The world of cryptocurrency has become a place where there is a never-ending urge for innovation and progress. Every next news published is flooded with groundbreaking advancements in the field of crypto and blockchain services. The world is governed by technological advancements in the realms of the digital landscape.
The latest cryptocurrency news highlighting the launch of WorldCoin is one such example. WorldCoin is a cryptocurrency project launched by the renowned entrepreneur and CEO of OpenAi, Sam Altman with yet another pure objective of revolutionizing the world of digital currencies. This enticing new addition has captivated the undivided attention of crypto enthusiasts and investors making it potentially the next among the top cryptocurrencies existing in the space.
WorldCoin was founded more than three years ago but is finally in the market now. With its unique value and distribution proposition, WorldCoin aims to establish a globally inclusive identity solution and financial network, owned and run by individuals.
The ultimate goal of WorldCoin is to create a Universal Basic Income (UBC) in the form of cryptocurrency. The idea of UBC is to provide a fixed income to all its citizens in order to meet their basic human needs devoid of their economic status. The idea is not completely new but WorldCoin takes it to the next level by intending to distribute its token (WLD) to every individual on the planet Earth.
Listed on one of the world’s largest exchanges, Binance, WLD’s price has seen to spike since its start at $0.15. According to Binance’s website, WLD has hit a trading volume of around $25.1 million with a token price of $5.29.
Tools for Humanity, a San Francisco and Berlin-based company is the lead behind the WorldCoin Project. The project witnessed 2 million users during its beta period and is aiming to expand through 35 cities in 20 countries. It offers a lucrative reward of WLD to its early adopters.
World ID: A Digital Passport
The question that arises now, is how does WorldCoin function?
The WorldCoin centres around World ID, which is a privacy-preserving digital identity solution. The company terms the World ID as a “digital passport” as it serves as proof that an individual owning one is not an AI bot but a real human.
At the heart of the WorldCoin and World ID philosophy lies the “Proof of PersonHood”. It revolves around the idea that an individual is both human and unique. Once World ID has been established, it gives an individual the ability to claim that they are a real human and different from another real human keeping their real identity concealed.
In order to facilitate a seamless user experience, the company has also created its first wallet app called the World App. It supports the creation of World ID. For an individual to acquire World ID, the customer must sign-up through an iris scan using a custom biometric device called the Orb. Once the orb verifies the customer as a real human, the World ID is created.
The launch of WorldCoin with World ID presents a potential path of inclusivity. The idea behind the advent of the WorldCoin project is largely to tackle the growing problems of financial stability. Sam Altman claims to address the problem that is likely to be caused by the growing usage of generative AI. It can be said without a speck of doubt that there lies a future ahead where AI will massively replace the tasks accomplished by humans, leading to unemployment and financial instability.
The idea of Universal Basic Income (UBC) solves the problem, by providing every individual on earth a fixed payment to deal with their basic necessities irrespective of their economic status, according to Sam Altman.
Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
