Day: July 24, 2023

CoinFund: Worldcoin Could Onboard Billions of Users into the Crypto Economy

by Blockchain News

In a recent blog post by CoinFund, the investment firm detailed its thesis for investing in Worldcoin, a project aiming to solve the identity problem in the crypto economy. The post, authored by Austin Barack and Jake Brukhman, was published on July 23, 2023, and provides an in-depth look at the potential of Worldcoin.

Worldcoin’s mission is to prove human uniqueness in a digital context while maintaining anonymity and privacy. The project has developed a state-of-the-art hardware device, the Worldcoin Orb, which uses iris biometrics to determine human uniqueness. The Orb creates a unique hash from a user’s iris pattern, which is then used to prevent duplicate sign-ups. Importantly, the raw biometric data is permanently deleted after the hash is created, ensuring privacy.

The ability to prove a user’s uniqueness without requiring personally identifiable information has significant implications for digital interactions. For instance, it can enable one-person-one-vote systems in Decentralized Autonomous Organizations (DAOs), prevent the creation of spam social media accounts, and facilitate equitable airdrops in crypto networks.

Worldcoin’s approach also allows for the fair distribution of a network asset on a global scale. With the Worldcoin Orb and World ID, each user can receive approximately equivalent amounts of Worldcoin’s native token (WLD), regardless of when they sign up. This approach aims to incentivize user participation and could potentially bring billions of users to the crypto economy.

As of July 23, 2023, Worldcoin has signed up more than two million users (2,060,888 to be exact). CoinFund, one of Worldcoin’s earliest backers, believes that Worldcoin’s unique approach to proving personhood and distributing network assets could be transformative for global digital coordination and financial inclusion.

However, it’s important to note that CoinFund’s views are not representative of all investors, and potential investors should conduct their own due diligence. The future of Worldcoin, like all crypto projects, is subject to various risks and uncertainties.

In conclusion, Worldcoin’s innovative approach to solving the identity problem in the crypto economy could potentially onboard billions of users to the crypto economy. Its unique proof of personhood and fair distribution of network assets are key innovations that could transform digital interactions and global financial inclusion.

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Arbitrum Foundation Launches its First Grant Program to Foster Ecosystem Growth

by Blockchain News

The Arbitrum Foundation has announced the launch of its inaugural grant program, marking a significant step towards fulfilling its mission of fostering ecosystem growth. The Foundation’s grant program is designed to align with partner projects and educational initiatives, both online and in-person, as stated in the Foundation’s Bylaws.

The Foundation Grants, is run by the Arbitrum Foundation in support of the Arbitrum DAO. It is important to note that this program is not intended to replace any DAO-driven grants program. Instead, it is designed to meet the requirements set out in the Foundation’s mission statement, focusing on achieving specific objectives and areas of opportunity identified by the Foundation.

The Foundation Grants is primarily focused on ecosystem growth, issuing grants towards areas where increased development could potentially yield a greater return to the Arbitrum ecosystem. All grants issued through this program are intended to improve adoption, create stronger technical structures, and build sustainable communities. These grants will be milestone and KPI based, established in collaboration with each applicant.

The Foundation Grant Program will operate in distinct phases, each designed to attract applications from specific areas within the Arbitrum ecosystem. The initial phase emphasizes decentralized applications and infrastructure for Arbitrum Nova and Arbitrum One. Projects that do not meet the criteria for the current phase are encouraged to submit a proposal to the ArbitrumDAO or revisit the page at a later time when new phases are announced.

Applications chosen to receive a grant from the Foundation will have the opportunity to be showcased. The Foundation plans to include major activities of this program under the transparency report as stated in AIP 1.1. The Foundation Grants Program is an ongoing initiative, with a rolling grant acceptance window allowing projects with grant requests to submit them as needed. Phases do not have defined “end dates” but can be expected to last for roughly three months or until the Arbitrum Foundation believes the objectives for that phase have been achieved.

The Arbitrum Foundation is determined to support projects within the Arbitrum ecosystem through the Foundation Grants Program. By working together, they aim to foster growth, drive adoption, and build a thriving community, contributing to and shaping the future of the Arbitrum ecosystem.

