The concept of currency is changing fundamentally in a time of tremendous technological advancement and global connectivity.
In the financial market, cryptocurrencies have been in the main headlines for the past few years. Cryptocurrencies are digital or virtual currencies that use cryptography for security and operate on decentralized networks based on blockchain technology.
Cryptocurrency has developed beyond its original function as a simple kind of digital money to become a complex phenomenon that goes far beyond simple financial exchanges.
Worldcoin is one of the most ambitious crypto projects in the world. Worldcoin is not just another cryptocurrency, in fact, it is a revolutionary venture that intends to cross geographical boundaries and bridge the gap between traditional finance and the digital realm.
What is Worldcoin?
Worldcoin is an innovative and groundbreaking digital currency that aspires to redefine the way we perceive and engage with money on a global scale.
The crypto-focused project was co-founded by OpenAI CEO Mr. Sam Altman, Mr. Alex Blania, and Mr. Max Novendstern. Tools for Humanity, a technology company, helped launch Worldcoin and currently serves as the advisor to the Foundation and operators of the World App, the first wallet built for the Worldcoin project.
Introduction of Worldcoin
The main intention of the introduction of Worldcoin is to address some of the major issues posed by traditional currencies and existing cryptocurrencies. By leveraging the power of blockchain and advanced cryptographic techniques, Worldcoin aims to offer unparalleled speed, scalability, and cost-effectiveness in financial transactions, making it an ideal medium for both everyday transactions and complex cross-border exchanges.
Furthermore, it aims to create a globally unique digital identity, a global currency (Worldcoin token), and an app that enables payment, purchases, and transfers using its token alongside other cryptocurrencies and traditional assets. Worldcoin is designed to become the world’s largest human identity and financial network, giving ownership to everyone.
Spain has become Worldcoin’s biggest operating market in Europe, according to Worldcoin. The official tweet from Worldcoin said that the goal of Worldcoin is to create the biggest financial and identification network on Earth with everyone having the ownership. It seems they are close to attaining this aim based on the exponential expansion of World ID in Spain.
How does Worldcoin work?
The Worldcoin project is the concept of proof-of-personhood established by an eye-scanning device called the Orb. It looks like a special silver ball about the size of a bowling ball. Every individual will need to get their retina scanned via the Orb for biometric verification. Anyone can sign up worldwide regardless of their location or background.
The Orb is used to conduct in-person iris scans on individuals. The Orb scans the person’s iris to confirm their human identification before generating their unique World ID. Once the scan is complete, the individual is added to a database of verified humans, and it creates a unique cryptographic “hash” or equation that’s tied to that real person.
As per the reports, “The scan isn’t saved, but the hash can be used in the future to prove the person’s identity anonymously through the app, which includes a private key that links to a shareable public key.”
Is personal information needed to use Worldcoin?
There is no need to enter any personal information to get or use World App. This means no name, no phone number, no email, no social profile, no selfie, no passport, and so on.
World ID is a global identity protocol, powered by the Worldcoin ecosystem. It uses an AI-safe proof of personhood (PoP) credential issued by Orb in order to enable people to digitally prove their uniqueness and humanness. Most importantly, it’s built in an open-source, privacy-preserving, and decentralized manner.
In other words, World ID is a global digital passport that grants individuals a privacy-preserving way to authenticate as human online in a world where intelligence is no longer a discriminator between people and AI.
A World ID can be created in any World ID-compatible identity wallet, such as World App developed by ecosystem contributor Tools for Humanity. To receive a fully verified World ID, a person must visit an Orb in person to verify their uniqueness and humanness via iris biometrics.
Privacy protection features in Orb
The Orb is equipped with a powerful computing unit to run several neural networks concurrently in real time. This enables it to validate a person’s humanness locally on the device, without needing to send, upload or save images.
By default, the Orb promptly deletes iris images after the creation of the iris code. Individuals have the option to opt-in to back up their images when verifying their World ID. This shares their iris images with Worldcoin to train the project’s iris detection and segmentation models and similar algorithms.
Is it worth investing in Worldcoin?
Worldcoin has generated interest across the globe, with some predicting growth while others express concern over privacy issues. Before making any investments, one must familiarize themselves with all the details.
Mr. Edward Snowden, a well-known whistleblower, raised opposition to the idea of scanning human eyes as a criterion for receiving cryptocurrencies when information about the retina scanners was first made public in late 2021. Further, the project has drawn severe criticism globally over perceived privacy risks.
However, Silicon Valley investors have expressed a great deal of interest in the venture and confidence in the leadership group.
And finally, it is notable that Worldcoin has already deployed at least 1,500 metal orbs for in-person scans and sign-ups in physical locations around the world, including major cities, such as London, Paris, and Dubai.