What is Worldcoin (WLD) ?

What is Worldcoin (WLD)? The whole controversial project

worldcoin-wld

Worldcoin (WLD)

$ 6.85

Worldcoin (WLD) is a recently introduced cryptocurrency created by Sam Altman, the Chief Executive Officer of OpenAI. The currency in question utilizes Iris scanning technology as a means to authenticate the user’s identity, thereby mitigating the potential risks associated with fraudulent activities. This article aims to provide an overview of the features, advantages, and disadvantages of Worldcoin, while also presenting the latest news and price forecasts pertaining to the cryptocurrency.

Worldcoin WLD

Worldcoin Overview

Worldcoin is a decentralized cryptocurrency developed by Sam Altman, CEO of OpenAI. Created with the aim of building a new online payment system without the intervention of intermediaries, Worldcoin is designed to verify the identity of users using eye scanning technology.

Sam Altman CEO of OpenAI
Sam Altman, CEO of OpenAI

With the development of digital technology and the Internet, the execution of online payment transactions has become more popular than ever. However, online payment systems today still have many problems, such as fraud, falsification of personal information, or obstruction of information seized by intermediaries.

Worldcoin was born with the desire to solve these problems by using eye scanning technology, which helps verify the identity of users more accurately and reliably. As a result, users will be able to have complete control over their personal information, while enhancing the security of online payment transactions.

With low operating costs and flexible scalability, Worldcoin is being seen as one of the most most most advanced and prospective cryptocurrency solutions of the future. It can be used on a variety of platforms and is accepted in many areas, from online payment of goods and services to international money transfers.

However, as with any new technology, Worldcoin still faces many challenges and difficulties in its development and deployment. Building and maintaining a secure and trusted decentralized system is a major challenge, especially in the context of cyberattacks or ongoing information fraud around the globe.

However, with the development of technology and the support of the user community, Worldcoin can be a potential choice for those who aspire to find a secure and efficient form of online payment in the future.

Read more: OpenAI CEO in Final Negotiations for $100M Investment in Worldcoin



Worldcoin Features (WLD)

Worldcoin is a blockchain project focused on building a global personal identification system. The project was initiated by Sam Altman, the CEO of OpenAI.

Worldcoin employs a unique identity verification mechanism called Proof of Personhood. This mechanism utilizes iris scanning technology to verify users’ identities. Users scan their irises using a specialized device called the Orb. The Orb generates a unique code representing the user’s identity, which is then stored on the Worldcoin blockchain.

Orb Scan

Worldcoin encompasses several key features

  • Identity Verification: Worldcoin offers a secure and private method of identity verification for individuals. Worldcoin’s Proof of Personhood mechanism does not require users to provide any personal information other than their iris image. This safeguards user privacy and prevents fraudulent activities.
  • Global Financial Access: Worldcoin enables people worldwide to access financial services. It provides an integrated cryptocurrency wallet that facilitates easy sending and receiving of funds. Additionally, Worldcoin offers other financial services such as borrowing and saving.
  • Empowerment of Users: Worldcoin empowers users to control their personal data. Users can use their Proof of Personhood code to securely log in to websites and applications, avoiding tracking and protecting their privacy.

Details about the key features of Worldcoin

Identity Verification

Worldcoin employs the Proof of Personhood mechanism to verify users’ identities. This mechanism utilizes iris scanning technology for identity verification.

Iris scanning technology is a proven and secure identity verification method. This technology uses the user’s iris image to create a unique code representing their identity. This code is stored on the Worldcoin blockchain.

Worldcoin’s Proof of Personhood mechanism does not require users to provide any personal information other than their iris image. This ensures user privacy and prevents fraudulent activities.

Global Financial Access

Worldcoin facilitates global financial access for people around the world. This is achieved through an integrated cryptocurrency wallet that allows users to easily send and receive funds. Worldcoin’s cryptocurrency wallet is deeply integrated with the Worldcoin blockchain, enabling fast and efficient transactions. The wallet is also available on mobile devices, enabling users to access their finances anytime, anywhere.

Furthermore, Worldcoin provides additional financial services such as borrowing and saving. These services are designed to help individuals access the financial resources they need for economic development.

User Empowerment

Worldcoin enhances user control over personal data. By using their Proof of Personhood code, users can securely log in to websites and applications, avoiding tracking and safeguarding their privacy.

Worldcoin’s Proof of Personhood code serves as a way for users to prove their identity without having to provide any additional personal information. This protects user privacy and prevents tracking.

The Worldcoin project has the potential to transform how people verify their identities and access financial services. It may enable individuals worldwide to access financial resources and protect their privacy.


The ORB device from Wordcoin uses retina scanning technology.

Worldcoin is a project to develop a global identification system based on retinal scanning technology. This system uses a spherical device called Orb to collect the user’s iris data.

Retinal scanning technology is a method of biometric identification based on the analysis of the characteristics of the iris. The iris is a part of the eye that is round and has different colors. Each person’s iris is unique, does not change over time and cannot be copied.

