What is Worldcoin (WLD) Token? Identity Verification through Retina Scanning

What is Worldcoin? Is "Eye Scanning for Tokens" Really Feasible and Promising? Explore the Truth about Worldcoin's Concerns Here.

Worldcoin: Unveiling the Controversial Identity Verification Project with a Recent $115 Million Funding Round

Worldcoin emerged in 2021 and has recently made a comeback with a funding round of over $115 million. However, this project has sparked mixed opinions and speculations surrounding its value. So, what exactly is Worldcoin, and what sets it apart?

What is Worldcoin?

Worldcoin is a protocol focused on developing products related to personal identity verification. Leveraging the Orb global eyeball, Worldcoin scans users' retinas and then utilizes the Proof of Personhood mechanism to verify their identity and store the data on the blockchain.

Empowering Global Decentralized Economy: Worldcoin's Products Enabling User Access

Worldcoin aims to facilitate user access to the global decentralized economy through its innovative products.

Proof of Personhood is a groundbreaking concept that allows individuals to prove their unique identity.

Worldcoin's Products

Worldcoin is actively developing several products, including:

  1. World ID: A digital identification system safeguarding privacy, designed to address various critical identification issues, such as proving an individual's uniqueness.

  • Worldcoin Token: The First Globally Distributed Free Token for Universal Benefits

    Worldcoin Token is the world's first globally distributed token, freely available to everyone, with the purpose of providing benefits and governance in the future, exclusively to unique individuals.

     

  • World App: A Comprehensive Self-Custodial Asset Holding Application

    World App is a comprehensive self-custodial application that enables global payments, purchases, and money transfers using Worldcoin tokens, digital assets, stablecoins, and traditional currencies.

world app

Highlighting the Orb's Key Features:

"The Orb - The Eye of Identity" is a solution designed to address various challenges through biometrics while safeguarding user privacy with zero knowledge proof technology.

Participating in the financial economy involves potential risks related to personal identity. By utilizing Orb's retina scanning technology, Worldcoin aims to tackle several issues:

  1. Uniqueness: The human eye's iris is unique and cannot be duplicated, ensuring error-free data.
  2. Anti-Fraud Capability: The iris cannot be forged, providing anti-fraud measures.
  3. Practicality: The technology's significant advancements in image processing and accessibility make it a practical choice.
so sanh tuong thich du lieu the ord

Retina Scanning and Identification Accuracy:

If the retina scanning process functions flawlessly, the comparison and cross-referencing of retina information will result in a narrow peak at level 0, indicating accurate and swift user identification.

However, numerous error sources still persist, leading to incomplete recognition and an increase in false match rates, thereby not fully meeting the desired level of accuracy.

Issues Surrounding "The Orb" Solution:

There have been differing opinions and concerns raised about "The Orb" solution, including:

  1. Potential Eye-related Problems: In the event of unforeseen accidents, conditions such as increased intraocular pressure, or eye surgeries, the condition of the user's eyes may be affected, which could, in turn, impact the private key. Consequently, the user may not be able to access and utilize their assets in their wallet during such times.

  2. Risks of "Scan Your Eye for Free Money": The concept of "Scan your eye for free money" raises concerns about potential malicious activities or attacks aimed at stealing vital eye-related information. While this is undoubtedly a frightening prospect, it remains a possibility.

  3. Tokenomics Disputes: A critical aspect of the project's tokenomics involves reserving 20% of the tokens as rewards for operators. This has led to disputes and debates over how to become an operator and the amount of tokens that users can receive as rewards.

As with any emerging technology, "The Orb" faces both potential benefits and challenges that need to be carefully addressed and evaluated. Users and investors should be well-informed about the various aspects of the project to make informed decisions.

ponzi worldcoin

The Consequences of a Ponzi Scheme Model:

This could potentially lead to a Ponzi scheme-like situation where early adopters benefit at the expense of later participants. The number of tokens allocated to both users and operators may progressively tighten over time, resulting in early registrants receiving more rewards.

However, these tokens will be locked and gradually released over time, creating scarcity in the distribution process, which can contribute to a speculative bubble in token pricing.

