We are all witnessing the growth and evolution of digital finance. The innovation first started with blockchain and was followed by digital coins. In this continuously changing landscape, the emergence of the world coin has been found.
This development is now changing the traditional means of identity verification, understanding, and accessibility. Now the whole game revolves around the World Coin and the World Coin Orbs.
Introduction to Worldcoin Development
Irrespective of the financial status, nationality, or origin of a person, world coins are based on an open-source protocol. They are drafted for easy accessibility, opening the door to global attainability. This evolution brings digital ease, where individuals are not just participants but direct and active holders of their digital identities.
After three years of development, the digital ID platform Worldcoin officially announced its launch on July 2, 2023. It was co-founded by CEO Sam Altman, who founded OpenAI. This launch aims to provide verified World IDs, cryptocurrency tokens (Worldcoin), and a crypto wallet application.
According to WorldCoin, artificial intelligence has made it difficult to track the activity, content, artwork, and others that are made using humans or come from AI sources. To resolve this confusion, Worldcoin launched the concept of digital identities as ‘proof of personhood’.
Worldcoin utilizes the Worldcoin Orb, a biometric imaging device that is used to establish the unique identification of each individual using iris scanning. It creates personal and secured identification codes for a unique identity. Here, codes are saved on decentralized blockchain technology, which nullifies the chance of the occurrence of any malicious activity, fraud, or identity theft.
What is WorldCoin?
Worldcoin is a digital identification platform designed to ensure unique digital identities (digital passports) by verifying that the user is human, not a bot or an AI. This project was the most controversial topic in the cryptocurrency world. Worldcoin set its aim to build the world’s largest identity and financial network that can serve worldwide without any limitations.
How does the World Coin work?
Worldcoin has three prominent stages. The user needs to follow all these in sequence to enforce its components:
1 World IDs
World IDs are the soul of this platform, on which the company enables human verification while maintaining privacy. It is known as the ‘proof of personhood’ and uses an iris-scanning device for verification called an orb.
Like fingerprints, every person has a unique iris pattern. The world orb captures that unique structure to create an identification code named IrisCode. This code aims to prevent the occupancy of multiple WorldIDs.
Each world ID is associated with the Worldcoin blockchain and needs to be deployed in a cryptographically secured world app for self-identification.
2 World App
The World App is the first Worldcoin wallet that is designed to make digital identities accessible on a global scale. It requires authentication using World IDs to identify the real person. After successful steps, users can easily get Worldcoin tokens and send and receive them anywhere in the world.
3 Worldcoin Token (WLD)
After the successful creation of World IDs and the downloading of the World App, users can easily access WLD crypto tokens. As per the information shared by Worldcoin, approximately 10 billion WLDs will be issued in 15 years.
What are the applications of Worldcoin?
The Worldcoin project was created to establish global equality and equal financial opportunity. Proceeding with the idea, Worldcoin is building the world’s largest financial network that will share easy access and ownership with all.
Designed for everyone
This platform is designed for all humans. It doesn’t discriminate based on the identity, nationality, or financial status of the individual. With the help of this mechanism, it would be easy to differentiate between humans and bots. It will come up as a privacy-preserving solution for people.
It’s easy to prove your personhood
Worldcoin IDs utilize WordOrb to detect the uniqueness of the iris for successful and authentic verification of human beings. This network allows users to own and control their digital identities without the intervention of any third party.
Governance
WorldCoin has unique possibilities in terms of governance. World IDs are immutable and secure for establishing digital proof of personhood. This vector of Worldcoin can be combined with others, like token-based or reputation-based vectors.
Assured Incentives
Conventional reward programs are prone to fraud and mischief. But with World IDs, these issues can permanently escape financial networking. World IDs securely arrange incentives and benefits for both companies and consumers simultaneously.
Equity in resource distribution
As World Coin follows an open-source, decentralized proof of personhood protocol, it extends the same benefits to each user globally. World IDs are used to distribute access to created value using universal standardized income.
Worldcoin Price Prediction 2023|2024|2025
Based on the analysis of Crunchbase, Worldcoin has raised $125 million in its two presale rounds. It was founded in 2019.
2023
In 2023, the World Coin was launched, and it’s expected to have short-term volatility in its trading value. As per reports, Worldcoin has already achieved 2 million signups on the platform with an average of 40K weekly signups. It’s predicted that the minimum price of WLD will be $3.5 and could rise to $4.8 by the end of 2023.
2024
In 2024, it’s predicted that Bitcoin will also join the race. And that presence might impact the Worldcoin’s price scale. According to Worldcoin’s latest update, 3.5 billion tokens will be unlocked by its launch and by the end of the year (3 post-launch). Worldcoin’s price is estimated to be low at $3.8 and rise to 5.2 by the end of 2025.
2025
As per the study made by Vitalik Buterin, there are some concerns raised about Worldcoin. If the company can easily eliminate those factors, it would be better to attract speculative investment. The estimation of Worldcoin price in 2025 is possibly low up to $4, and highs up to $6.5.
Lastly, WorldCoin is going to be a massive 2023 project that utilizes Ethereum-based blockchain protocols, helping users authenticate their proof of personhood. It is designed for easy accessibility, simplicity, and inclusivity. Make a World ID, install WorldApp, and get ready to access WLD tokens.
FAQs
1: What is WorldCoin?
Worldcoin is a digital identification platform that was formed by Samuel Harris Altman, widely known as the CEO of OpenAI. It aims at the digital identification of every human, eliminating the chaos between real beings or bots (AI). Worldcoin builds its own digital passports that are accessible globally, surpassing the nationality, financial status, or background.
2: What is the use of WorldIDs?
World IDs are denoted as the soul of world coins. The World Coin issues World IDs to each user, verifying their identity, and keeping privacy and security in charge. This process is described as the ‘proof of personhood’ and uses the World Orb to establish a unique identity.
3: What is the purpose of World Orb in the WorldCoin project?
WorldOrb is the essential part of WorldCoin that is used to underpin the system. The orb is used to authenticate the user is real, unique, and didn’t have any WorldIDs before. Alike fingerprints, this World Orb detects the iris of a human being to generate a unique verification code. This code is also known as the Iris Code.
4: What are the benefits of WorldCoin?
Worldcoin helps people to integrate over open source decentralized protocol. It brings equity in financial networking, secured and easy WLD tokens exchange, and an assured incentive platform for both companies and consumers.
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