Exchange Worldcoin (WLD) at the Best Rates

Worldcoin – A Revolutionary Identity Project?

Every now and then, a new cryptocurrency project appears on the market and immediately attracts everybody’s attention. Even though at the moment there are over 22,000 cryptocurrencies, many new names jump straight to the top of CoinMarketCap. One of such names is Worldcoin (WLD). Let’s take a closer look at Worldcoin and find out more about this project.

What Is Worldcoin?

The Worldcoin project was launched on Monday, 24th of July 2023, and immediately went viral. Co-founded by OpenAI CEO Sam Altman, ChatGPT creator, Worldcoin seeks to give its customers a verified digital identity, a cryptocurrency token called Worldcoin (WLD), and a cryptocurrency wallet app.

According to Worldcoin, improvements in artificial intelligence have made it harder to distinguish between human- and AI-generated online activity, language, digital artwork, and other online content. The company suggests using a kind of digital passport based on what it refers to as ‘proof of personhood’ to help people avoid confusion.

According to the official website of the project, here are some features of this ‘proof of personhood’:

1. Proof of personhood is a missing and necessary digital primitive. This primitive will become more important as increasingly powerful AI models become available.
2. Scalable and inclusive proof of personhood, for the first time, allows aligning the incentives of all network participants around adding real humans to the network. Bitcoin is issued to secure the Bitcoin network. Worldcoin is issued to grow the Worldcoin network, with security inherited from Ethereum.
3. In a time of increasingly powerful AI, the most reliable way to issue a global proof of personhood is through custom biometric hardware.

WorldID

World ID is a personhood proofing tool that protects privacy. Users can utilize a specialized biometric device called the Orb to prove their humanness online while retaining their anonymity via zero-knowledge proofs. The realization that specialized biometric gear might be the only long-term practical way to provide AI-safe proof of personhood verifications led to the creation of The Orb. The Worldcoin system, which issues World IDs, enables users to demonstrate their humanity to any verifier (even Web2 applications) while protecting their anonymity with zero-knowledge proofs. The protocol should eventually allow for the issuance of additional credentials.

A World ID should only be used by the person to whom it was provided, as this is how World ID aims to be personbound. A World ID that has been misplaced or stolen should always be recoverable.

World App

The company has released its own app called World App. In essence, it is the repository for your World ID. Worldcoin claims that the app preserves users’ privacy while also providing access to a growing roster of decentralized finance applications.

The app functions as a crypto wallet, but its primary purpose is to store user credentials so that users can verify themselves on any third-party application. Besides your World ID, the app can hold Bitcoin, Ethereum and USDC, and the company says more cryptos will be supported in the future.

Worldcoin: How Does It Work?

The Worldcoin platform generates unique, secure identification numbers for each user by scanning their iris. The company argues that because the codes are stored on a decentralized blockchain, it is impossible to copy or spoof them in order to construct fraudulent identities or commit fraud. Some journalists have already seen the prototype, the so-called ‘the Orb,’ a scanner that would be scanning users’ eyes to verify their humanity. At the moment, the company is beginning to roll out these devices.

We all know that every person’s iris pattern is different. The Orb scans a user’s iris and uses its structure to create a unique identification code called an IrisCode. The code is not associated with a user’s personal information; it exists solely to prevent people from acquiring more than one World ID.

People must first download the World App, the first wallet app that facilitates the creation of a World ID, in order to interact with the Worldcoin system. To have their World ID verified, people will need to get their eyes scanned by the Orb. The majority of Orbs are run by Orb Operators, a group of independent small companies in the area. All photographs are immediately destroyed on-device by default (without express authorization to Data Custody) as the Orb employs multispectral sensors to validate humanness and uniqueness to provide an Orb-verified World ID.

After the Orb scans your iris and saves an anonymous IrisCode, it then issues your World ID. It also permanently deletes each iris image. The system does not depend on pointing scanners at your eyeballs each time you need to verify your identity. Each World ID is added to the Worldcoin blockchain, and users deploy a cryptographically secure app to identify themselves.

Worldcoin: Use Cases

The project can be useful in the following fields:

1. Finance, owning and transferring digital money: Sending money via Worldcoin could be near instant and borderless, globally. Additionally, digital money is an asset that individuals can own and control directly without having to trust third parties.
2. Identity and keeping the bots out: Bots on Twitter, spam messages, and robocalls are part of our everyday lives. Problems with spam have worsened because of the rapidly advancing AI models, which can solve CAPTCHAs and produce content that is convincingly ‘human.’ If every message or transaction included a ‘verified human’ property, a lot of noise could be filtered from the digital world.
3. Governance: A reliable sybil-resistant proof of personhood like World ID opens up the design space for global democratic governance mechanisms not just in Web3 but for the internet. 
4. Intersection of finance and identity, incentive alignment: coupons, loyalty programs, referral programs and more generally sharing value with customers is traditionally prone to fraud as the incentives for fraudulent actors are high. Frictionless and fraud resistant digital identity helps to align incentives and benefit both consumers and companies. 

Worldcoin and Privacy Concerns

The response to the new project on social media has been largely negative, with observers criticizing the privacy risks of using biometric data to verify your identity. To add to the controversy, the project is now under fire for its tokenomics model, which sees the majority of its 10 billion WLD tokens unlocked over the next 15 years. A closer look at the data reveals that market makers control 95% of the total circulating supply at launch, leading to an initial market imbalance. 

However, the company says that it signed up more than 2 million users in the beta testing stage. It now plans to roll out scanning operations in dozens of cities in 20 countries worldwide. The company says that it signed up more than 2 million users in the beta testing stage. It now plans to roll out scanning operations in dozens of cities in 20 countries worldwide.

Worldcoin Token

Once users create a World ID and download the World App, they get access to the WLD cryptocurrency token. WLD was issued to users who took part in the beta program. A large quantity of WLD was airdropped to users on Monday as part of the platform’s official launch. Crypto exchanges have listed WLD for trading, including KuCoin and Binance, the world’s largest exchange by volume.

The token has started to trend sideways following the initial massive demand and price increase and is presently trading at the price of $2.37.

At the moment, it’s unclear what market share Worldcoin will take and how the project will eventually develop. A number of price predictions for WLD claim that the token will end up costing around $6 – $9 by 2030.

How to Buy Worldcoin (WLD)?

StealthEX is here to help you buy WLD coin. You can do this privately and without the need to sign up for the service. Our crypto collection has more than 1200 different coins and you can do wallet-to-wallet transfers instantly and problem-free.

Just go to StealthEX and follow these easy steps:

1. Choose the pair and the amount you want to exchange — for instance, BTC to WLD.
2. Press the “Start exchange” button.
3. Provide the recipient address to transfer your crypto to.
4. Process the transaction.
5. Receive your crypto coins.

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Don’t forget to do your own research before buying any crypto. The views and opinions expressed in this article are solely those of the author.