The Launch of Worldcoin in Developing Countries: A Dual Effort for Economic Growth and Development or a Trend Towards "Orb Colonization"?

The introduction of Worldcoin in developing countries represents a commendable effort towards fostering economic growth and development. However, questions arise regarding the real impact of "locked and gradual release" of tokens on the economy. In other words, is the economy being steered towards a trend of "orb colonization"?

In economics, when an industry exhibits monopolistic traits, the economy's dynamics tend to be biased in various negative directions.

The Worldcoin project, with its aim to "capture" the entire decentralized financial and monetary landscape, raises concerns about whether it will genuinely achieve the desired decentralization. Centralizing power and control in Worldcoin's hands may have implications for financial access and autonomy, potentially diverging from the principles of true decentralization.

As Worldcoin gains traction, it becomes crucial to closely assess its impact on the economy and ensure it aligns with the vision of a genuinely decentralized and inclusive financial system. Transparent and fair token allocation and governance decisions should be prioritized to prevent any inadvertent monopolistic tendencies.

Worldcoin's direction towards a comprehensive takeover of the decentralized financial and monetary landscape should be scrutinized to ensure it remains faithful to the principles of decentralization and avoids undue concentration of power.

van de cua blockchain

The Challenge Lies in Worldcoin's Sole Choice of Development on Ethereum, with its Existing Limitations and Constraints, such as High Gas Fees and Transaction Congestion.

One significant concern revolves around Worldcoin's exclusive reliance on the Ethereum network, which is known for its limitations, including high gas fees and transaction congestion that it struggles to handle.

What would happen if Worldcoin's IrisHash codes encounter issues with sending or receiving tokens or if a wallet gets hacked? This dependency on IrisHash could be viewed as a limitation of Worldcoin, as any vulnerabilities in this aspect could impact the entire system.

Users can only use their eyes for the scanning process, and they cannot scan the Orb more than once. If there are eye-related issues or external factors affecting the scanning process, how will users log in or create a new wallet?

To address these concerns, Worldcoin should consider diversifying its platform options beyond Ethereum to ensure greater robustness and security. Implementing multi-platform compatibility and exploring alternative solutions can enhance the project's resilience and mitigate risks associated with exclusive reliance on a single platform.

Additionally, Worldcoin may consider contingency plans for users facing scanning difficulties, such as providing alternative authentication methods or emergency recovery procedures to safeguard user assets and access to their accounts. A proactive approach to addressing these potential issues will foster user confidence and strengthen the project's overall appeal in the decentralized financial landscape.

The Orb Testing:

Since mid-2021, Worldcoin has been conducting tests in several countries, including Chile, Kenya, Indonesia, Sudan, and France.

Chile (6/2021): Chile has been the country with the longest Orb Operator testing period, involving over 18,000 users over six months.

The initial testing phase of Worldcoin in some major hubs has shown significant interest and attention towards the project.

Data statistics from mid-2021 indicate a substantial increase in the number of weekly trial registrations, with a notable growth rate of 350 users per week. This upward trend demonstrates a widening outreach and increasing adoption of the project on a broader scale.

These testing efforts are crucial in assessing the viability and scalability of The Orb technology and its Proof of Personhood mechanism. Through real-world trials, Worldcoin can identify potential challenges, gather valuable feedback, and fine-tune their system to ensure optimal performance and security.

As Worldcoin continues its tests in various countries, the project aims to address any issues that arise and ensure a smooth and reliable user experience for a successful global launch.

This is a positive result when only tested on a few venues. If this model is replicated, Worldcoin is expected to be able to reach global users.

How to Receive Worldcoin (WLD) Token?

Phase 1: Login and Identity Verification Step 1: Unlock Semaphore on your phone.

Step 2: Scan the QR code.

Step 3: The Orb will scan your eye and generate an IrisHash.

Step 4: The Orb sends a message containing the hash and IrisHash for login.

Step 5: Verify Orb's data and IrisHash. If accurate, the IrisHash and public key will be saved.

