Overview of Worldcoin: Origin, Functionality, and Benefits
Origin Worldcoin was launched in 2019 by Sam Altman, Alex Blania, and Max Novendstern to create a global financial and identity infrastructure, combining cryptocurrency with secure identity verification.
Functionality Worldcoin uses the "Orb," a biometric device, to scan irises and create a unique World ID for each user, ensuring one person, one account. The Worldcoin token (WLD) is distributed as a form of universal basic income (UBI), operating on a blockchain for transparency. Privacy is safeguarded by converting biometric data into non-reversible hashes.
Benefits
Financial Inclusion: Provides access to cryptocurrency for unbanked populations.
Secure Digital Identity: Combats bots and fake accounts.
UBI Potential: Distributes tokens to promote economic equality.
Decentralization: Blockchain ensures transparency and fairness.
Worldcoin aims to democratize financial systems while addressing identity challenges in the digital age. $WLD