How does Worldcoin work?

How does Worldcoin work?

In the ever-evolving world of cryptocurrencies, Worldcoin stands out with its mission to establish a global, decentralized digital identity system. At its core, Worldcoin utilizes cutting-edge iris scanning technology, implemented via a device known as the Orb. This article delves into the groundbreaking aspects of Worldcoin, from iris scanning to the distribution of WLD tokens, while also examining its potential impact and associated pros and cons.

Orb scan 2

What is IrisHash?

IrisHash is a biometric identifier that is derived from a person’s iris. It is a unique and immutable identifier that can be used to verify a person’s identity without revealing their identity.

IrisHash is created by using a one-way function to convert the high-resolution images of a person’s iris into a short, unique string of characters. This string of characters is called the IrisHash.

What is IrisHash

The IrisHash is stored in a database and is used to verify a person’s identity when they sign up for a service or make a transaction. The IrisHash is never stored in a way that it can be reversed back to the original iris images, so the person’s identity remains private.

IrisHash is used by the Worldcoin project, which is a cryptocurrency project that aims to distribute tokens to billions of people around the world. Worldcoin uses IrisHash to verify the identity of people who sign up for the project, without revealing their identity.

IrisHash is a promising new technology that has the potential to revolutionize the way we verify our identities. It is a more secure and private alternative to traditional biometric identifiers, such as fingerprints and facial recognition.

Here are some of the benefits of using IrisHash:

  • It is unique and immutable. No two people have the same iris pattern, and the IrisHash cannot be changed.
  • It is secure. The IrisHash is never stored in a way that it can be reversed back to the original iris images.
  • It is private. The IrisHash does not reveal any personal information about the person, such as their name or address.

IrisHash is still a new technology, but it has the potential to be a major breakthrough in the field of biometric identification. It is a more secure, private, and convenient way to verify our identities.

Empowering the World with a Digital Identity: The World ID

coinbold.io/wp-content/uploads/2023/09/Orb-2-363x363.webp);background-position:53% 41%">Orb 2

Once the Orb has scanned an individual’s iris, a pivotal moment occurs—they are granted a World ID. This digital identity serves as a key to unlocking a vast array of services, spanning from financial and healthcare to educational opportunities. Moreover, it’s Worldcoin’s native token, WLD, that fuels these services. What’s truly remarkable is that these tokens are offered to individuals entirely free of charge, simply for undergoing the Orb’s scan. This altruistic approach not only encourages participation but also contributes to a more equitable global economy.

Worldcoin Journey: The Key Steps

Let’s walk through the fundamental steps of how Worldcoin operates:

  1. A person downloads the World App and creates an account.
  2. The person visits a Worldcoin Orb Operator and scans their iris.
  3. The Orb generates a unique IrisHash for the person and stores it on the Worldcoin blockchain.
  4. The person is issued a World ID.
  5. The person can use their World ID to access a variety of services and earn WLD tokens.
Worldcoin wallet
Worldcoin wallet

The Promise and Perils of Worldcoin: A Balancing Act

Like any project, Worldcoin has its own pros and cons.

Pros:

  • Secure Identity Verification: Worldcoin’s reliance on iris scanning technology ensures a robust and unique identity verification system.
  • Decentralized and Permissionless: The project’s decentralized nature fosters inclusivity, allowing individuals from all walks of life to participate freely.
  • Free to Participate: The distribution of WLD tokens without cost encourages widespread participation, contributing to a more equitable global economy.

Cons:

  • Privacy Concerns: The IrisHash, while secure, raises valid privacy concerns as it serves as a unique identifier.
  • Scalability Challenges: The widespread deployment of Orbs presents scalability challenges that must be addressed.
  • Regulatory Uncertainty: In the ever-evolving landscape of cryptocurrency, regulatory concerns loom large.

A Promising Vision for the Future

In conclusion, Worldcoin is an ambitious project that has the potential to completely reimagine the concepts of digital identity and currency. By utilizing iris scanning technology, it strengthens security while also bridging gaps in economic inclusivity on a global scale. Nevertheless, as we set out on this transformative journey, it is imperative to remain alert to potential risks and difficulties. Worldcoin represents a vision for a more safe and just world, not just a cryptocurrency.