What is Worldcoin? Get a WLD token for being human!
WorldCoin is a digital currency created by OpenAI, the creator of ChatGPT, and works with a mechanism called “identity proof”. According to the creators of Worldcoin, this digital currency simplifies the authentication process.
It has been a long time since the noisy digital currency entered the market, and now after the launch of World Coin, we can expect that the digital currency market will be shaken again. In this article, we are going to understand what World Coin is and what it is used for. In the following, we will also take the WLD token under the microscope.
What is WorldCoin?
WorldCoin is a digital currency project that GPT chat creator made it The token of this network is called WLD and it is a system that can be used to determine the difference between humans and robots.
In fact, with this paragraph above, you can get a fairly good answer to the question “What is World Coin?”.
Sam Altman, the CEO of Open AI, announced on the first day of August that the World Coin project has officially started its work. In his talk, he mentioned the WLD token as a token that people can use to have a unique personality.
Shortly after the launch of this project, 2 million users were attracted to this platform. Currently, users who register in WorldCoin from certain geographic locations will be rewarded. 35 cities in 20 countries are included in the World Coin Award program.
Chile, Sudan, France and Indonesia are among the countries in which World Coin operates. However, many other countries have also banned WorldCoin.
As a digital currency, WorldCoin has many structural differences with digital currencies such as Bitcoin and Ethereum. The World Coin project includes a digital identity called World ID. In this mechanism, people get tokens for being human! This means that WorldCoin intends to improve the financial situation of its users, which is considered a strange goal in its own way.
In fact, this is the most important structural difference between World Coin and digital currencies in the market: In other projects you get tokens by investing, but in WorldCoin you get tokens because we are human!
World Coin; A strange but real project!
This is the strange part of the World Coin story; Why should a project do such a thing? Currently, each user receives a token amount by registering, which is not a significant number.
According to some experts, WorldCoin is looking to collect the identity information of several million users in order to carry out more extensive activities and gain a stronger foothold in the market.
Sam Altman tweeted on July 24:
The goal is simple: a global, networked identity economy based on proof of identity. Such a feeling is more important in the era of artificial intelligence.
For that, WorldCoin could add a fresh flavor to the discourse about how access, benefits, and governance of future AI systems should be shared.
What problem does WorldCoin solve?
What is the point of World Coin now? With the official release of this project, what pain will be cured in the world?
In fact, the World Coin project is a pain in the ass verification of people’s identity in the digital space. Currently, mobile phones either work with fingerprint sensors or use facial scanning to authenticate users. Using password and username is another common way to authenticate users.
During the last few years, stricter authentication methods such as two-factor authentication (2FA) have been introduced, making it harder than ever to misuse people’s identity information.
With the emergence of Worldcoin, these strictures will increase; By using WorldCoin, users will experience another level of security related to their identity information and store this information in a decentralized platform.
How does WorldCoin work?
Now that we understand what WorldCoin is, let’s move on to how it works. From a technical point of view, WorldCoin uses Optimistic Rollups. Simply put, WorldCoin runs on the Ethereum network.
The WorldCoin (WLD) token is also a token based on the ERC20 standard. As a result, it can be said that this token will be fully compatible with many tools and services available on the Ethereum network.
Alex Blania, director of WorldCoin, who launched the project with Altman and Max Novendstern, says:
[ما] We have built a world where everyone around the world, regardless of who they are, can participate in the growing digital economy and enjoy the benefits of decentralized ownership.
World Coin to authenticate users and reward them from hardware called ORB Uses. Orb is a device that scans the iris and uses it to authenticate the user; This makes this project a biometric project.
After scanning the eye, the data is hashed and a string of numbers is obtained. This string of numbers is sent to the WorldCoin servers and finally the user’s digital ID called World ID is presented to him.
It seems easy to join, but to join this network you need Orb, which currently does not exist in Iran.
Worldcoin has high security
No e-mail, phone number or name is received from the user, which increases the security of WorldCoin. On the other hand, the user can send a request to delete his data to the server whenever he wants.
Another thing you should know about how WorldCoin works is that this digital currency does not have a specific white paper and no document has been published on how it works. Our information about the technical details of this project is limited to the data that WorldCoin publishes on its blog and social networks.
In order to get better acquainted with the terms of the WorldCoin network, you can use the following summary:
Orb: Orb is the special hardware of WorldCoin, which allows the operator to scan the iris of the eye.
Operator: The Orb operator is the person who owns the Orb device and scans the irises of users who intend to register in WorldCoin.
World ID: World ID is actually a unique identifier that the user receives after completing registration in WorldCoin and can use it for authentication.
