What is WorldCoin?
Worldcoin is a cryptocurrency project founded in 2021 with the aim of distributing its digital currency to 1 billion people around the world. The goal is to build a more inclusive global economy by providing free cryptocurrency and financial services to traditionally underbanked populations. WorldCoin uses a unique identity proof model to verify the identity of each new user and prevent Sybil attacks before issuing free tokens.
How does ID work?
To receive free $WLD (Worldcoin tokens), new users must scan their irises using a Worldcoin Orb device. The Orb is a spherical device made by the Worldcoin team that contains a camera and iris scanning technology. To date, Orbs have been distributed in over 100 countries.
The iris scan creates a unique cryptographic ID that represents each user’s digital identity on the Worldcoin network. This prevents Sybil attacks (where one person creates multiple fake identities) by ensuring that each identity is verified as belonging to a real person. Users’ biometric data is encrypted and not stored by Worldcoin for privacy reasons.
What happens after verification?
Once a person verifies their identity by scanning their iris in the Orb, they receive a share of the fixed supply of 10 billion WorldCoin tokens. Users who recommend others to register and verify their identity can also receive Worldcoin referral rewards.
The tokens are allocated from Worldcoin’s pool of pre-mined tokens. Currently, Worldcoin transactions take place on the Ethereum blockchain, but the project plans to launch its own blockchain later.
WorldCoin’s progress so far
WorldCoin Contractors have manufactured and installed over 20,000 spheres worldwide, with 1,000 new spheres being added every week. To date, Worldcoin has registered users in more than 100 countries on six continents.
While the ambitious goal of 1 billion registered users is still far away, the project has already distributed millions of tokens. The Worldcoin team plans to continue to rapidly expand Orb’s reach, especially in developing countries, to attract the next billion cryptocurrency users.
$WLD Startup
Worldcoin launched the $WLD token yesterday (July 24, 2023). The token aims to be the center of the Worldcoin ecosystem and will be distributed to people who agree to scan their retinas.
The coin launched quietly at around $2.70, and over the next 24 hours the price steadily dropped to around $2 at the time of writing. The current market cap is around $200 million, but the FDV is as high as $20 billion. Will this price remain the same once a large amount of supply is allocated? Will prices rise in the short term?
Future goals and challenges
Going forward, Worldcoin aims to decentralize its operations by transitioning to a DAO controlled by community governance. This would reduce criticism of the project's current centralized allocation model.
Worldcoin also faces issues with user privacy given its collection of biometric data. The team claims that encrypted scans cannot reveal personal details through reverse engineering, but concerns remain.
Despite its lofty goals, WorldCoin must confront issues of centralization, privacy, and translating ideological goals into real-world success. But with the backing of major Silicon Valley investors, the cryptocurrency startup seeks to overcome these obstacles and achieve its ambitious mission.
in conclusion
Worldcoin presents an interesting experiment in using advanced biometric technology to distribute cryptocurrency globally. While it does face privacy and centralization challenges, its innovative identity proof model provides a potential technological solution for the world’s unbanked populations.
If WorldCoin can resolve its key issues and transition to a fully decentralized governance model, it could set a new standard for balancing accessibility and security in cryptocurrencies. But this will require successfully navigating a complex regulatory landscape and translating lofty ambitions into tangible results.
Whatever the final outcome, Worldcoin shows that cryptocurrency idealism is alive and well in the hands of Silicon Valley entrepreneurs with big dreams. The project’s bold vision could inspire future efforts to leverage cryptocurrencies and emerging technologies to increase financial inclusion around the world.