We are all witnessing the growth and evolution of digital finance. The innovation first started with blockchain and was followed by digital coins. It is in this ever-changing landscape that the rise of the world currency is found.
This development is now changing the traditional means of identity verification, understanding and accessibility. Now the whole game revolves around the World currency and the World Coin Balls.
Introduction to the development of Worldcoins
Regardless of a person’s financial status, nationality or origins, world currencies are based on an open-source protocol. They are designed to be easily accessible and open the door to global feasibility. This evolution brings digital convenience, where individuals are not just participants, but direct and active holders of their digital identity.
After three years of development, 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 activities, content, artwork and other activities created with the help of humans or coming from AI sources. To solve this confusion, Worldcoin launched the concept of digital identities as ‘proof of personality’.
Worldcoin uses the Worldcoin Orb, a biometric imaging device used to uniquely identify each individual using iris scanning. It creates personal and secure identification codes for a unique identity. Here, codes are stored on decentralized blockchain technology, eliminating the chance of malicious activity, fraud or identity theft.
What is WorldCoin?
Worldcoin is a digital identification platform designed to guarantee unique digital identities (digital passports) by verifying that the user is a human and not a bot or an AI. This project was the most controversial topic in the cryptocurrency world. Worldcoin has set out to build the world’s largest identity and financial network that can serve the world without any restrictions.
How does the World Currency work?
Worldcoin has three prominent phases. The user must follow all these in order to enforce its components:
1 World IDs
World IDs are the soul of this platform, where the company enables human verification while maintaining privacy. Known as the ‘proof of personality’, it uses an iris scanning device called an orb for verification.
Just like fingerprints, every person has a unique iris pattern. The globe captures that unique structure and creates an identification code called IrisCode. The purpose of this code is to prevent the use of multiple WorldIDs.
Each world ID is linked to the Worldcoin blockchain and must be implemented in a cryptographically secure world app for self-identification.
2 World app
The World App is the first Worldcoin wallet 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 obtain Worldcoin tokens and send and receive them anywhere in the world.
3 Worldcoin Token (WLD)
After successfully creating World IDs and downloading the World App, users can easily access WLD crypto tokens. According to 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 achieve global equality and equal financial opportunities. Building on this idea, Worldcoin is building the world’s largest financial network that will share easy access and ownership with everyone.
Designed for everyone
This platform is designed for all people. There is no discrimination based on the identity, nationality or financial status of the individual. Using this mechanism, it would be easy to differentiate between humans and bots. It will emerge as a privacy-preserving solution for people.
It’s easy to prove your personality
Worldcoin IDs use WordOrb to detect the uniqueness of the iris for successful and authentic authentication of people. This network allows users to own and control their digital identity without the intervention of a third party.
Management
WorldCoin has unique capabilities in the field of governance. World IDs are immutable and secure for establishing digital evidence of personality. This vector of Worldcoin can be combined with others, such as token- or reputation-based vectors.
Insured incentives
Conventional rewards programs are prone to fraud and mischief. But with World IDs, these problems can escape the financial networks permanently. World IDs securely arrange incentives and benefits for both companies and consumers at the same time.
Equality in the distribution of resources
Because World Coin follows an open-source, decentralized proof of personhood protocol, it offers the same benefits to every user worldwide. World IDs are used to distribute access to value created using universal standardized income.
Worldcoin Price Prediction 2023|2024|2025
Based on Crunchbase’s analysis, Worldcoin has raised $125 million in the two pre-sale rounds. It was founded in 2019.
2023
In 2023, the World Coin was launched and its trading value is expected to have volatility in the short term. According to reports, Worldcoin has already reached 2 million signups on the platform with an average of 40,000 weekly signups. WLD’s floor price is forecast to be $3.5 and could rise to $4.8 by the end of 2023.
2024
It is predicted that Bitcoin will also join the race in 2024. And that presence could impact the Worldcoin price scale. According to Worldcoin’s latest update, 3.5 billion tokens will be unlocked at launch and by the end of the year (3 post-launch). The price of Worldcoin is estimated at a low level of $3.8 and will rise to $5.2 by the end of 2025.
2025
According to Vitalik Buterin’s research, there are some concerns about Worldcoin. If the company can easily eliminate these factors, it would be better to attract speculative investments. The Worldcoin price estimate in 2025 may be as low as $4, and as high as $6.5.
Finally, WorldCoin will be a huge project in 2023 that uses Ethereum-based blockchain protocols, allowing users to verify their proof of personality. It is designed for easy accessibility, simplicity and inclusivity. Create a World ID, install WorldApp and prepare to access WLD tokens.
Frequently Asked Questions
1: What is WorldCoin?
Worldcoin is a digital identification platform founded by Samuel Harris Altman, commonly known as the CEO of OpenAI. It focuses on the digital identification of every human, eliminating the chaos between real beings or bots (AI). Worldcoin builds its own digital passports that are accessible worldwide and transcend nationality, financial status or background.
2: What is the use of WorldIDs?
World IDs are seen as the soul of world currencies. The World Coin issues World IDs to each user, verifying their identity and keeping privacy and security in check. 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 used to support the system. The orb is used to verify that the user is real and unique and previously had no WorldIDs. Like fingerprints, this World Orb detects a human’s iris to generate a unique verification code. This code is also called the Iris code.
4: What are the benefits of WorldCoin?
Worldcoin helps people integrate through an open source decentralized protocol. It brings equality to financial networks, secure and easy exchange of WLD tokens, and a guaranteed incentive platform for both businesses and consumers.
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