Grant programs initiated by foundations are a prevalent strategy aimed at amplifying ecosystem influence and enhancing brand visibility. On July 18, 2023, the XRP Ledger Foundation unveiled the recipients of its fifth cycle of XRPL Grants. The Foundation has committed over $1.6 million in total funding to 15 innovative projects, demonstrating its ongoing commitment to fostering groundbreaking advancements within its ecosystem.

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Ethereum Co-Founder Vitalik Discusses Worldcoin’s Biometric Proof of Personhood

by Blockchain News

Co-founder of Ethereum Vitalik Buterin explored the idea of biometric evidence of personhood, a subject that is gaining popularity in the Ethereum community, in a blog post from July 24, 2023. The article “What do I think about biometric proof of personhood?” examines the possible benefits and difficulties of decentralized proof-of-personhood solutions.

According to Buterin, proof of personhood is a kind of real-world identification that claims a certain registered account is run by a real person, preferably without disclosing whose actual person it is. The “unique-human problem” is addressed by this idea, which has become the subject of various initiatives, including Proof of Humanity, BrightID, Idena, and Circles.

One of the most ambitious projects in this space is Worldcoin, co-founded by Sam Altman, CEO of OpenAI. Worldcoin’s approach to proof of personhood is unique as it relies on sophisticated biometrics, scanning each user’s iris using a specialized hardware called “the Orb”. The goal is to distribute these Orbs globally, making it easy for anyone to get an ID.

Buterin acknowledges the criticisms Worldcoin has faced, including privacy and security concerns around the Orb, design issues in its “coin”, and ethical issues around some choices the company has made. He also discusses the broader concerns about whether biometrics are a good idea at all and the potential risks of proof of personhood in general, such as privacy leaks, coercion by authoritarian governments, and the challenge of maintaining security while being decentralized.

The blog post also explores the importance of proof of personhood, stating that it is valuable because it solves anti-spam and anti-concentration-of-power problems, avoids dependence on centralized authorities, and reveals minimal information. Without proof of personhood, decentralized governance becomes easier to capture by wealthy actors, including hostile governments.

Buterin also discusses the potential applications of proof of personhood, which include airdrops for token distributions, voting in DAOs, protection against bots/sybil attacks in social media, and an alternative to captchas for preventing DoS attacks, among others.

Despite the potential benefits, Buterin acknowledges the challenges that biometric proof-of-personhood systems face, including privacy concerns, accessibility issues, and centralization risks. He also explains Worldcoin’s solutions to these problems, including as its long-term dedication to decentralization, its use of ZK-SNARKs and other cryptographic tools to safeguard users’ anonymity, and its possibility for auditing Orbs to make sure they are constructed appropriately.

In conclusion, Buterin’s paper offers a thorough examination of the idea of biometric evidence of personhood, as well as its possible advantages and drawbacks. It presents a fair viewpoint, taking into account both the necessity for major issues to be addressed as well as the potential for these systems to tackle important problems.

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Arbitrum Bridge: A Comprehensive Guide

by Blockchain News

Arbitrum Bridge is a Layer 2 solution that enables users to transfer assets from the Ethereum mainnet to the Arbitrum network. It is an essential part of the Arbitrum ecosystem, which attempts to increase the scalability of Ethereum by processing transactions off-chain while retaining the mainnet’s security..This article provides a comprehensive guide to the Arbitrum Bridge, including its functionality, supported assets, fees, security, troubleshooting, and alternatives.

Overview

Arbitrum, developed by Offchain Labs, is a Layer 2 scaling solution for Ethereum. It aims to address the scalability issues of Ethereum, which has been plagued by high gas fees and slow transaction times due to its limited capacity. By processing transactions off-chain, Arbitrum can significantly reduce these fees and increase transaction speed, making Ethereum more usable for everyday transactions.

The Arbitrum Bridge is a key feature of this solution. It allows users to transfer their assets from Ethereum to the Arbitrum network in a secure and trustless manner. This means that users do not need to trust any third party with their assets – the bridge ensures that the assets are safely locked on the Ethereum network and the corresponding amount is minted on the Arbitrum network.

