by scanning their irises using a biometric imaging device called the Orb. Users who verify their personhood receive free grants of Worldcoin (WLD), the native token of the Worldcoin network.
Complete implementation scheduled for November 2023
According to the announcement, Orb device operators will soon be paid in WLD tokens instead of USD Coin (USDC), a stablecoin pegged to the US dollar. The transition from USDC to WLD will start with a pilot program on October 10, 2023, and will be completed by November 2023. The Worldcoin Foundation expects that this change will align the incentives of Orb device operators with the long-term vision of the Worldcoin network.
The announcement also revealed some details about the current circulating supply of WLD tokens, which has reached more than 1% of its total token supply of 10 billion tokens. Of the approximately 134 million WLD issued, 100 million are provided to market makers as loans, and 34 million are distributed to users and Orb operators in the form of grants. Market makers are entities that ensure liquidity and price stability of WLD on centralized exchanges.
Market makers to return or purchase 25 million WLD by October 24
However, the circulating supply of WLD tokens may decrease in the near future, as the market maker loans are set to expire on October 24, 2023. The Worldcoin Foundation has decided to renew the loan agreements until December 15, 2023, but with a reduced loan amount of 75 million WLD in total. This means that market makers will have to return or purchase up to 25 million WLD by October 24, 2023.
A global and inclusive identity and financial network
Worldcoin is a project that aims to create a global and inclusive identity and financial network that empowers everyone to participate in the digital economy. It was co-founded by Sam Altman, the CEO of OpenAI, Alex Blania, and Max Novendstern. Worldcoin is currently not available to users in the United States and certain other restricted territories.
