Technology is undoubtedly changing everything; the world is evolving from analogue to digital and that is great. On the financial side the same is happening, cryptocurrency is storming the financial world and institutions are embracing the digital currency worldly. There are several cryptocurrencies: Bitcoin, Ethereum, Altcoin and so many. Three years down the line the financial world introduced Worldcoin and several developments have been undergoing to enhance it.
$WLD was officially launched on the 24th of July 2023. The Worldcoin is believed to provide individuals with an identity in a decentralized way, moreover, it gives its users crypto tokens called $WLD.
So, what exactly is Worldcoin and how will it change the crypto industry through scanning of its user’s iris? Why scan individual eyes instead of operating like the rest of digital coins? In this Guide, readers will understand what Worldcoin is and how important it is to the financial industry.
What is Worldcoin?
Technology is confusing, especially with the introduction of Artificial Intelligence (AI) into technology. Worldcoin is a platform that provides digital identification which makes it simpler for users to verify their human status. It is an advanced cryptocurrency that uses iris biometrics to enhance the means of identifying humans online. AI has brought confusion online providing bots and fake virtual IDs.
The digital coin is distributed worldwide through iris scanning technology, the distribution mechanism was stimulated by UBI for its cryptocurrency. The distribution technology is fixed in Worlcoin’s orb-shaped iris-scanner. Worldcoin is set to enhance the Internet economy and the global economy, it moreover disclosed its token $WLD.
$WLD states that AI has made everything difficult online. From the texts, news, digital artwork, or any kind of activity that is carried out on the internet. The coin is set to solve all these challenges by providing a unique identification passport called “proof of personhood”. According to Sam Haltman, it is high time to control the AI system. He said proof of personhood will ensure that the online activity will not be largely contributed by AI but rather by humans.
WorldCoin Orb is an advanced technology that helps with imaging, it ensures that individuals are scanned and provides details if the users are genuine and unique and if individuals do not acquire world ID. It provides secure privacy while detecting your distinct identity
The Orbs is a special technology emphasized in $WLD which scans individuals’ iris patterns to verify their individuality. It ensures that the individuals have never acquired Worldcoin before by capturing and analyzing individuals’ iris patterns. Additionally, the iris pattern differs from different users, therefore replicating these patterns is difficult, hence it becomes easy for Orbs to capture and identify different personnel without requiring their official names.
At the writing time, earning $WLD needed individuals to be Worldcoin operators however, it also granted individuals $WLD tokens who aided in propelling the digital coin. Moreover, developers’ creators and documentation authors are also rewarded with $WLD if the initiative corresponds to the project.
Additionally, $WLD tokens are traded in decentralized exchanges and centralized exchanges. Users in decentralized exchanges such as Pancake Swap and Uniswap can access $WLD, while in centralized exchanges individuals using Binance and KUcoin can trade $WLD.
Traders on DEXs and CEXs who want to trade $WLD tokens are firstly required to deposit USDT funds in their respective wallets, then on the search bar ensure to search Worldcoin, then pair the two currencies WLD/USDT. The next step is knowing the worth of a single coin, if for instance, a trader wants to buy, he/she will click the buy button and acquire the Worldcoin from the individual selling the $WLD. Remember this applies to exchanges that support Worldcoin.
Worldcoin is largely accepted by individuals from different cities all over the world. During its announcements, it stated that it has managed to register more than 2.2 million users worldwide. Despite the FTX challenges that have been facing crypto since November 2022, individuals have moved forward to get their eyes scanned being a way of signing in to Worldcoin. Although the Worldcoin campaign has a scary way of registering new users, it has calmly registered many users to its system. This however did not go unnoticed by privacy campaigners.
The Worldcoin developers however attested that the project is compiling with the law, and it is cooperating with the regulation bodies to ensure that users’ privacy is maintained, and their data are protected.
The innovation of Worldcoin is set to bring several opportunities to the financial industry, besides, it aims to encounter online activities that are not generated by human beings but rather the AI. however, Worldcoin is helping individuals to become financially stable by allowing them to earn $WLD tokens, nevertheless, Worldcoin is emphasizing privacy concerns, it is cooperating with the regulation board to ensure that individuals’ data are kept safely and their information is not disclosed.