• Worldcoin is a crypto project and digital ecosystem designed to verify that you’re a real, unique human being.
• On the surface, Worldcoin sounds like a noble pursuit using Web3 and blockchain technology to benefit millions of people.
• However, critics have voiced concerns about the legitimacy of this project, questioning whether it is merely data collection technique aimed at enriching Silicon Valley investors.
What is Worldcoin (WLD)?
Worldcoin is a cryptocurrency project and digital ecosystem developed by OpenAI and Tools For Humanity. It aims to help us prove our humanness in a world increasingly populated by robots and artificial intelligence (AI). This will be done through the use of ‘Proof of Personhood’ which will involve creating an individual World ID that functions like a digital passport saying “Hey, I’m a real person!” As an incentive for joining the Worldcoin ecosystem, users are rewarded with WLD tokens which can be used for exchanging value in the blockchain economy.
How Does WorldCoin Work?
To join the Worldcoin network, users must get their eyeballs checked out using the special biometric device called The Worldcoin Orb. This device analyzes your iris patterns to create your individualized World ID. Once your identity has been verified, you will be eligible to receive WLD tokens as reward for participating in this network.
Why Do We Need Worldcoin?
The primary purpose of this cryptocurrency is to provide low-resource nations with access to Universal Basic Income (UBI). In addition, it also facilitates identity verification processes that could potentially revolutionize online security protocols when dealing with personal information or financial transactions on the internet.
Is WorldCoin Legit?
The legitimacy of this project has been questioned by many due to its association with ChatGPT co-founder Sam Altman and OpenAI – both organizations have raised eyebrows for their potential ulterior motives such as data collection techniques directed towards enriching Silicon Valley investors rather than improving people’s lives worldwide.
Pros and Cons of Using WorldCoin
• Increases transparency within online transactions • Potential ulterior motives from associated companies
• Facilitates UBI distribution throughout low-resource nations • Data privacy concerns due to biometric scans required for identification purposes
• Improves online security protocols through identity verification processes • Limited use cases beyond UBI distribution