What is WorldCoin and what does it want your iris for?

WorldCoin (WLD) It is a cryptocurrency that aims to revolutionize the digital financial landscape. Created by Sam Altman, founder of OpenAI (ChatGPT), WorldCoin seeks to provide a sustainable, secure and decentralized solution for the global financial system. With its cutting-edge technology and innovative approach, WorldCoin has quickly captured the attention of cryptocurrency enthusiasts around the world.

What is WorldCoin (WLD)?

WorldCoin seeks to create a globally inclusive financial network and identity, owned by the majority of humanity. His approach lies in establishing the "proof of identity" of a person, both human and unique, using custom biometric hardware.

Their goal, according to their whitepaper, is to substantially increase economic opportunity, provide a reliable solution to distinguish humans from artificial intelligence online while preserving privacy, enable global democratic processes, and show a possible path to Universal Basic Income. AI funded.

One of the key ideas behind WorldCoin is “proof of personhood”, which refers to establishing that an individual is human and unique. Once established, this system allows individuals to assert their real identity without revealing their real world identity. This is especially important for online voting and delivering value at scale.

Having as its main objective to promote global financial inclusion, WorldCoin issues tokens for all network participants, aligning its incentives on the growth of the network. This helps to overcome the “cold start problem” and can lead to the WorldCoin token (WLD) become a widely distributed digital asset. Buy it here.

What is the goal of WorldCoin?

In addition to those explained above, WorldCoin aims to provide accessibility to decentralized financial infrastructures around the world, through applications such as World App.

It also seeks to eliminate the impact of bots and sybil attacks on social media, as well as enable global governance processes and online democracy applications.

In addition, their whitepaper mentions that the use of World ID can help align incentives in coupon programs, loyalty programs, and referral programs, benefiting both consumers and businesses.

Ultimately, WorldCoin can contribute to a more equitable distribution of scarce resources and advocate for more inclusive governance.

Project Tokenomics

• Release date: July 24, 2023.
• Network information: WorldCoin (WLD) is an ERC-20 token on the Ethereum Mainnet network. Users will receive their grants on the Optimism Mainnet. Therefore, most of the WLD transactions will take place on the Optimism network. If necessary, the token can be transferred back to Ethereum via the Optimism bridge.
• Initial supply: The initial supply limit is 10 billion WLD.
• Inflation: Inflation can reach up to 1.5% per year and can start after at least 15 years. The inflation rate is set by the protocol governance, with the default inflation value being 0%.
• circulating supply: At launch, the maximum circulating supply will be 143 million WLD.
• How to receive free WLD tokens: Subject to availability, anyone in the world can download the World App and reserve user grants. To claim WLD tokens, anyone can visit an "Orb" in person to verify their uniqueness and humanity. The availability of the Orbs can be checked at the link provided.
• Availability: WorldCoin (WLD) tokens are not available to persons or companies that are resident, located, incorporated, or have a registered agent in the United States or other restricted territories. However, the TFH World ID and World App are still available in the United States. More details can be found in the Terms of Use, including additional restrictions on eligibility.
• safety reminder: Free WLD tokens can only be claimed through the World App, there is no WLD airdrop outside of the app. There is no WLD "ICO". Beware of fake WLD apps and tokens! The WLD token is only deployed on Ethereum and Optimism at the mentioned addresses.

What is the WorldCoin Orb?

The WorldCoin "orb" is a device used to scan people's eyes and create a unique digital identity. This device, in the shape of a silver ball about the size of a bowling ball, is used to perform iris scans on users. Upon entering WorldCoin, customers must undergo an iris scan in person using the "orb" to obtain their "World ID", which allows them to access WorldCoin digital tokens.

Some sources indicate that the "orb" does not collect biometric data from the eyes automatically, but only performs the scan when the user explicitly allows it. However, the use of this device has generated controversy regarding data privacy and the ethical implications of collecting such sensitive information.

Controversies related to WorldCoin

WorldCoin requires customers to scan their retinas using a device called an "Orb" in exchange for a "World ID" that allows them to access WorldCoin digital tokens.

Some critics argue that scanning the retina and storing such sensitive information poses a risk of privacy breach and hacking.

Others are concerned that the company will use this system as a way to collect personal data, since the iris has a unique individual pattern and could be used to profile users' health history and more.

WorldCoin also faced criticism for not making the technology accessible around the world. In general, WorldCoin's use of retinal scanning as a means of identity verification has generated controversy related to data privacy and the ethical considerations of collecting sensitive information.