Functionality

To use the Arbitrum Bridge, users need to connect their Ethereum wallet (such as MetaMask, Coinbase Wallet, Rainbow, Trust Wallet) to the bridge. Once connected, they can specify the amount of assets they wish to transfer. The bridge then locks the assets on the Ethereum network and mints the corresponding amount on the Arbitrum network.

This process is secure and trustless. The bridge does not have the ability to access or control the user’s assets. Instead, it uses smart contracts to lock the assets on the Ethereum network and mint the corresponding amount on the Arbitrum network. This ensures that the user always retains control over their assets.

Supported Assets

The Arbitrum Bridge supports a wide range of assets, including but not limited to ETH, WBTC, USDT, DAI, AVAX, BNB,USDC. This broad support enables users to transfer almost any asset they hold on the Ethereum network to the Arbitrum network.

Furthermore, the bridge supports multiple networks, including Ethereum, Avalanche, BNB Chain, Canto, Polygon, and 15 others. This makes the Arbitrum Bridge a versatile tool for users looking to move their assets between different blockchain networks.

Fees

The cost of using the Arbitrum Bridge can vary depending on the current gas prices on the Ethereum network. However, once the assets are on the Arbitrum network, transactions are significantly cheaper due to the reduced gas costs on Layer 2.

It’s worth noting that the cost to bridge assets from Ethereum to Arbitrum can be further reduced by using the Synapse Protocol’s native token, SYN, as your bridging crypto. This provides users with a cost-effective way to transfer their assets to the Arbitrum network.

Security

Security is a top priority for the Arbitrum Bridge. It relies on Ethereum’s Layer 1 for security, meaning that even though transactions are processed off-chain, they still benefit from the robust security of the Ethereum network.

The bridge has been audited by top smart contract risk assessment firms, ensuring its safety and reliability. It locally stores critical data like private keys on user devices, minimizing external risks. In addition, it ensures encrypted communication between devices and the bridge for added protection.

Troubleshooting

In case of any issues while using the Arbitrum Bridge, users can refer to the official documentation provided by the developers. This includes a comprehensive guide on how to use the bridge, as well as a troubleshooting section that addresses common problems and their solutions.

For example, when initiating a withdrawal from Arbitrum chains (One and Nova), the process will typically take roughly one week. However, some users opt to use third-party fast bridges, which often bypass this delay.

Alternatives

While the Arbitrum Bridge is a popular choice for transferring assets to the Arbitrum network, there are also other bridges available. These include the Celer Network’s cBridge and Connext’s cross-chain bridge. Each of these alternatives has its own set of features and advantages, and users can choose the one that best fits their needs.

Conclusion

The Arbitrum Bridge is a powerful tool that enables users to leverage the benefits of Layer 2 scaling on the Ethereum network. By providing a secure, efficient, and cost-effective way to transfer assets between networks, the Arbitrum Bridge is a key component of the broader Ethereum ecosystem.

As the Ethereum network continues to grow and evolve, tools like the Arbitrum Bridge will play an increasingly important role in enhancing its scalability and usability. Whether you’re a seasoned Ethereum user or new to the world of blockchain, the Arbitrum Bridge provides a simple and secure way to take advantage of the benefits of Layer 2 scaling.

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Worldcoin Whitepaper Analysis: Revolutionizing Digital Identity and Global Finance

by Blockchain News

The whitepaper for the Worldcoin project, which aims to create a global identification and financial network, was just released. This paper gives a thorough summary of the project’s goals, guiding principles, and future strategies. The purpose of this post is to examine the key points mentioned in the Worldcoin whitepaper.

The creation of a worldwide “proof of personhood” system is at the core of Worldcoin’s aim. With the help of this system, people might verify their individuality and humanity without having to reveal their real-life identities. This idea is crucial in the current digital age since it is becoming harder to distinguish between people and AI bots. According to Worldcoin, designing customized biometric hardware is the solution to this problem.

