What is Worldcoin? WLD Crypto Coin Explained
Emerging from a three-year chrysalis, Worldcoin has rapidly become a hot topic in the digital realm. This ambitious initiative, born from the strategic mind of OpenAI’s CEO Sam Altman, seeks to bring a novel spin to how we comprehend identity and finance in an era increasingly shaped by artificial intelligence (AI).
Far from a run-of-the-mill project, Worldcoin merges a decentralized network—assigning each individual a validated digital identity—with a unique cryptocurrency token, Worldcoin (WLD), and an innovative crypto wallet app. But what exactly makes Worldcoin stand apart in the crowd? And more importantly, how does it integrate with the broader socio-economic landscape? Let’s plunge into the fascinating depths of this game-changer.
Before we begin, let me introduce myself. My name is Zifa. A long-time observer and analyst of the captivating world of cryptocurrency, I’ve been writing about the many intriguing facets of the crypto realm over the last three years. My particular focus lies in understanding and exploring the societal impacts of emerging technologies. Thanks for joining me on this journey!
What Is Worldcoin, Anyway?
It’s easy to label Worldcoin as yet another cryptocurrency, but it goes beyond that. The creators envision Worldcoin as a universal, decentralized financial and identity network encompassing a unique ID, a cryptocurrency, and an app. And, trust me, it’s an exciting project to explore!
Worldcoin was developed by Tools for Humanity—a brainchild of Altman, who is renowned for creating ChatGPT. The project intends to give each person a digital ID verifying their humanity. Altman voices his goal in a tweet: a worldwide financial and identity network hinged on “proof of personhood,” crucial in our burgeoning AI era.
Interestingly, Altman is a key player in the AI surge, the very phenomenon Worldcoin hopes to tackle.
Why Would We Need Worldcoin?
The advent of AI has sent tremors through traditional economic structures, prompting discussions on how humans could stay relevant in an increasingly automated world. Altman believes Worldcoin can play a role in these conversations, particularly in implementing Universal Basic Income (UBI), a potential solution to income inequality in the age of AI.
By confirming the authenticity of each individual, Worldcoin’s technology could ensure that UBI payments reach real people, not bots or AI. It might sound like a far-fetched dream, but Altman is hopeful that Worldcoin can provide a solid foundation for such a reality.
How Does Worldcoin Work?
Worldcoin’s magic begins to unfurl when users embrace its three interconnected components: World ID, World App, and Worldcoin tokens (WLD).
World ID
World ID, the linchpin of the platform, allows users to verify their identity online. Interested? You can have your unique World ID created by an eye-scanning gizmo known affectionately as the Orb.
The Orb is more than just a shiny sphere; it captures an image of your iris, harnessing its uniqueness much like fingerprints, to generate an exclusive identification code or IrisCode. This code is designed to prevent any user from creating multiple World IDs.
The Worldcoin blockchain acts as a record keeper for each World ID, enabling users to verify their identity using the World app.
World App
Here’s where things get even more interesting! The World App doesn’t just house your World IDs; it also serves as a portal to a variety of decentralized finance applications.
The app securely maintains your credentials, which can be used to “verify your humanness” on any third-party app. Plus, it doubles as a crypto wallet capable of holding your purchased Bitcoin, Ethereum, and USDC, along with your shiny new WLD coins.
Worldcoin Crypto – WLD Token
As a little “welcome aboard” gift, Worldcoin even doles out some free WLD tokens when users scan their eyes for the first time. The amount you receive depends on your country of residence and the current phase of the project. As of now, Worldcoin is generously doling out 25 WLDs to people in most countries who try out their eye-scanning tech.
Worldcoin Orb
Worldcoin has introduced itself as a “new, collectively owned global currency” based on Ethereum, aiming for as wide and fair distribution as possible. The catch? Everyone in the world would need to agree to an iris scan with the unique “chrome orb,” which is about the size of a bowling ball. If the thought of this doesn’t give you chills, just wait until you see pictures of this orb. It’s like a prop straight out of a 60’s retro-futuristic sci-fi movie.
Worldcoin aims to spread its orb network to 35 cities in 20 countries by the end of 2023. You’ll be able to find an orb in places like India, Brazil, Mexico, and Nigeria, among others. In India, for instance, you can spot an Orb in Delhi and Bengaluru. You can dig more into its global locations right here.
Worldcoin Price Prediction
After over three years in development, Worldcoin crypto officially launched on July 24, 2023. Since then, its token price has skyrocketed from $0.15 to nearly $2 as of July 31, 2023.
However, the journey hasn’t been all roses and rainbows. The company’s ambitions are currently wrestling with US regulators’ restrictions on digital assets over fears of cryptocurrencies being a conduit for speculation and fraud. As a result, Worldcoin tokens will initially be unavailable in the US.
Altman, one of the brains behind Worldcoin, addressed this in an interview with the Financial Times: “When we started thinking about this, we didn’t envision a ‘world minus the US coin,’ yet here we are.” But he remains undeterred, stating, “I’d say there’s 95 per cent of the world’s population not in the US. The US does not make or break a project like this.”
Surveying various Worldcoin price predictions reveals a generally bullish outlook. A summation of these forecasts suggests a low-end prediction of $3.8, a high of $5.2, and an average of about $4.5 by the end of 2025. Despite inherent uncertainties, the prevailing optimism points towards a promising future for Worldcoin.
