What is Worldcoin (WLD) and How Does It Work?

Introduction

Artificial intelligence is ruling the world these days. Recent AI advancements have made it more challenging to distinguish between artificial intelligence (AI) and actual humans in online operations, written content, digital art, and other online content.

After three years of tireless efforts, renowned individuals Max Novendstern, Alex Blania, and OpenAI CEO Sam Altman developed a biometric worldwide identification and financial system that combines blockchain, cryptocurrency, and artificial intelligence technology.

This initiative was launched on 24 July 2023 and went by the name Worldcoin. In the following guide, we’ll explore what exactly it is, how it operates, and everything one needs to know. Let’s get started.

What is Worldcoin?

Worldcoin is a digital identification platform and a cryptocurrency that seeks to give everyone on the planet an easy method to confirm that they are a genuine person and not a robot or artificial intelligence program. It intends to do this by using its special World ID feature, which functions as “proof-of-personhood.”

Additionally, the digital passport technology developed by Worldcoin is built on blockchain and cryptography technologies, which are the foundation of the larger cryptocurrency space.

How does Worldcoin Operate?

World ID

The World ID is a feature that Worldcoin claims would allow users to verify their humanity online while protecting their privacy. The Orb, an iris scanning equipment, is used to scan a user’s iris and produces an IrisCode. This unique identifying number is unrelated to personal information. Its only goal is to prevent people from getting several World IDs.

The Orb then provides the user with a World ID and permanently deletes the iris picture after scanning. Every World ID is registered on the Worldcoin blockchain system, and users use an application that is cryptographically safe to authenticate themselves.

World App

The World App is where your World ID is kept safe. Worldcoin claims that the program protects user confidentiality and links them to a growing number of decentralized financial apps.

Although it functions as a cryptocurrency wallet, its primary purpose is to record user credentials so that users may verify their identities on any other third-party application.

WLD Token

After creating a World ID and installing the World App, users get WLD tokens, which can be used for trading.

What are Worldcoin Tokens and How Do You Get Them?

Worldcoin (WLD) is an ERC-20 cryptocurrency token operating on Ethereum. WLD was only granted to early backers as a thank-you for taking part in the iris scanning procedure during the testing phase. During this beta phase, WLD was made available to almost 2 million new customers.

Though the quantity of WLD given out will drop as more people sign up for the network, Worldcoin intends to offer such rewards after the formal launch. Additionally, individuals operating the Orb devices are also compensated with WLD tokens.

For a duration of fifteen years, the total number of WLD tokens in circulation will not exceed ten billion. After that, the Worldcoin Protocol’s governing body will have the power to determine whether or not to raise the token quantity and ways to allocate these tokens.

Future of Worldcoin

Some investors have well received Worldcoin while it has faced criticism by others. Its fundamental concept of a Universal Basic Income (UBI) system driven by biometrics is undoubtedly groundbreaking. However, the issues related to data privacy and doubts concerning its profit-oriented approach create controversy around its investment potential.

Similar to numerous cryptocurrency initiatives, conducting thorough research is crucial. Worldcoin may offer a window into a future in which socioeconomic institutions are shaped by cryptocurrencies. Yet, whether it represents a genuine investment opportunity or merely a short-lived trend in the cryptocurrency realm remains to be determined.

Conversations over Worldcoin will certainly pick up steam as the company’s ambition either materializes or disappears in the ever-changing cryptocurrency world.