Altcoin Spotlight: Worldcoin (WLD)

Some cryptocurrency tokens seem to rise to popularity in the blink of an eye, going from nothing to millions of users overnight. One of these tokens is Worldcoin, which launched earlier this year and is currently sitting at position 61 on CoinMarketCap.

But what is Worldcoin exactly, and should you invest in this up-and-coming project? We have the answers to all of your questions and more in this blog article.

What is Worldcoin?

Worldcoin is a new blockchain that establishes a digital identity. It combines the power of AI and blockchain technology to scan human irises and create an associated digital identity. Then, this identity can be used to sign into various websites—eliminating the need for a username and platform.

This technology was created due to the changing technological landscape and the fact that most individuals are tired of having to keep track of hundreds of usernames and passwords. Not only that, but hackers are getting smarter than ever—making it easier and easier for them to steal from you.

Worldcoin seeks to stop this by making an undeniable record of who you are on the blockchain, called a World ID, and then you can use it as you see fit. It’s important to know that Worldcoin doesn’t actually store any biometric data—rather it uses zero-knowledge proofs to record that you are a real human being and the unique identifiers associated with your iris.

This digital World ID is the first of its kind in that it isn’t linked to an email address, your name, or photograph. Meaning it is nearly impossible for someone to try and log in as you.  

What is WLD?

WLD is the token behind the blockchain, and it is a utility token governance properties. The individuals holding WLD can use it for transactions on the website, and each holder receives one vote in any future decision on the blockchain.

Unlike other blockchains, because you have a World ID stored on the blockchain, holding more WLD tokens doesn’t grant you any additional votes. Each user of the platform is granted a single vote the moment they hold at least one token.

WLD tokens are awarded by frequent grants, though they are currently not available to US citizens. As of the writing of this article, about two million people worldwide have signed up for the project, though it is suspected that many did so for the 25 token bonus associated with doing so (about $60).

Who Created Worldcoin?

Worldcoin was created by Sam Altman, Alex Bania, and Max Novendstern. You may recognize the name Sam Altman as the current CEO of OpenAI. The project has garnered a lot of venture capital interest, raking in an impressive $250 million from investors. The most well-known investors are Blockchain Capital, Bain Capital Crypto, and Sam Bankman-Fried before his arrest after the fall of FTX.

When approached about his desires for the project, Sam Altman said he designed Worldcoin to truly make navigating the internet an easier process for everyone. He hopes that it will be widely adopted and used to issue a UBI (universal basic income) sometime in the future.

Should You Invest in Worldcoin?

Chances are, you are probably reading this article as an American, and currently you cannot place an investment in WLD. But even if you could, we would advise against it unless you truly believe in the project.

For one, while we think digital ID is an important aspect of the future, we question WLD as an investment vehicle. If a digital ID was every required, we would hope that governments around the world would cover the cost for their citizens—meaning it shouldn’t really be something to gamble on in the market.

Additionally, while we do recognize that a digital ID is critical, we aren’t sure that this is the solution. Sure, it’s one of the better ones we’ve seen, but we aren’t so sure that all the governments are going to hop on board, mainly because Kenya has already made it legal pending further investigation.

Therefore, while we don’t find this to be a bad investment, we don’t find it to be a good one either. Especially since the amount of WLD you own still only grants you one vote when it comes to governance.

So, our suggestion is this: purchase enough WLD to use the platform if it is legal to do so and leave it at that. After all, the venture capital put into this platform will make anything you can put in look infinitesimal.

**We also want to note that though the project launched several years ago, controversy has surrounded its launch due to perceived deceptive signup practices in low-income countries around the globe.

Should You Sign Up for a Digital ID with Worldcoin?

If you want a digital ID and to have a chance to be part of the first experiment with a universal digital ID, then there is no reason not to sign up for the Worldcoin platform.

That being said, know that Worldcoin does record your biometric data. Altman, the founder, claims this information is deleted after it is used to make a corresponding cryptographic code, but with the rise of quantum computers, this could still spell disaster someday.

So, signing up for Worldcoin is a risk, but if you are willing to take it, go for it! Honestly we think there are way worse and way riskier platforms you could be getting involved in.

Where Can You Buy Worldcoin?

If you have read this and found yourself wanting to be involved in the Worldcoin project, we won’t stop you. Here is a list of websites where you can purchase WLD tokens:

·      Binance

·      BitPanda

·      KuCoin

·      Revolut

·      Cex.io

Overall, we hope this article has helped you become more knowledgeable about the Worldcoin blockchain and the associated WLD token. Remember that any purchase of cryptocurrency, no matter how large or small, is considered risky. So, never invest any money you aren’t prepared to lose.