Worldcoin: How It Combines Digital Identity and Finance?
Worldcoin is a project that aims to create a new network for digital identity and finance that is owned by everyone. It consists of a World ID that protects privacy and digital money (WLD) that is accepted simply for being human. However, it claims to offer a solution for identifying humans from AI online while preserving privacy, increasing economic opportunity, enabling global democratic processes, and potentially paving the way for AI-funded UBI.
How Worldcoin Works?
Worldcoin operates by using a biometric verification device called the Orb. ORB scans the iris of a user to create a unique and secure identification code. This code is stored on a decentralized blockchain and allows the user to prove their humanness online without revealing any personal information. The user also receives a share of the WLD cryptocurrency, which can be used to make transactions on the Worldcoin network or exchanged for other currencies.
The Worldcoin network is governed by the Hedera Governing Council, a group of diverse organizations that operate the Hedera open-source, hash graph-powered, carbon-negative public network. The council consists of members such as IBM, Google, LG, Boeing, and more. The council also approved a proposal to allocate 10.7 billion HBAR, worth approximately $5 billion at current prices, to an independent foundation that will support ecosystem development and innovation on Hedera.
World Coin Features
Features that cause World Coin distinct from other cryptocurrencies are:
• Speed: World Coin has a block time of 30 seconds, which means that transactions can be verified in less than a minute. This makes it suitable for fast and frequent payments, such as buying a cup of coffee or a movie ticket.
• Security: World Coin uses the Scrypt algorithm, a memory-intensive function requiring a lot of RAM to perform. This makes it difficult for ASIC miners to control the network and increases the decentralization and security of World Coin. World Coin also supports AuxPoW, which allows it to be mined along with other Scrypt-based cryptocurrencies, such as Litecoin or Dogecoin. This increases the hash rate and security of World Coin as well.
• Scalability: World Coin has a maximum supply of 265 million coins, which is much lower than other cryptocurrencies, such as Bitcoin or Ethereum. This reduces inflation risk and ensures that World Coin can keep its value over time. World Coin also has a dynamic block size limit, which adjusts according to the network demand. This allows World Coin to process more transactions per block and avoid congestion and high fees.
Why Worldcoin Matters
Worldcoin aims to address some of the challenges and opportunities associated with artificial intelligence. Sam Altman, Worldcoin’s co-founder, and CEO of OpenAI, explains that the project aims for global alignment and a sharing of technological prosperity at a global scale.
Additionally, Worldcoin aims to empower people who are unbanked or underbanked with a digital identity that can be used for many different purposes, as well as provide them with access and inclusion in the financial system. WLD also envisions a future where its platform can enable global democratic processes, such as voting, governance, and social impact.
How to Get Involved with Worldcoin
Worldcoin is currently in its rollout phase, where it is deploying Orbs in dozens of cities in 20 countries worldwide. Users can download the World App, the first protocol-compatible wallet, and claim their share of WLD. They can then find the nearest Orb and book time to be verified with the app or at worldcoin.org.
WLD is also looking for partners, validators, developers, and community members who are interested in joining its mission. Interested parties can visit worldcoin.org or follow WLD on Twitter or Telegram for more information.
Conclusion
Worldcoin represents a groundbreaking endeavor to transform digital identity and finance. With its unique World ID and WLD currency, supported by the Hedera Governing Council’s governance, WLD stands as a promising solution to address the challenges of the AI era. By providing accessible digital identity and empowering individuals worldwide, Worldcoin is poised to play a significant role in shaping the future of the digital landscape.
