Blockchain Capital: Why did we lead the investment in Worldcoin?

Why we invested in Worldcoin's blockchain capital.

Blockchain Capital outlined the reasons for leading the investment in Worldcoin, stating that over the past decade they have evaluated thousands of cryptocurrency projects, but Worldcoin is undoubtedly one of the most ambitious and reliable efforts, and most importantly, it will build a new concept for the internet: Proof of Personhood. The Chinese version was translated and published by Wu Shuo Blockchain.

Like most people, our initial reaction to Worldcoin was also negative. It seemed Orwellian in nature, a harmful combination of hardware, biometric technology, and cryptography at first glance. However, upon further investigation, we found that it was actually quite the opposite. Worldcoin is a completely privacy-preserving solution to address a growing problem. Additionally, our evaluation concluded that Worldcoin has the necessary contributors community (including its initial development team at Tools for Humanity, “TFH”), technology (both software and hardware), and strategic support to serve billions of users worldwide.

What is Worldcoin doing? In order to register and verify users, Worldcoin scans everyone’s iris (the colored part around the pupil) using a custom hardware device called the “orb”. The orb takes a picture of the iris, and the device generates a unique code for iris randomness. By default, the raw biometric data is immediately destroyed, and the iris code is the only thing leaving the orb. In the World App of TFH, verified users are given a World ID which allows them to privately prove to anyone they choose that they are indeed a unique individual. These on-chain identity commitments are completely encrypted and secure. In other words, World ID is a privacy-preserving identity protocol that does not collect or store anyone’s biometric information.

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As part of this process, users can also create their own encrypted wallets in the World App. Considering the witch-attack resistance of World ID, the World App is the world’s first self-hosted wallet with a known user base – all other wallets can at best guess DAU/MAU metrics. We can think of such applications today with clear practicality. One such opportunity in Web3 is airdrops: many token-based projects hope to provide token rewards to each unique user.

Reference: https://www.wu-talk.com/index.php?m=content&c=index&a=show&catid=6&id=14647

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