WorldCoin – WLD
The CEO of OpenAI, Sam Altman has launched his very own Altcoin (pun intended) called WorldCoin.
Worldcoin suddenly launched on major CEXs just recently and could be a Top 10 contender.
This is a Project Review on WLD.
WorldCoin is a digital ID protocol that has only just launched. Their mission is to create a worldwide financial and identity network that is hosted on the blockchain. Why is this needed and could this be moving us into a dystopian future?
There is one huge problem that we can’t seem to get rid of in the age of the internet and that happens to be human verification. We have all noticed the insane amount of bots on every website and app out there. This can be resolved with one simple solution, a digital identity.
Well, the platform consists of three key components, the World ID, the World App and the $WLD token. Let’s break them down, starting with the ID.
As I mentioned, the World ID is used to confirm one’s identity online. To become verified and receive an ID, users will have to scan their eyes with an iris-scanning device known as the Orb. Why? Eyes are just like fingerprints. Everyone is different.
Once your eye has been scanned, you will receive a unique IrisCode, which is then privately attached to your World ID. This is done to ensure that no one can steal or use your identity. Only you have access to your ID. You could see it as another form of seed phrase.
The World ID is stored on the Worldcoin blockchain and within the network lays the World App. The World App essentially serves as your wallet, where you will store your assets such as FIAT and Crypto, while also storing your World ID! It works just like your pocket wallet!
Finally, we have $WLD which is the native currency of the network and will be used to interact with Worldcoin compatible Apps. I am unable to read through the tokenomics as it is inaccessible in my region, however, $WLD has received a lot of grief for its minuscule 1% circulating supply.
From what I can gather, it seems WorldCoin is airdropping the majority of its tokens to its early users. As you may have seen, there are people queueing up in Mexico, Japan and many other places to get their eyes scanned by a WorldCoin Orb!
I have also heard, people are getting 25 $WLD tokens just for getting a World ID, which is the equivalent of roughly $50. Whether or not the 99% of the remaining supply is reserved for airdrops, is yet to be discovered. We will soon find out!
In such a short time, the WorldCoin platform has already garnered over 2.1M users that span over 120 different countries! My question is, does everyone want to scan their eye and upload their entire identity online?
I mean, it looks like we’re heading in that direction…
At the time of writing, $WLD is priced at $2.23 with a market cap of $246M+! #WorldCoin has not been battle tested and 99% of the supply is still not in circulation, so expect volatility. $WLD is yet to experience a bull run and will most likely reach insane prices!
Twitter – @Worldcoin
Website – https://worldcoin.org/home
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