Worldcoin’s Orb device uses a high-resolution camera to capture images of the user’s iris. The iris image is then processed by a biometric recognition algorithm to determine the user’s identity.

Worldcoin’s Orb identification process takes place as follows:

  1. The user stands in front of the Orb and looks at the camera.
  2. The Orb device will take a photo of the user’s iris.
  3. The iris image will be processed by a biometric recognition algorithm.
  4. If the biometric recognition algorithm finds a match, the user’s identity will be confirmed.
  5. The user will receive a World ID code, confirming the identification process is complete.
  6. Worldcoin says its retina scan technology is highly accurate and can identify a user’s identity in less than 1 minute.

However, retinal scanning technology also has privacy concerns. Some are concerned that iris data could be used for malicious purposes, such as tracking or monitoring users.

Worldcoin says it will securely protect users’ iris data and will not use this data for any purpose other than identity verification.

Here are some advantages and disadvantages of Worldcoin’s retinal scanning technology:

Pros:

  • High precision
  • Fast verification time
  • Can be used for purposes other than identity verification, such as access to digital products or services.

Cons:

  • Concerns about privacy
  • Can be used for malicious purposes, such as tracking or monitoring users.
  • Worldcoin’s retinal scanning technology is still in the testing phase and has not been widely deployed. However, this project has the potential to bring many changes to the way people verify identity in the future.

Worldcoin’s retinal scanning technology is still in the testing phase and has not been widely deployed. However, this project has the potential to bring many changes to the way people verify identity in the future.


Worldcoin Pros and Cons

Worldcoin is a cryptocurrency project that is developing a new coin called Worldcoin. Worldcoin uses iris scanning technology to authenticate users, instead of using email addresses or phone numbers. This makes Worldcoin accessible to people who don’t have a bank account or don’t have access to the internet.

Worldcoin has a number of potential advantages, including:

  • Global Access: Worldcoin can be used by anyone in the world, regardless of whether they have a bank account or not. This could help solve the global financial problem, in which billions of people do not have access to basic financial services.
  • Anti-fraud: Worldcoin’s iris scanning technology is difficult to spoof, helping protect users from fraud and money laundering.
  • Scalability: Worldcoin is designed to be scalable to meet the needs of global users.

However, Worldcoin also has some potential disadvantages, including:

  • Privacy: Some people are concerned that using iris scanning technology to authenticate users could be an invasion of privacy.
  • Security: If Worldcoin’s iris scanning system is hacked, it could result in loss of funds for users.
  • Acceptance: Worldcoin is still in the development stage and has not yet been widely accepted. This can make using Worldcoin difficult.

Worldcoin, a cryptocurrency project, has the potential to address global financial issues, but it also has potential disadvantages. As a new technology in development, it’s crucial to carefully evaluate potential risks before using Worldcoin, as it’s still in its early stages.


Allocation of Worldcoin (WLD) Tokens

The project raised over $240 million from venture capital investors, including a16z, Bain Capital Ventures, and Distributed Global

The allocation of Worldcoin (WLD) tokens has been a topic of controversy within the cryptocurrency community. The project raised over $240 million from venture capital investors, including a16z, Bain Capital Ventures, and Distributed Global. They also issued 10 billion WLD tokens, with 75% allocated to the community and the remaining 25% allocated to the development team, investors, and reserves.

Token Allocation to the Community

75% of the WLD tokens, equivalent to 7.5 billion tokens, are allocated to the community. Among these, 60% will be distributed as grants to users, 25% will be used to support ecosystem development, and 15% will be used for community management.

Worldcoin WLD Token Allocation image Binance
WLD Token Allocation
  • User Grants: This involves rewards given to individuals participating in the iris scanning process for identity verification. Users can use these grant funds to purchase goods and services within the Worldcoin platform.
  • Ecosystem Development Support: This fund will be used to sponsor projects and initiatives that support the growth of the Worldcoin ecosystem. This may include software development projects, research and development, education and training, and more.
  • Community Management: This fund will be directed towards managing the Worldcoin community, encompassing activities such as customer support, administration, and community development.

Token Allocation to the Development Team, Investors, and Reserves

25% of the WLD tokens, equivalent to 2.5 billion tokens, are allocated to the development team, investors, and reserves. Among these, 9.8% is allocated to the initial development team, 13.5% is allocated to early-stage investors (TFH), and 1.7% is allocated to reserves.

  • Initial Development Team: This fund will be used to provide compensation to the initial development team of Worldcoin, including scientists, engineers, and product experts.
  • TFH Investors: This fund will be used to give returns to venture capital investors who invested in Worldcoin during previous funding rounds.
  • Reserves: This fund will be used to support the long-term development of Worldcoin. Controversial Points in Token Allocation

Controversial points in token allocation

The allocation of Worldcoin tokens has sparked debate within the cryptocurrency community. Some argue that allocating too many tokens to the community might not be appropriate as it could lead to inflation and devaluation of the token. Others believe that allocating too many tokens to the development team and investors might be unfair, as it grants them significant control over the project.

