All crypto projects that are developed are trying to solve a problem that the world is currently dealing with. In the case of Worldcoin, things are clear, as evident from the project’s name, which aims to become the most significant financial network while offering access and ownership to everyone.
Additionally, this project also aims to increase the global equality of opportunities and reduce the gaps in the finances of people worldwide. The man behind Worldcoin is Sam Altman, who wishes to find a solution as we are now slowly getting into an AI era, where it is harder than ever to draw a line between human and algorithm interaction.
However, Worldcoin wants to solve this problem by scanning the user’s eye with the help of Orbs. In this way, Worldcoin will have a unique digital identity, which will really differentiate humans from AI. This project also features a native cryptocurrency, WLD. This cryptocurrency has also been listed on crypto exchanges, like Binance.com, so that users can invest in it if they want to diversify their portfolio with this asset. Worldcoin has experienced great popularity lately, which has also impacted the Worldcoin price.
In this article, we will explore more information about the special features of Worldcoin and its main applications, so keep reading to learn more.
The history of Worldcoin
Worldcoin wants to be a unique crypto project, according to the desires of its creators, Sam Altman, Max Novendstern, and Alex Blania. They wanted to democratize access to a global economy for all individuals, and this project wants to be an important component of the Universal Basic Income (UBI).
Sam was the one who thought about the idea of Worldcoin, and he shared his view with Max and Alex. As Sam was a renowned personality, when he announced the launch of this project on Twitter, Worldcoin had already created buzz, which captured the attention of many individuals. This also happened as Worldcoin announced that it will offer free cryptocurrencies to each user with the Orbs. Offering free assets is a good way to capture the attention of individuals, and this is also what occurred with Worldcoin.
To be able to make this idea a reality, Worldcoin gathered numerous professionals in its team, such as programmers, technologists, and economists, who were all interested in participating in a global economy that Worldcoin promised.
Worldcoin can differentiate bots from humans
As AI has slowly started to be more present than ever, we need something to help us differentiate humans from robots. And the good news is that Worldcoin can help a lot in this regard. With an increase in AI interactions, humans can encounter a wide range of problems. The most common ones are spam messages, social media bots, and robocalls. They were also common in the past, but things are even more prevalent now. This is why it is very important to find a way to differentiate humans from AI.
Worldcoin aims to establish a proof of personhood, ensuring that the online environment draws a clear distinction between humans and AI. This will be achieved thanks to World ID, a key component of Worldcoin.
Transferring digital money
Worldcoin can also serve as a great way to transfer digital money, which is particularly important now that more people are seeking alternatives to fiat money. There are many advantages of cryptocurrencies, including the fact that the money is sent immediately, and they are also a decentralized asset, which puts the control in the hands of individuals, reducing the reliance on central authorities, like banks and governments.
In the case of Worldcoin, this cryptocurrency has a World App, which serves as a wallet that offers people access to a global digital economy and decentralized finance. This wallet enables users to deposit, send, and withdraw their digital currency whenever they wish to use cryptocurrencies.
Governance
As blockchain and digital coins are decentralized, this means that the ones who make decisions regarding the future of a coin are users. This is done thanks to governance, where people holding tokens have the right to vote on critical upgrades of platforms. This means that the more tokens a user has, the more their vote will impact the decision.
In the case of Worldcoin, things are a little more unique. Worldcoin has a personhood verification that works with the World ID. This system functions with an immutable biometric identity, where it doesn’t matter how many tokens a participant has. Worldcoin has a proof of personhood, where one person means one vote. This highlights even more a democratic process that is not influenced by other causes. This is more similar to the traditional models of global governance.
An overview of the WLD tokens
The native token of Worldcoin, WLD, is very important in the entire Worldcoin ecosystem. This token was created on the Ethereum platform as an ERC-20 token, leveraging the platform’s features, including great compatibility and versatility with many wallets and crypto exchanges.
WLD has a capped supply of 10 billion tokens, which has been structured in accordance with the global demographics. This allocation ensures that Worldcoin will benefit from an equal and broad distribution, so that it can create an inclusive financial landscape.
Two billion tokens have already been allocated in the initial phase to the Worldcoin team and first supporters, who have a say in creating the project’s infrastructure. The remaining amount is dedicated to the Worldcoin community. They can use Worldcoin to serve different purposes. For example, it works as a payment solution in the World app, and it is also used for governance purposes.
Conclusion
Worldcoin is an innovative project that aims to address some of the world’s current shortcomings. Due to its unique features, Worldcoin has the potential to gain significant popularity and capture the attention of a broader audience.
