Have you ever encountered a cryptocurrency concept that is building a universal identity that verifies user identity or individuality, financial network, and it verifies a persons own characteristic and personhood? Well, Worldcoin seeks to achieve all of that. Sam Altman, Max Novendstern and Alex Blania founded this in 2019. They developed an iris biometric cryptocurrency project. an orb, it can identify each person’s identity and uniqueness by scanning their irises and then eventually pays them the Worldcoin token.
In the entire cryptocurrency industry, the Worldcoin project is the first technology that uses “Proof of Personhood”.
But why and what is the real purpose of this project? This project seeks to give only 1 Worldcoin token to every individual in the world. By participating on the scan, the orb that scans irises can detect that a person is unique, and because of that, there will be no more rewards after one participation. This means that this project wants to limit the participation of any individual for only once.
Worldcoin aims to produce the greatest identification and financial network in the entire industry and in the entire world. This project is attainable by every participants in the economy. The Worldcoin developers is improving this project by putting on a solution with the idea that every individual should have a stake in the world economy.
In 2023, they released a platform called “World App”. In this application, users can transfer, purchase and pay other users using the Worldcoin token and even other currencies in the cryptocurrency industry. This project aspire to allocate 10 biollion tokens! And the 80% of this allocation goes to the users.
Despite all of the positive plans of Worldcoin, it still faces innumerable hindrance and criticisms before it can successfully spread and become a commonplace. People criticizes it because they are worried about their own privacy and security, especially with their biometric information. They are also worried that the identity might be transferred or mixed up with other participants. Others also argue about its capabilities to work effectively and successfully, they are also worried about its expandability.
This project is being criticized not just in the crypto industry but also in the financial and technological websites. We can not deny the fact that a lot of significant investors and well-known founders are supporting this project and they saw its full potential and positive sides. However, it still carries various risks and warning signs. Both potential users and investors should proceed with this project with great cautious.
We should keep in mind that once we participated in this, and once the orb scanned our iris, the company will have the full copy of our biometric data.
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