Worldcoin, in the context of cryptocurrencies, referred to a project that aimed to create a global digital currency. The idea was to distribute this cryptocurrency to everyone in the world, similar to a universal basic income (UBI), to create a more equitable financial system. The unique aspect of Worldcoin was its proposed distribution method, which involved using biometric identification (iris scanning) to ensure that each person receives an equal share. This method was intended to prevent fraud and ensure that each individual only received one share.
September 4, 2023 at 12:50 pm
Updated September 4, 2023 at 12:52 pm
Preserving World ID
The term “World ID” in this context likely refers to the unique biometric identification associated with individuals. The Worldcoin project’s goal was to leverage this biometric identity to prevent duplicate claims and fraud in the distribution of the cryptocurrency. By using iris scanning technology or other biometric methods, Worldcoin intended to ensure that each individual receives a fair share of the cryptocurrency, preventing any individual from claiming more than their rightful portion.
The idea of preserving World ID through biometric identification aimed to create a system of accurate and secure distribution, which is especially important for global initiatives like a universal basic income. This technology-driven approach aimed to ensure that the distribution of the cryptocurrency was fair, transparent, and resistant to manipulation.
How does Worldcoin work?
The idea of proof-of-personhood introduced by the Orb, an eye-scanning technology, lies at the core of the Worldcoin project. With the development of artificial intelligence (AI), establishing identification will become more crucial than ever in the future, and the debate over whether a person is a computer will undoubtedly take center stage.
The Orb was developed as a result of the Worldcoin white paper, which emphasizes that specialized biometric equipment may be the only long-term viable option to deliver AI-safe proof-of-personhood verifications. The Orb is crucial to the ecosystem of Worldcoin:
- For biometric verification, every person will need to have their retina scanned by the Orb.
- No matter where they are from or what their history is, anyone can register.
- Worldcoin is growing and establishing facilities in 35 different nations to increase its “orbing” of people.
- In-person iris scans are carried out using the “Orb,” a unique silver ball roughly the size of a bowling ball. Before creating their own World ID, the Orb scans the person’s iris to verify that they are a human.
What is a Worldcoin token, and how can I get token incentives?
ERC-20 token Worldcoin (WLD) is available on the Ethereum mainnet. The Worldcoin Protocol successfully transitioned to the OP mainnet, formerly known as the Ethereum layer-2 blockchain Optimism, prior to its official introduction. Due to the change, the Optimism and Polygon PoS bridges are now part of the Worldcoin protocol on Ethereum.
Is it worth investing in Worldcoin?
Reviews of Worldcoin have been conflicted, ranging from negative and contentious to positive and cool. Edward Snowden, a well-known whistleblower, raised opposition to the idea of scanning human eyes as a criterion for receiving cryptocurrencies when information about the retina scanners first made public in late 2021. Due of alleged privacy issues, the project has received harsh criticism all across the world.
However, Silicon Valley investors have expressed a great deal of interest in the venture and confidence in the leadership group. Worldcoin is an innovative project ready to act as a differentiating source between humans and AI bots in the digital age of generative AI and human-like interaction by bots. By 2023, more than a billion individuals would have reportedly regarded the Orb, according to predictions made by the corporation using AI.
Remember, investing in cryptocurrencies involves risks, and it’s important to conduct thorough research and seek professional advice before making any financial decisions.
(Please keep in mind that this post is solely for informative purposes and should not be construed as financial or investment advice.)