Key Takeaways
- Worldcoin (WLD) aims to build a giant network that verifies people’s identities online while keeping their information private.
- Unlike many cryptocurrencies, Worldcoin uses iris scans to prove someone is a natural person. They claim this can be done securely without revealing your identity.
- Even though it relies on iris recognition, Worldcoin stresses privacy by not storing users’ biometric data and claims to use cryptography to verify your identity without revealing the scan itself.
What Is Worldcoin (WLD)?
Worldcoin is a project aiming to build a global network for digital identity and finance. Founded by Sam Altman, CEO of OpenAI, the project seeks to provide a universal digital identity and access to the global economy, regardless of location or background.
Worldcoin envisions a system that provides everyone a “World ID,” allowing them to participate in the online economy, regardless of location or background.
How Does Worldcoin (WLD) Work?
Worldcoin (WLD) aims to create a more inclusive digital economy by using iris scans to verify users’ identities. Here’s a breakdown of how it works:
1. Download the World App – This app allows you to set up your Worldcoin account, manage your World ID, and access a digital wallet.
2. Verify your World ID – This involves visiting an authorized location with an Orb device, a special scanner that uses IRIS recognition technology. The Orb scan creates a unique identifier, confirming that you’re a real person, not a bot.
Why Iris Scans?
Unlike traditional methods of verifying personal information, Worldcoin claims its iris scans are considered a more secure and reliable way to verify someone’s uniqueness.
Use Cases
Worldcoin’s World ID could be used to fight bots and fake accounts on social media platforms like Discord. This could improve the quality of interactions and make it harder to spread misinformation. For example, with World ID, a platform might limit users to only a few accounts or prioritize content posted by real people.
However, Worldcoin is still under development, and its long-term impact remains to be seen. Some aspects to consider include privacy concerns around biometric data collection and the potential for exclusion of those without access to Orb scanners.
Things To Consider
Worldcoin’s operations have recently raised privacy issues in some parts of the world. However, the company reassures that its Iris Recognition Inference System (IRIS) does not contain personal data and that users have control over their information.
Worldcoin (WLD) Token And Tokenomics
Tokenomics
The WLD token is the native cryptocurrency of Worldcoin. It’s used for:
- Identity Verification
- Governance
Token Details
Total Supply 10,000,000,000 WLD
Circulating Supply 448,078,846 WLD
Current Price $1.51
Market Capitalization $673,426,369
This information is current as of September 18th, 2024, and the token’s price, market value, and available supply may fluctuate.
Distribution
- 75% – Allocated to the Worldcoin community
- 13.5% – Tools For Humanity investors
- 9.8% – Initial development team
- 1.7% – In reserve controlled by Tools For Humanity, the project behind Worldcoin
Where Can I Buy Worldcoin (WLD)?
- Binance – Binance is a major exchange offering a wide range of cryptocurrencies. It offers multiple ways to buy crypto, including credit cards, debit cards, and peer-to-peer (P2P) trading.
- Bybit – This exchange is known for its derivatives and margin trading features, but you can also use the platform for spot trading.
- KuCoin – KuCoin is a smaller exchange known for its competitive fees and support for many cryptocurrencies.
Is Worldcoin (WLD) A Good Investment?
Whether Worldcoin (WLD) is a good investment depends heavily on your investment goals and risk tolerance. Here’s a quick overview:
Pros:
- Digital Identity – Worldcoin aims to create a unique digital ID system (World ID) for users, potentially promoting financial inclusion for the unbanked.
- Token Incentives – Worldcoin offers free WLD tokens to new users who scan their iris with a particular device (“Orb”).
Cons:
- Privacy Concerns – Collecting biometric data (e.g., iris scans) raises privacy issues for some users, who fear misuse or data breaches.
- Security Risks – The reliance on a centralized scanning system (Orb) could be a vulnerability if compromised.
Final Thoughts
Worldcoin proposes an ambitious concept of financial inclusion and a global digital identity. However, the privacy concerns surrounding iris scans and the reliance on a central Orb device raise security risks. Nonetheless, Worldcoin has the potential to be disruptive, but its success hinges on addressing these common issues and gaining more comprehensive trust from users and the crypto community.
