Worldcoin is a new cryptocurrency project that aims to create a global and inclusive digital economy. Worldcoin uses a novel device called the #Orb, which can scan the iris of a person and assign them a unique and anonymous identity on the blockchain. This identity can then be used to claim a share of the Worldcoin ( #WLD ) supply, which is distributed to every person on Earth who participates in the project. Worldcoin claims that this method of distribution is fair, transparent, and secure, and that it can help reduce inequality and empower people to access financial services and opportunities. $WLD
How does #Worldcoin ensure privacy and security of user data?
Worldcoin uses a privacy-preserving digital identity protocol called World ID, which lets users prove they are a real and unique person online while remaining completely private. World ID is based on zero-knowledge proofs (ZKPs), which are cryptographic techniques that allow users to prove something without revealing any information about it. For example, a user can prove they have a valid World ID without revealing their actual World ID or their iris scan.
Worldcoin also claims that it does not store any biometric data or iris codes on its servers, and that users can request deletion of their personal data at any time. Users can also use the #WorldApp and their #WorldID fully pseudonymously, without providing any personal information to register.
However, some critics have raised concerns about the security and privacy of Worldcoin’s biometric verification device, the Orb, which scans the iris of users and submits their identity commitments to the blockchain. They argue that the Orb could be hacked, tampered with, or used for surveillance purposes by malicious actors. Worldcoin has responded by saying that it is working on improving the security and privacy of the Orb, and that it will conduct audits and reviews by independent experts.
Vision & Mission
Worldcoin’s vision is to create a network of Orbs around the world, which can be operated by local partners who receive incentives for enrolling new users and providing them with education and support. Worldcoin also plans to integrate with existing platforms and applications that can offer various benefits and use cases for its users, such as remittances, donations, governance, and social impact. Worldcoin hopes to create a positive feedback loop between its users and its ecosystem, where more participation leads to more value creation and more social good.
Worldcoin is backed by a team of experienced engineers, entrepreneurs, and investors, who have designed its technical architecture and governance model. Worldcoin uses a proof-of-stake consensus mechanism, which is more energy-efficient and scalable than proof-of-work. Worldcoin also has a built-in mechanism for adjusting its supply and inflation rate based on the number of users and the market demand. Worldcoin’s governance is decentralized and democratic, where users can vote on proposals and upgrades using their stake. Worldcoin also has a foundation that oversees its development and supports its mission.
Worldcoin is currently in its beta phase, where it is testing its Orb device and its network in select regions. Worldcoin plans to launch its mainnet in 2022, where it will start distributing its coins to the global population. Worldcoin invites anyone who shares its vision to join its community and contribute to its success.
