We've seen plenty of projects grace the crypto space over the years, some of which most people are already familiar with: Bitcoin requires no introduction as the pioneering and the most widely adopted cryptocurrency in the market; Ethereum enjoys its fair share of fame for being the altcoin frontrunner and a driver of innovation in the blockchain sector; Tether (USDT), Ripple (XRP), Binance Coin (BNB), Solana (SOL) and Dogecoin (DOGE) have also become household names thanks to their unique features and strong fundamentals.
But what about Worldcoin? The name is certainly resounding enough to capture people's attention, and there is quite a lot of buzz around the project at the moment, but very few know what lies behind this clever branding. If we were to give credence to the most recent Worldcoin prediction data, the initiative has the potential to become a significant player in the crypto market and even disrupt the evolution of the digital economy.
Worldcoin aims to revolutionize the digital identity space, counter the risks posed by AI misuse by leveraging iris biometrics, and facilitate people's access to a global economy through the free and fair distribution of a new digital token. These are quite daring objectives, especially coming from a relatively unknown newcomer.
Did this spark your interest already? Identifying winning cryptos in their early stages of development gives one the opportunity to reap substantial rewards later on, so if Worldcoin turns into a major success like many seem to believe, it's about time to learn more about this intriguing cryptocurrency and see if it lives up to its powerful name and bold goals.
The beginning of an ambitious project
Although it hasn't been long since Worldcoin has hit the crypto scene, the concept it proposes has been a long time in the making. Worldcoin's development began with the creation of the Francisco- and Berlin-based company Tools for Humanity (TFH), founded by OpenAI CEO and co-founder Sam Altman, Max Novendstern, and Alex Blania in 2019.
It all started from the idea of creating a cryptocurrency that could reach every single person on the planet and thus lay the groundwork for an inclusive digital economy where everyone benefits from easy access to financial services. While digital currencies have been gaining a lot of ground lately, particularly with Bitcoin and Ethereum's big wins in 2024, they are far from being widely used financial tools. According to recent data, global crypto ownership is estimated at 6%, while the number of unbanked adults worldwide has risen to 1.4 billion.
This means that many of those who are not served by the banking system don't have access to crypto either. The complex crypto technology and the lack of a widespread infrastructure are the biggest barriers to crypto adoption. So, Worldcoin emerged as a project that set out to achieve what its predecessors couldn't, namely the democratization of finance.
In 2021, the company announced that its user-centric token, WLD, was intended to pave the way for a more unified economy enabled by digital structures. The crypto was built as a Layer 2 solution atop the Ethereum blockchain, benefiting from the platform's security and robust network.
At the same time, Worldcoin's creators acknowledged that launching a people's coin meant to be distributed all across the world also implied solving another major challenge, that of foolproofing digital identities. The solution that Worldcoin proposes to tackle both the even allocation of its native token and the digital authentication issue is represented by the integration of biometric data based on iris scans and the creation of World IDs.
In July 2023, Worldcoin officially launched out of beta, and the WLD token became available for trade.
The key componentsÂ
To put its bold plan into practice, Worldcoin has developed a unique structure based on several key instruments:
The Orb scanners "“ these advanced sphere-shaped devices are used to scan people's irises and create special codes that authenticate their identity. The iris structure is unique to each person, and so are the codes associated with the scans, making replication extremely difficult. So far, there are 333 Orb sites available across 35 countries where people can book appointments and have their biometric data collected.
The World ID "“ after scanning, each person is given a digital ID that can be used as a passport to prove their personhood (PoP) in the virtual space while also keeping their personal data private.
The WLD tokens "“ those who join the network by having their irises scanned receive a certain amount of WLD tokens, the network's native crypto.
The World App "“ a self-custodial app that allows users to make payments, purchases and transfers via digital and fiat currencies all over the world.
Proving you're human in the AI era
We live in a world that's becoming increasingly digitalized and where the emergence of new technologies is impacting nearly every aspect of our lives. The fast progress and implementation of AI solutions offer the best example in this regard, and while there are many benefits to this swift evolution, mainly in terms of automation and data processing, the drawbacks are just as notable. AI programs can be used for nefarious purposes like building malware, creating deepfakes, identity theft, and fraud.
AI has made such big strides in mimicking human behavior that it seems like we've reached a point in time where distinguishing real people from robots has become a major concern and a real necessity. Worldcoin, with its ability to provide proof of humanity through biometric verification, offers an innovative method for securing digital identities and ensuring high levels of privacy for network users, thus limiting the risks posed by the ill use of AI technology.
While the concepts and design introduced by Worldcoin make it a rather promising project, the road ahead is also paved with numerous regulatory and technological challenges. Whether Worldcoin will be able to address these obstacles effectively and achieve its mission remains to be seen.
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