In my quest to uncover more about Worldcoin price and Worldcoin price predictions, I stumbled upon a somewhat perplexing revelation. It seems we’re not dealing with just one ‘Worldcoin.’ An entirely separate project under the same name has been around since 2013, existing long before the Worldcoin we’ve been exploring in this article. This older blockchain project operates under the ticker WDC, adding a layer of complexity when trying to discern information specific to our Worldcoin.
This isn’t the only naming crossover either. The ticker WLD, associated with the current Worldcoin project, appears to have had a previous life as well. It was once linked to another crypto venture known as Wolf Works DAO. As such, when seeking out Worldcoin price or Worldcoin price predictions, it’s essential to be sure you’re pulling data for the right crypto entity. So don’t let these overlapping names catch you off guard. Remain discerning and ensure you’re looking at the right Worldcoin.
The Dark Side of the Worldcoin: Controversies and Accusations
Ever since last year, Altman and his startup OpenAI, the creator of ChatGPT, have been under the public eye, largely due to the escalating interest in artificial intelligence.
Worldcoin has managed to reel in investments from some of the most prominent venture capital firms of Silicon Valley, such as Andreessen Horowitz and Blockchain Capital.
Interestingly, Blockchain Capital’s Spencer Bogart, who initially criticized the project, later commended it for offering “the most compelling solution” against Sybil attacks. These attacks occur when a hacker creates multiple identities to seize control of an online network.
Despite the fervent followers, Worldcoin has also had its fair share of skeptics. Upon its grand “We’re here!” announcement in October 2021, the project faced immediate backlash. A significant portion of the critique focused on Worldcoin’s privacy protocols, particularly since the company had yet to release a white paper or open its code for external review. Adding fuel to the fire, a Gizmodo report claimed that people in China were purchasing iris scans from the black market to access the Worldcoin beta network, which verifies KYC for the World App.
Further skepticism was directed at the company’s claims of promoting fairness when 20% of the coins had already been allocated: 10% for Worldcoin’s full-time employees and another 10% for investors like Andreessen Horowitz.
Worldcoin’s tactics to attract new users also drew criticism. A deeply probing article by MIT Technology Review highlighted questionable strategies, including deceptive marketing practices. The investigation raised concerns about Worldcoin’s methods of gathering biometric data from developing countries such as Indonesia, Kenya, and Colombia during the project’s testing phase. The report suggested that the company collected more personal data than it admitted, used misleading marketing techniques, and failed to secure informed consent from users. If you’re intrigued by the future of this project, I definitely recommend that you read that article as it could provide some valuable insights.
However, Worldcoin has responded to these issues by ensuring users’ privacy. The company asserts that once its systems are optimized, it plans to anonymize and obliterate users’ biometric data.
Despite storing thousands of iris scans to train its algorithms, the company has yet to set a definite timeline for data deletion.
In defense, a Worldcoin spokesperson stated, “The only personal data that leaves the Orb is a message containing a numerical representation of the most important features of the image, the iris code, to validate uniqueness.”
How Do You Get Worldcoin?
If Worldcoin piques your interest and you’re considering getting involved, here’s how to proceed: You’ll first need to download the World App and subsequently arrange a visit to a Worldcoin operator who operates the orb. The orb, a silver globe about the size of a bowling ball, will perform an iris scan to verify your human status and thereby create your unique World ID. Once the process is complete, you’ll find some complimentary WLD crypto in your wallet, ready for use or safekeeping as you see fit.
Do keep in mind, though, that this process may take some time as the queues at orb stations are growing daily. Sam Altman, the project’s co-founder, illustrated this popularity on Twitter, sharing a video of a bustling crowd at an Orb center.
Where to Buy Worldcoin
As with most cryptocurrencies, you can buy Worldcoin crypto on various cryptocurrency exchanges. The most popular ones—Binance, Huobi, OKX, and Bybit—listed the token on July 24, 2023.
Looking Ahead: What’s on the Horizon?
Reactions to Worldcoin’s launch within the crypto community have been mixed.
Ethereum co-founder, Vitalik Buterin, expressed cautious optimism, noting the project’s privacy protection potential despite the “dystopian vibez” associated with the orb’s deep eyeball scans. However, he also cautioned that relying on these specialized orbs could concentrate too much power within Worldcoin and pose challenges in global adoption.
On a different note, Twitter founder and crypto enthusiast Jack Dorsey seemed to criticize the project’s ambitious mission, sarcastically calling it “cute,” followed by a dystopian warning, “Visit the Orb or the Orb will visit you…”.
Meanwhile, Sam Altman, the brains behind the project, has welcomed the criticisms, asserting on social media that his team draws energy from “haters” while acknowledging the project’s audacious nature. He tweeted, “Maybe it works out and maybe it doesn’t, but trying stuff like this is how progress happens.”
In the future, as artificial intelligence (AI) continues to evolve, it will increasingly challenge our ability to differentiate between humans and machines.
In spite of varying opinions, the expectation remains that Worldcoin will hold firm to its mission of addressing online identity authentication and advancing the concept of proof of personhood.
While the short-term success of Worldcoin remains a question mark, its bold aspirations and potential for significant impact make it one of the most daring initiatives in the industry.
Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