Worldcoin’s identity verification system, known as World ID, is designed to be privacy-preserving. It uses zero-knowledge proofs to verify an individual’s humanity while maintaining their privacy. The system operates through a custom biometric device called the Orb, which is designed to issue AI-safe proof of personhood verifications. The Orb is operated by a network of independent local businesses, and all images taken by the device are promptly deleted to ensure privacy.

The Worldcoin token (WLD) is issued to all network participants to align their incentives around the growth of the network. This strategy is particularly crucial in the early stages of the project to overcome the “cold start problem”. If successful, the Worldcoin token could become the most widely distributed digital asset.

Worldcoin’s infrastructure also includes the World App, the first wallet app that supports the creation of a World ID. To engage with the Worldcoin protocol, individuals must first download the World App and visit a physical imaging device, the Orb, to get their World ID Orb-verified.

Worldcoin aims to increase global equality of opportunity by providing universally accessible decentralized financial and identity infrastructure. The project envisions a future where everyone, regardless of their location, can participate in the global digital economy. This could fundamentally change the way humans transact value, identify themselves, and interact on the internet.

Worldcoin’s vision for the future includes instant and borderless financial transactions, protection against bots and spam messages, and the fairer distribution of limited resources. The project also sees potential for global democratic governance mechanisms and a path to AI-funded Universal Basic Income (UBI).

While Worldcoin’s vision is ambitious, it’s important to note that the project is still in its early stages. The success of the project will depend on various factors, including the widespread adoption of the Worldcoin token, the effectiveness of the Orb device in verifying personhood, and the development of applications built on top of the Worldcoin infrastructure.

In conclusion, Worldcoin presents a novel approach to the challenges of digital identity and financial inclusion. By leveraging custom biometric hardware and blockchain technology, the project aims to create a globally inclusive identity and financial network. However, the realization of Worldcoin’s vision will require significant technological advancements and widespread adoption. As with all emerging technologies, potential users and investors should conduct their own due diligence before getting involved.

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Worldcoin Project Launches: Aiming to Democratize Economic Opportunity in the Age of AI

by Blockchain News

The Worldcoin Foundation, co-founded by Sam Altman, Alex Blania, and Max Novendstern, announced the completion of the Worldcoin project’s protocol migration to the OP Mainnet on July 24, 2023.

Sam Altman, renowned as the CEO of OpenAI and creator of ChatGPT, is one of the key figures behind this initiative. The project aims to increase economic opportunity and enable global democratic processes in the Age of AI, and has also revealed plans to expand Orb sign-ups for World ID to over 35 cities across 20 countries globally.

The Worldcoin project has released the World ID SDK and minted the Worldcoin token (WLD), which is now transactable on the blockchain. The token was distributed to the millions of eligible people who participated in the beta testing phase.

In addition, Tools for Humanity (TFH), a tech company building on the Worldcoin network, has introduced a new release of World App. This app is the first protocol-compatible wallet that currently allows individuals to reserve their share of the WLD digital currency, where laws permit.

Worldcoin project co-founder and TFH CEO, Alex Blania, emphasized the importance of proof of personhood in the age of AI. He stated, “Through its unique technology, Worldcoin aims to provide anyone in the world, regardless of background, geography or income, access to the growing digital and global economy in a privacy preserving and decentralized way.”

The Worldcoin project was conceived to address the issue of 4.4 billion people worldwide lacking a legal, digitally-verifiable identity. This lack of identity limits their participation in the global economy and access to critical services like government aid, financial services, and healthcare.

The Worldcoin protocol includes World ID, a privacy-preserving digital identity; the Worldcoin token (WLD), the first digital currency to be freely distributed to people just for being a unique human; and World App, the first World ID-compatible app that enables payment, purchases, and transfers globally using digital assets and fiat-backed stablecoins.

The Worldcoin Foundation aims to realize more inclusive, fair, and just institutions of governance and of the global digital economy. The Worldcoin protocol, World ID, WLD tokens, and the World App are now globally available where laws allow. Orb-verified World ID services are expected to roll out to more than 35 cities in the coming months.

However, potential users should be aware that crypto products can be highly risky and their regulatory treatment is unsettled in many jurisdictions. The technologies comprising Worldcoin, including the WLD token, are experimental in nature. There is no guarantee that the network will operate as planned. 

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