The phenomenon of cryptocurrencies has spread like forest fires, and after the creation of Bitcoin, many projects appeared in space, among which Worldcoin is distinguished as a revolutionary and controversial concept. Created by the CEO of Openai, Sam Altman, Worldcoin is an open source protocol which aims to offer each access to the global financial economy. As empowering as it is, Worldcoin has been criticized for encouraging adoption by asking users to scan their eyeballs to obtain free WLD parts, which has raised confidentiality problems.
Considering that this project is still in its infancy and presents both opportunities and challenges, before checking world priceIt is first logical to understand how it works. So, if you are a newcomer in cryptographic space and you are interested in Worldcoin, this guide will give you valuable information on this project so that you can make an informed decision on the purchase or not. Read the rest!
What is Worldcoin?
Worldcoin has been created to improve economic opportunities, put a reliable solution on the scale to separate AI and humans while guaranteeing privacy, empowering universal democratic processes and illustrate a path to universal basic income which is funded by AI. Worldcoin is based on three main tools that work together to achieve its objectives, in particular World ID, which eliminates prejudices based on identity, the token Worldcoin, cryptocurrency which is freely distributed to individuals and the global application, representing an auto-disputodial application which allows transfers, payment and purchases with WLD, other digital assets.
Worldcoin was launched on July 24, 2023 and attracted two million users during its beta period. Its orbing operations refer to the offer of the orb to various operators of qualified Worldcoin, who will earn money by scoring people via the orb. Those who are part of specific areas of the world will also be rewarded with WLD tokens.
What are Worldcoin’s tokenomics?
All people checked by Orb with global IDs can reproduce the claims of free WLD tokens, which is a decision that makes WLD the most widely distributed cryptographic asset. From its launch date, the token has locked a total offer of 10 billion tokens for 15 years and is applied by an intelligent contract. At the end of these 15 years, it will be up to governance to decide if they will include an annual inflation rate to support the long -term protocol. Currently, the 10 billion WLD tokens have been distributed between the various stakeholders: 75% of them were distributed to the Worldcoin community and 9.8% of them to the initial development team, while the tools for investors in humanity have received 13.5% of the tokens.
WLD presents governance properties, giving holders the power to influence the future of the token to some extent. In addition to the voting mechanism in Un-Seul for governance tokens, thanks to its global ID functionality, WLD offers a person’s vote mechanism. In addition, the combination of the two mechanisms can create new ways of governance.
How does Worldcoin work?
There are three main steps to use or get WLD. First of all, you must download the global application, which is available on iOS and Android devices and operated by Tools for Humanity, a global technological company founded to improve the transition to a fairer economic system.
Once you have downloaded the application, the next step is to configure your account so you can access a digital portfolio connected to WLD. This digital portfolio is not only dedicated to Worldcoin; You can also use it for cryptocurrencies like ETH, BTC and even traditional currencies and stabblecoins. After accessing the wallet, register with World ID by visiting a WorldCoin operator and checking your unique identity using an orb. It is essentially a smooth and round tool that will scan your iris when you look at the black circle of the orb. The purpose of this process is to determine and record your identity. THE Orb Use a system of infrared cameras, sensors and neural networks powered by AI, which check people’s features to ensure that they are human. The orb also generates an ID from the digital world which can be used pseudonymly to ensure that the identity of the person will not be revealed.
Finally, you will buy your WLD tokens alongside other cryptocurrencies, and you can use the global application to find out more about the crypto industry and receive Airdrops from other digital assets.
What are the risks and challenges associated with Worldcoin?
Worldcoin has made significant efforts to verify human identities, but the project still has a long way to go. Currently, it faces notable challenges and risks, such as accessibility. Worldcoin has only 1,500 orbs, which will be available in 35 cities in 20 countries. However, there are more than seven billion people worldwide, which means that 1,500 orbs will not really be enough for the world’s population. In addition to that, even if the team behind Worldcoin has succeeded in producing the necessary number of orbs, some governments could prohibit their use, just as happened with cryptocurrencies in recent years.
In addition, the project has existed for three years, succeeding in registering two million users, which raises concerns about the number of years (and orbs) that will take for more people to register. And that’s not all about Worldcoin challenges. Confidentiality is also a major concern, because technology could capture sensitive data on individuals, such as their ethnicity, their sexual orientation and their state of health, to name only a few, which could be used in bad people if it is found in bad hands. It is essential to take up these challenges to Worldcoin to see increased adoption and to instill confidence, but as Vitalik Buterin said, the creation of a robust system will take a few years.
The bottom line
Worldcoin is still at its beginnings, so it’s still time to unlock its full potential. However, many believe that the project can influence different fields, including technology and AI, as well as the global economy. In AI, Worldcoin will continue to differentiate humans from the robots generated by AI and give them the required access.
For the moment, it is difficult to predict the future of Worldcoin with certainty because the project always faces many roadblocks which can hinder its scalability and adoption. If you are interested in buying WLD, do not forget to do your research so that you can understand both the advantages and disadvantages of this project and how it corresponds to your investment portfolio. As with any cryptocurrency, WLD is not for everyone, you must therefore decide for yourself if you want to buy it or not after considering your own circumstances and objectives.
Publication views: 91