The process outlined above is the initial step to receive Worldcoin (WLD) tokens. By following these steps, users can create their digital identity and securely access the Worldcoin ecosystem. The iris recognition technology utilized by The Orb ensures a unique and tamper-resistant identification process, offering users a robust and privacy-focused solution to participate in the decentralized financial landscape. As Worldcoin continues to develop and expand its reach, users can look forward to the seamless integration of this innovative token and platform into the global economy.

cach nhan token worldcoin wld

Phase 2: Reward Redemption

Step 1: Users access their wallet address through the app.

Step 2: The app utilizes Semaphore to verify the existence of the public key.

Step 3: The evidence is sent and the token reward is confirmed within the wallet.

Step 4: Users receive the token reward and are not eligible to claim it again.

In Phase 2, users can proceed with redeeming their token rewards through a straightforward process. By accessing their wallet address using the app, users can prove the existence of their public key through Semaphore. Upon successful verification, the app will send the necessary evidence, and users will receive their token reward securely in their wallet. It's important to note that the reward can only be claimed once to prevent any potential abuse of the system. Worldcoin's implementation of this redemption process ensures transparency and fairness for all participants, further promoting widespread adoption and engagement within the ecosystem.

Worldcoin (WLD) Token - Key Metrics and Token Sale

Worldcoin, represented by the ticker WLD, is a cryptocurrency token built on the Ethereum blockchain with support on the Optimism network. Its ERC-20 token contract addresses are as follows:

  • Ethereum: 0x163f8C2467924be0ae7B5347228CABF260318753
  • Optimism: 0xdC6fF44d5d932Cbd77B52E5612Ba0529DC6226F1

The total supply of WLD tokens is 10,000,000,000. However, the circulating supply is continuously being updated and may vary based on market dynamics.

Binance, a prominent cryptocurrency exchange, announced the listing of Worldcoin (WLD) token on July 24, 2023.

Here are the details of the WLD token sale:

  • Sale Start Time: 16:00 on July 24, 2023 (Vietnam time)

  • Trading Pairs: WLD/BTC, WLD/USDT

As of now, users are able to deposit WLD tokens to their Binance accounts. Within 48 hours from the start of the sale (16:00 on July 24, 2023, Vietnam time), Binance will enable users to trade in the derivative market using the Isolated Margin feature, with the WLD/USDT trading pair.

This listing on Binance and the token sale present an opportunity for users and investors to engage in trading activities involving Worldcoin (WLD) tokens, further expanding the reach and utilization of the token in the crypto market.

Project Team of Worldcoin

Worldcoin was founded by Sam Altman, the CEO of OpenAI, and Alex Blania.

Sam Altman serves as the CEO of OpenAI and was previously the President of Y Combinator, a well-known startup accelerator and venture capital firm.

Alex Blania is the COO and co-founder of Worldcoin, actively contributing to the building and development of this project.

With the leadership of these experienced individuals, Worldcoin aims to revolutionize the field of digital identity and make strides towards a more inclusive and decentralized global economy. Their expertise and vision are expected to drive the project forward and bring about meaningful changes in the world of blockchain technology.

ceo worldcoin

Investors & Partners of Worldcoin

Worldcoin has successfully raised $115 million in its recent Series C funding round, led by Blockchain Capital, with participation from notable investment funds such as a16z, Bain Capital Ventures, and Distributed Global.

Prior to this, Worldcoin had also achieved success in two previous funding rounds. In March 2022, they raised $100 million at a valuation of $3 billion, led by a16z. In October 2021, Worldcoin announced a $25 million funding round with participation from reputable investors like Andreessen Horowitz (a16z), Coinbase Ventures, Digital Currency Group, and top angel investors such as Sam Bankman-Fried and Reid Hoffman.

As of July 24, 2023, the total amount of funds raised by Worldcoin stands at $240 million.

The strong support from these investors and partners highlights the potential and credibility of the Worldcoin project, enabling them to further develop and expand their innovative solutions in the realm of digital identity and decentralized finance.

 

Jul 26, 2023

A- A A+
0 0