What is worldcoin ?
Worldcoin is decentralised like other cryptocurrencies, which means the decisions are made by users and not a centralized entity, such as a bank. It took two years to develop this project. It seeks to address income inequality through a unique World ID.
The World ID proves that someone is a person and not some form of bot or AI. There are three parts to this project:
A unique digital identity to be used globally.
A global currency via Worldcoin tokens.
An app for payments, transfers and purchases using cryptocurrency or traditional assets.
How does Worldcoin work?
Worldcoin is different from other popular cryptocurrencies, such as Bitcoin and Ethereum, because it offers people a token for the future without requiring any investment funds upfront. The Worldcoin project aims to help create a global economy for all, regardless of country or economic status.
To get Worldcoin, people need to scan their eyes through a sphere-shaped device called the Orb to ensure everyone is human and only signs up once. The unique identifier is taking center stage as AI continues to grow, and proving someone is a person versus a machine is vital with the rise of AI.
Irises are distinct for each person, similar to fingerprints. The iris structure of the subject's eyes is used by the Orb to generate a special identifying code that serves as the person's unique identifier. The code is then saved on the Worldcoin decentralised blockchain to prevent others from replicating the code. The scans are anonymized so they cannot be traced to that person after the identifier is created.
