Everything you need to know about Worldcoin

The world of crypto is constantly growing and developing thanks to innovative techs that make the lives of people easier and hassle-free. Today, one of the leading crypto innovations that are raved about by people is Worldcoin. 

If you’re new to the concept of what is Worldcoin crypto, here’s a guide on everything you need to know about it, how it works, and whether it’s a worthy investment:

What is Worldcoin crypto?

Worldcoin crypto is an ambitious crypto project that refers to two things: a digital identification platform and a crypto token (WLD). This innovation aims to build a widespread community of people who can prove that they are human and not computers or bots.

If you’re wondering how does Worldcoin work, it all starts with a scan of your iris. To confirm a user’s ‘personhood’, the user must first acquire a WorldID. Users who had their irises scanned by the Orb can obtain WorldID, the central ‘proof of personhood’ offered by Worldcoin's creators, Tools for Humanity, and Altman.

Like fingerprints, every iris is completely unique. A person's unique iris structure guarantees that the Orb's identifying code for them will be different from that of others. To prevent fraudulent creation or manipulation of an existing IrisCode, it is generated and stored on Worldcoin's distributed blockchain. 

Iris scans are anonymised so that people cannot be identified or traced all the while ensuring that no one can duplicate the process and get a second IrisCode by mistake. After you have received an IrisCode, Worldcoin's platform will generate a WorldID and remove all iris photos. Since the data is encrypted on the blockchain, you can validate your identity without constantly having your eyes scanned whenever you use the network.

To introduce it to the public, Worldcoin’s Orbs have been released in a number of big cities across the globe. Some of the first Orbs were released in San Francisco and New York and more are expected to hit the market in the following months. By the end of the year, the company plans to have 1,500 Orbs in 35 locations all around the world.

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Where did the concept come from?

Early in 2020, Worldcoin CEO Alex Blania started working with Sam Altman, the former president of the famed Silicon Valley incubator Y Combinator, and Max Novendstern to launch the crypto exchange Worldcoin. 

Blania claims that the question motivating them was simple: What would happen if everyone on Earth were given a fixed amount of brand-new crypto? Their key argument was that the more people who have the coin, the simpler it is to transmit and receive payments. 

The CEO said that Worldcoin has the potential to expand access to banking services for millions of people in developing countries. This trend could aid in the distribution of global wealth if the coins appreciate in value as other coins like Bitcoin and Ethereum.

How does it work?

Worldcoin works as a three-legged tool. Without its other mutually reinforcing components, it won’t be able to function. Three important components of Worldcoin include: 

WorldID

WorldID is at the centre of the platform that allows users to securely ‘verify their humanness’ online. This proof of personhood is generated using an iris-scanning device known as the Orb. The Orb can scan a person's iris and utilise the data it collects to generate a special code known as an IrisCode. 

The code has nothing to do with your identity and only prohibits you from creating several WorldIDs. After it has scanned your iris and securely stored a unique IrisCode, the Orb will issue your WorldID. 

The technique does not rely on constant eyeball scanning for identification purposes. To verify their identities, users deploy a cryptographic sound program and have their WorldIDs added to the Worldcoin blockchain.

World App

Your WorldID is stored in the World App. According to Worldcoin, its software protects users' anonymity while giving them access to a variety of decentralised financial services. The software stores credentials so that you can verify yourself on any third-party app, and it also acts as a crypto wallet. 

Aside from your WorldID, the World App can also store Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC). As Worldcoin registrations continue to grow and the Worldcoin crypto price soars, the company promises to support more coins in the near future.

WLD crypto token

You can obtain the WLD digital token once you have created a WorldID and downloaded the World app. Users who joined the beta test were given WLD. As part of the launch, users were given a big amount of WLD as an airdrop. As WLD becomes more popular, KuCoin and Binance, the largest crypto exchange in the world in terms of trade volume, have both listed WLD for trading.

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How to join Worldcoin

Worldcoin is currently offering free crypto tokens to new members who have been verified via an eye scan. Here's all you need to do to join Worldcoin and get your hands on some tokens at no cost:

1. Download the World App → You can open a Worldcoin account and use a digital wallet linked to Worldcoin, BTC, ETH, and other digital currencies including stablecoins, simply by downloading the World App. 
2. Register for WorldID → You can use the World App without signing up for a WorldID. However, if you want to receive your free Worldcoin Tokens and other coins, you will need to sign up for WorldID. 
   You can do this by going to a Worldcoin operator and verifying your unique personhood through the Orb. After verifying a user's ID with iris biometrics, the Orb generates a digital WorldID that can be used anonymously in a wide range of day-to-day activities.
3. Receive free coins → Verified users can then utilise their WorldID within the World App to gain access to resources regarding digital currencies and free airdrops of coins. Once the main net is up and running, residents of countries where the Worldcoin Token is legally available can use their WorldID to receive their free tokens.
    

The power of the World App

The ID codes and retinal scanners are just the beginning of the Worldcoin platform. The World App is another useful resource that users should look forward to. The World App not only stores WorldIDs but also functions as a crypto wallet, a two-factor authentication service, and a hub for a wide range of other services.

The major purpose of the World App is to store user credentials, ensuring that you can remain anonymous while still being validated by the platform's ID system. It acts as a portal to a developing ecosystem of decentralised finance (DeFi) apps which allows you to transact with the confidence that your counterparties are also genuine humans. 

The chance of a Sybil attack in which a single user establishes several accounts in an attempt to gain authority in a virtual system is considerably lessened when users have both a WorldID and a World App. 

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Concerns about Worldcoin

Although Worldcoin is seen by many as a powerful innovation, many are still expressing their concerns about its data privacy. Regulators and privacy groups have voiced reservations about Worldcoin's data collecting, especially about whether or not users truly understand and consent to having a single company process all of their data.

Worldcoin claims that its idea is completely secret due to the fact that all biometric data is either deleted or encrypted. The iris scans for sale on the dark web have also raised concerns that they could be used to hack Worldcoin accounts.

Privacy experts highlighted their concern that the company would utilise the data for purposes other than what it intended, such as targeted advertising. They are worried that, like other major corporations, Worldcoin may eventually fall prey to data thieves. Due to this, governments in France, Germany, and now Kenya are looking into Worldcoin's business practices and are on high alert.

Is investing in Worldcoin worth it?

Just like most crypto innovations, Worldcoin has its perks and drawbacks too. Whether Worldcoin is a worthy investment depends on your needs, goals, and risk management. It is an innovative project ready to serve as a source of the distinction between people and AI bots in the digital world in an era of generative AI and human-like interaction by bots.

For many users and companies, this is a good investment as it can hold a strong value in the future as the world of AI continues to surge. Meanwhile, some are sceptical and are still on the lookout for new developments on the project before they finally decide whether to invest in Worldcoin or not. 

If you are also having mixed feelings about whether to invest in the project or not, here are some pros and cons that can help you weigh your options: 

Pros

• Innovative
• Easy to use
• Free coins
• Growing market value

Cons

• Security threats
• Loss of data privacy
• Highly volatile
   

The future of Worldcoin

Although Wordcoin still has room for improvement, it is already seen as a powerful resource that can transform the way people process info and prove their ‘personhood’ in the growing world of AI. Not only does Worldcoin allow for the possibility of ‘shared wealth’ but it also promotes a blockchain tech that can greatly lessen and prevent fraud and scams in the crypto industry. 

Now that you have an idea of ​​how does Worldcoin work, it’s up to you to decide whether the project is a suitable investment. Just keep in mind that although Worldcoin is a powerful innovation, it still has some improvements and concerns it needs to address. 

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