Worldcoin (WLD) is a project that has seen its share of advocates and critics. The blockchain-powered network seeks to create a new economy for everyone in the world. To accomplish the task, the developers created a special network and token that is designed to be distributed internationally. Here’s everything you need to know about Worldcoin.
The concept of Worldcoin falls in line with the greater debate regarding universal basic income. UBI is a belief that governments should provide funding to their citizens with no strings attached. The project recently launched its token, WLD, after years of development.
Sam Altman
Sam Altman, co-founder of Worldcoin, is a well-known technologist and entrepreneur. He is best known as the CEO of OpenAI and the President of the Y combinator. OpenAI is responsible for the ChatGPT platform which has changed the AI market’s accessibility. Additionally, the Y Combinator has launched +3000 successful ventures to date, with the most notable being Twitch and Reddit.
As the CEO of OpenAI, Altman has worked with some of the most influential people in the world. For example, Altman and Elon Musk have worked together on numerous occasions with the most recent instance involving a commitment to prevent the weaponization of AI tech.
What Problems Does Worldcoin Attempt to Fix?
There are several issues that Worldcoin seeks to solve. The primary concern is the inequality in the current centralized financial system. Worldcoin allows everyone to restart on equal ground. The system leverages advanced technology to ensure that your WLD is there when you arrive.
Security
Another major concern is security issues. Currently, the systems used to log into websites, make payments and access services are flawed. They require you to provide sensitive data to third parties who may or may not be able to protect this information indefinitely.
Worldcoin provides each person in the world with a unique digital blockchain identity based on their iris and hash code. This approach ensures that you can prove your identity without personal information. This strategy also protects you from data breaches at a later date.
AI or Human
Another major concern that Altman foresaw was the growing trend of people using algorithms to create content. Worldcoin would make it easier to determine if a project was made by a person or machine by requiring people to prove their ‘humanness’.
Benefits of Worldcoin?
Worldcoin can improve the way people interact with online platforms, by offering a low-cost alternative system that enables anyone to verify a user’s identities. The network leverages advanced biometrics to ensure people are who they say.
The developers chose to use iris scanning because it can’t be fooled by masks. Additionally, they created a special scanner called an orb that is resistant to photo spoofing. Interestingly, the network has distributed the orbs to pre-approved node operators globally. These operators receive rewards for getting scans.
Deflationary
Worldcoin is a deflationary asset that is designed to have its total supply decrease over time. This structure helps to build demand and long-term support for the project.
How Does Worldcoin Work?
Worldcoin combines blockchain technology, a purpose-built app, eye-scanning hardware, and a new cryptocurrency to make its goals possible. The network leverages eye-scanning technology that interacts directly with the application. Users scan a 3d barcode with the orb which prepares the unit for your eye.
You then scan your eye which creates a unique code called a World ID. The code is based on your eye patterns and a blockchain hash. The system will then cross reference the code with other identities to make sure it hasn’t been used before connecting to your wallet and sending your funds.
World IDs
The concept of a World ID makes sense in a digital era. There are too many instances of large organizations losing billions in data due to hacks recently. In many instances, the hack was ongoing for months, which means there are several institutions currently that could potentially be under attack and not aware of it.
World IDs provide a secure and efficient way to verify persons against others and machines. In the age of AI, this skill has become a necessity. Altman’s other firm, OpenAI, is recognized as one of the pioneers in the field. His expertise has helped the project achieve its success to date.
Token -WLD
WLD is the main utility token for the project. Worldcoin is used to cover network expenses and interact with features. The token is an ERC-20 standard token, which means it can leverage the many Ethereum-supporting wallets and applications in the market.
History
Worldcoin is owned by Tools for Humanity. The network has been an interesting project since it first raised $100 million in funding from some very well-known VC investors. Andreessen Horowitz and Peter Thiel were among the early investors in the project. Worldcoin successfully collected 2M people’s data during its latest BETA run.
According to company documentation, the network will now move on to the next stage of its launch. In this stage, the platform seeks to secure around 2B new users. The developers have already created 2,000 additional orbs and sent them to 35 cities across the globe as part of this approach.
Privacy Concerns
One of the biggest issues that Worldcoin faces is the monumental task of gathering everyone’s biometric data. Privacy advocates have warned that this information is too sensitive for a private firm to hold. One expert noted that you can always change your social security or stolen bank cards, but your biometric data is much harder to replace if stolen.
Bottom Line
Worldcoin has set some lofty goals which have led some to think the project is a bit far-fetched. However, it should be noted that Altman and his team are experts in the field. For now, Worldcoin has a lot of attention on both sides of the discussion which should raise awareness of the project moving forward.