  • The amount of tokens allocated to the community is too large: Allocating 75% of the total token supply is a relatively high percentage, even more so compared to the community allocations in many other cryptocurrency projects. This might lead to concerns of inflation and devaluation of the token.
  • The amount of tokens allocated to the development team and investors is too small: Allocating 25% of the total token supply is relatively low, especially compared to other cryptocurrency projects. This might result in a lack of incentive for the development team and investors to contribute to the project.
  • Unclear methodology of community token allocation: While Worldcoin has announced a plan for token allocation to the community, the specific implementation details are yet to be disclosed. This has led to concerns that the tokens might be distributed unfairly.
Foundation Token Allocation Goal
Foundation Token Allocation Goal

Conclusion: The allocation of Worldcoin tokens is a complex and contentious issue. The project is still in its early development stages, and the token allocation strategy might evolve over time. However, the current points of controversy could impact the project’s development and raise concerns about its potential success.


Worldcoin (WLD) token vesting schedule

Unlocked Supply
Unlocked Supply

The Worldcoin (WLD) token vesting schedule is divided into two periods:

Phase 1: Free allocation to users, starting March 31, 2023.

During this period, Worldcoin will distribute 8 billion free WLD tokens to users worldwide. Users can get WLD tokens by registering an account on the World App and scanning their retinas.

WLD token vesting schedule in phase 1 is as follows:

  • Quarter 1/2023: The earliest 10% of users receive 2% of WLD tokens.
  • Quarter 2/2023: The earliest 20% of users receive 4% of WLD tokens.
  • Quarter 3/2023: The earliest 30% of users receive 6% of WLD tokens.
  • Quarter 4/2023: The earliest 40% of users receive 8% of WLD tokens.
  • 2024: The earliest 50% of users receive 10% of WLD tokens.
  • 2025: The earliest 60% of users receive 12% of WLD tokens.
  • 2026: The earliest 70% of users receive 14% of WLD tokens.
  • 2027: The earliest 80% of users receive 16% of WLD tokens.
  • 2028: The earliest 90% of users receive 18% of WLD tokens.
  • 2029: 100% of early users receive 20% of WLD tokens.

Phase 2: Allocation to investors and institutions, starting from 2030.

During this period, Worldcoin will allocate 2 billion WLD tokens to investors and institutions. The WLD token payout schedule for this period has not been announced.

Note:

  • Users need to complete identity verification (KYC) to be eligible to receive WLD tokens.
  • WLD tokens allocated in phase 1 will be unlocked gradually over 5 years after launch.

As of July 20, 2023, Worldcoin has distributed approximately 1.7 million WLD tokens to users worldwide.


How to get a free Worldcoin (WLD) token

Worldcoin is a cryptocurrency identity project in development stage. The project uses retinal scanning technology to verify the identity of the user. Worldcoin has conducted an airdrop of WLD tokens to verified users.

To receive the Worldcoin airdrop, you need to do the following steps:

  • Download the Worldcoin app on the App Store or Google Play.
  • Create an account and verify your identity with a retina scan.
  • After successful identity verification, you will receive the WLD airdrop.

Note:

  • Airdrop Worldcoin is only available to users who have successfully verified their identity.
  • Airdrop volume will be distributed in stages.
  • Worldcoin airdrop will be unlocked gradually over time.

Detailed steps:

Step 1: Download the Worldcoin app

You can download the Worldcoin app on the App Store or Google Play.

After downloading the app, you need to create an account. You can use your email address or phone number to create an account.

Step 2: Verify identity

To verify your identity, you need a retina scan using the Orb, a handheld device provided by Worldcoin.

If you cannot access Orb, you can ask a Worldcoin Operator for help. Worldcoin Operators are people who have been trained to use Orb.

Step 3: Receive WLD free

After successful identity verification, you will receive the WLD airdrop. Airdrop volume will be distributed in stages.

Worldcoin airdrop will be unlocked gradually over time.

Note about Worldcoin airdrop:

  • Airdrop Worldcoin is only available to users who have successfully verified their identity.
  • Airdrop volume will be distributed in stages.
  • Worldcoin airdrop will be unlocked gradually over time.

Above are detailed instructions on how to get a free Worldcoin (WLD) token. If you have any questions, please contact Worldcoin for support.


Conclusion about Worldcoin

If you care about the security and fraud protection of a cryptocurrency, Worldcoin is a good choice. However, please note that using iris scanning technology may reduce user privacy. Also, be careful when investing in cryptocurrencies, especially since their value is still in the experimental stage.


FAQs about Worldcoin

What is Worldcoin?

Worldcoin is a decentralized cryptocurrency developed by Sam Altman, CEO of OpenAI.

What technology does Worldcoin use to verify users’ identities?

Worldcoin uses iris scanning technology to verify users’ identities.

Does Worldcoin have anti-fraud capabilities?

Yes, using iris scanning technology significantly reduces the risk of fraud.

Has Worldcoin been widely released yet?

Currently, Worldcoin is in the testing phase and has not been widely released.

Where can I get free tokens?

You can download the Worldcoin app on the App Store or Google Play. And get free tokens from the airdrop.


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