Worldcoin is another cryptocurrency project that aims to build the world’s largest identity means and a global financial network. The project has the laudable objective of giving ownership to everyone by creating universal access to the global economy.
To achieve this, Worldcoin is structured into three segments – World ID, World App, and Worldcoin token. Each of these segments is to form the solution that Worldcoin offers, and they all work interdependently.
The World ID seeks to prove that you are a real person, and the World App ensures payment and transactions globally using the Worldcoin token, other digital assets, and traditional currencies.
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Worldcoin And Its Unique Approach
The fame of Worldcoin spread after the Ex CEO of OpenAI, Sam Altman, came close to securing over $100 million to finance the project. Although the cryptocurrency was founded in 2019, this year saw it introducing new features and becoming a buzz in the crypto sector.
As mentioned earlier, the crypto project aims to create a global solution to the lack of financial inclusiveness. Its unique selling point is using a biometric scanner through a spherical device called an “orb.” The orb takes a picture of the iris and generates a unique code, an iris code, to ensure the difference of every person and prevent duplicate claims that might arise.
However, the approach of Worldcoin has faced several challenges and criticisms. The concerns are based on privacy risks and the security of the data collected by the “orb.” Questions about the project’s feasibility have been raised too, and the ethical implication of using biometric scans as a form of verification are some other issues
Despite the fears about using Worldcoin, it still receives financing from investors despite the current bear market. By late May, the project raised $115 million in a Series C funding round led by Blockchain Capital. In addition, the creators are open about respecting the right to privacy. They have assured users that the Orb does not intend to infringe on this right. Instead, it aims to empower individuals to verify their humanness online while maintaining anonymity.
Possible Benefits Of The Worldcoin
Asides from the ability of Worldcoin to drive a more unified global economy, its creators believe that it could be the most significant link to other digital assets. Worldcoin also serves to complement these existing cryptocurrencies.
Furthermore, they see the World App becoming the most widely adopted crypto wallet. The biometric scanning for the World ID should also help easily distinguish between humans and bots in this age where artificial intelligence permeates our daily lives
Looking Ahead
While the World App was launched in May, the Worldcoin token itself is not yet in circulation but should be launched later this year. The Series C funding that sparked talks of Worldcoin will go towards research and development of the Worldcoin.
As Worldcoin counts down toward its launch date, we can anticipate a time when there will indeed be financial inclusion for many, regardless of location.
