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Introducing Worldcoin and its advantages, The latest creation of ChatGPT parent company

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Introducing-Worldcoin-and-its-advantages

Introducing-Worldcoin-and-its-advantages

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Although artificial intelligence technology has brought many benefits, there is also a big concern, and that is the issue of identification. With the spread of robots, many are concerned about how to distinguish the activity of a robot from a human on the Internet?

Sam Altman, one of the most famous figures in AI, has proposed a cryptographic solution called the Worldcoin project for this issue. A platform for generating digital identity through people’s biometric features, which was unveiled in the summer of 2023.

But what is the purpose and mechanism of WorldCoin? What are the characteristics of this network and what goals does it pursue? Is investing in WLD token the right decision?

In this article, we try to answer these questions and provide complete details of this network. Join us to learn about one of the most controversial digital currency projects.

Let’s dive in and explore together:

What is the nature and goals of the WorldCoin project?

WorldCoin is a digital currency project focusing on providing digital identity identification methods, with the aim of distinguishing robots from humans in Internet or Web 3 activities.

This goal is important because with the advent of artificial intelligence, many are concerned about the authenticity of digital identities on the Internet and the ownership of content.

An issue that will definitely become more important in the future and with the increase in the activity of robots.

The Worldcoin network uses a unique feature called World ID to create its digital identity and ID. World ID, also known as Digital Passport, is a global privacy identity network that enables users to verify their identity through a retinal scan.

As you know, each person’s retina pattern is unique like their fingerprint. Therefore, it can be used to recognize human identity.

By scanning their retinas, people join the WorldCoin community and make its database stronger. By strengthening this database, it is easier and more reliable to distinguish humans from robots on the Internet.

This whole mechanism is called Proof of Personhood. The other two elements of this project are the World App digital currency wallet and the Worldcoin currency.

What is the mechanism of WorldCoin?

The scanning of the user’s retina in WorldCoin is done through a biometric imaging device called Orb. This spherical device is the size of a bowling ball.

Each person’s digital ID is converted into a code called IrisCode after scanning the retina. WorldCoin claims that after generating this code, relying on zero-knowledge proof protocol, it removes the person’s retina image to preserve their privacy.

This mechanism eliminates the need for re-scanning to confirm subsequent identities. In addition, IrisCode can be used to authenticate users in third-party applications built on WorldCoin.

The scanning process is currently dependent on the orb device and in person. Early adopters of WorldCoin will receive 25 free WLD tokens after scanning their retinas. To receive this reward, they must download the World app and enter their Iris code.

After confirming the code, the reward will be credited to the World app wallet account. Of course, this reward will gradually decrease in the future and as the community of this network grows. Operators of ORB devices are also rewarded with WLD tokens.

With the development of the WorldCoin ecosystem, more decentralized applications or dApps and utilities will be built on it. Developers can also use World ID’s SDK or software development kit to build their online and mobile applications on this network.

History of the development of WorldCoin

The WorldCoin Network was launched on July 24, 2023 by Sam Altman, CEO of Open AI (the developer of ChatGPT), along with his colleagues Alex Blania and Max Novendstren. According to the managers of this project, they have been working on it since the summer of 2021.

To launch this platform, Altman launched the company Tools for Humanity or TFH. A company that has big investors like Blockchain Capital, Bain Capital Crypto, Tiger Global, Khosla and a16z. So far, these companies have injected more than 250 million dollars into TFH.

Currently, the beta version of World App has attracted more than two million users. This project has also set up ORB centers in more than 35 cities and more than 20 countries.

America, Portugal, Argentina, Germany, Brazil, Hong Kong, Japan, England, UAE, Mexico, India, Kenya and Uganda are examples of these countries. Tools for Humanity plans to increase the number of orb devices to 125 thousand units in the next three years.

What are the advantages of the WorldCoin platform?

The World Coin white paper lists the following benefits for this network:

WLD token and its role in WorldCoin

Worldcoin is an ERC-20 token built on the Ethereum blockchain. This token was transferred to the main layer of this network, i.e. Optimism, which was previously known as the second layer of Ethereum, before the official launch.

So it is clear that the Worldcoin protocol also has bridges to connect to Optimism and the Polygon PoS blockchain application platform.

The maximum supply of WorldCoin currency is 10 billion tokens with a time limit of 15 years. According to the white paper of this token, after this period of time, the governing committee of WorldCoin will decide again whether to increase the supply by a maximum of 1.5% per year or not.

Worldcoin currency Tokonomics

The most important toconomic information of WLD currency is as follows:

Worldcoin currency is a governance token whose holders will have the possibility to participate in the voting of this platform. In addition, WLD stake is also possible in wallets and exchanges that support it.

WLD token position in the market

On August 11, 2023, the WLD token is ranked 135th in the world with a market cap of more than 211 million dollars. The price of this coin on this date is around $1.7, which shows a drop of more than 52% from its initial price of $3.58.

The interesting thing about the WLD token is the rapid growth of its daily trading volume in less than a month since its launch. As we witness the daily growth of almost 40% of the daily trading value of this asset. In this regard, WLD is ranked 24 in CoinMarketCap. This currency has 3.3 million followers on this website.

Exchanges supporting WLD

But what is the method of buying WorldCoin digital currency? One of the most important achievements of this project is listing in a large number of centralized and decentralized exchanges.

Currently, more than 75 platforms have listed this asset, the most important of which are:

Best wallets for WLD token

Currently, the best wallet for storing Worldcoin currency is the official wallet of this platform, World App. Besides that, you can also use the decentralized wallets of TrustVault, Metamask and other software options such as Atomic Wallet and MyEther Wallet to store or trade this asset. The best hardware wallets for WLD are Trezor and Ledger. Many miscellaneous ERC-20 wallets also support this token.

Worldcoin and the alleged privacy violation

Despite the claims of Worldcoin developers about deleting user information after generating a digital identity code, there are many concerns about privacy violations in this ecosystem.

Critics believe that the Worldcoin mechanism may lead to the creation of a black market for digital identity or orb devices. An incident that causes unauthorized access to the accounts of users of this network.

One of Worldcoin’s critics is Vitalik Buterin, the original founder of Ethereum, who criticized its privacy, security and decentralization features in his July 2023 blog post. He also considers the lack of experience of the developers of this project in the digital currency industry to be worrying.
A report published in the MIT University Journal claims that ORB devices collect much more information than the user’s retina. Edward Snowden, the famous whistleblower, made similar criticisms to this project two years ago. The MIT report shows that TFH agents in scan centers use unoriginal marketing practices to satisfy candidates.

Despite the operation of TFH company in America, WLD token is still not licensed to operate in this country. An issue that reduces its credibility in the opinion of a part of the crypto community.

In addition, some experts consider the details of the toconomics or distribution of Worldcoin currency to be insufficient and opaque. The circulation of only 1% of the total supply of WLD after three weeks of its release has also raised concerns about the collapse of this asset.

Worldcoin currency price prediction

Predicting the price of digital currencies is more difficult than other financial markets due to the extreme fluctuations of this market. This is especially true for new currencies. WorldCoin is a new, credible project with significant values, which is also struggling with privacy issues.

Some artificial intelligence forecasting models estimate that by the end of 2023, more than one billion people will produce their digital identity and provide it to the WorldCoin network by looking at the ORB.

The Cryptopolitan website also predicts that the price of WLD will reach at least $2,355 by the end of 2024 and around $6 by the end of 2030. However, it is recommended that you do a thorough research on WLD before investing.

What do you think about WorldCoin? Are you willing to give your eyeballs to its devices or invest in its token?

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