World App: Special software for WorldCoin that plays the role of WLD token wallet. You can also store other digital currencies like Ethereum and Bitcoin in this wallet.
Worldcoin price
On the launch day of WorldCoin, this digital currency recorded its highest dollar price. On August 2nd, at the same time as it was launched in major exchanges such as Binance, the price of World Coin reached $3.25.
Shortly after this jump that started the order at $1.66, we saw WLD fall. Currently, according to the latest market data, the WLD token is trading at a price of less than $2.
Perhaps the most important question raised in connection with the price of WorldCoin is whether WorldCoin is worth investing in. The direct answer to this question is a bit difficult; Because this digital currency is at the beginning of its journey.
Despite all this, WorldCoin is a project with strong backing, powerful investors behind it, and most importantly, it was built by OpenAI. So at least we can say that the risk of investing in this project is low.
Despite all these cases, we are still operating in an environment where credible projects are not able to compete and there are not a few credible digital currencies that failed to establish themselves in the market and today no name or sign of them can be seen in the market.
To predict the price of WorldCoin and check the price trend of WLD Token, we suggest you follow the analysis page of WorldCoin. In this section, Erzdigital users can post their new analyzes of WLD digital currency so that other users can use them.
Worldcoin airdrop registration tutorial
Before explaining this section, it is necessary to know that it is not possible to register in the World Coin program to receive free tokens in Iran; Because currently Orbi device is not activated in Iran.
If you live in cities where the Orb device is active, you can follow the steps below to register in WorldCoin.
First, install the World App program. You can use this link for this. After installing the wallet, create an account.
In the second step, you need to get a World ID. As we said, it is not possible to get World ID in Iran. To get a World ID, first find the orb location of your city and then take a picture of your iris. After taking a photo, your World ID will be created.
Finally, after receiving a World ID, you can receive World Coin Airdrops.
Buy WorldCoin and sell WLD
According to the announcement of the World Coin project, it is possible to buy and sell this token in reputable exchanges from August 2. Binance exchange has also announced that it has made it possible to buy World Coin.
We suggest that before buying this digital currency, you must check the details of the project that we mentioned above and get a correct understanding of the question “What is World Coin”.
Due to the embargo on Iranian users and the restrictions that foreign exchanges have created for these users, currently the safest way to buy World Coin is to use Iranian exchanges.
With the new feature of Aruzdigital, you no longer need to go to different sites and exchanges to find out which exchange has listed WLD. Just go to the WorldCoin buy page and see a list of reputable exchanges that have listed WLD.
To buy World Coin, first select the desired exchange from the list of exchanges and enter the exchange.
In the next step, register and authenticate at your desired exchange. Currently, 99% of Iranian exchanges have mandatory authentication for depositing and withdrawing money and digital currencies, and without authentication, it is not possible to buy and sell WLD in them. The good news is that the authentication process in Iranian exchanges is largely automatic and will not take much of your time.
After completing the authentication, deposit the amount you intend to buy World Coin to your account in the exchange and finally buy from the exchange. You can then transfer your WLDs to your personal wallet. If you intend to sell WorldCoin in the short term, we suggest you keep your currencies on the exchange so that you don’t get involved in the transfer process and transfer fees.
Worldcoin sale
If your Worldcoins are on an exchange, just click on the sell option on the exchange and sell your tokens. If your WLDs are outside the exchange, you must first transfer them to the desired exchange.
Remember that in order to sell World Coins on the exchange, you must be sure that the exchange has listed this currency, otherwise it will not be possible to sell on the exchange.
Buying and selling in foreign exchanges is another option for users. For this, first of all, buy Tether from Iranian exchanges, deposit to the destination exchange, and finally buy your WLDs from the exchange.
Frequently asked questions
WorldCoin is a proof-of-concept digital currency developed by OpenAI.
No; In Iran, it is not possible to register and receive a World ID due to the lack of an Orb device.
According to available data, OpenAI is behind this token and the acceptable technical support of this token makes it a safe project.
Yes; At present, reputable Iranian and foreign exchanges have listed World Coin.
Conclusion
In this article, we tried to answer these questions, what is World Coin? What’s the point and why should you invest in it? Teaching buying and selling and predicting the price of this digital currency was one of the other topics discussed in this article.
The WorldCoin project is an ambitious project in the cryptocurrency space. This project was created with the aim of changing the method of authentication and people’s access to identity information.
OpenAI, the company behind the GPT chat, is behind this project, and this has caused the hype around this digital currency to be very high. Credible investors who support WorldCoin are other things that strengthen the credibility of this project. Andreessen Horowitz, Digital Currency Group and Blockchain Capital have invested around $150 million in WorldCoin so far.
There is no shortage of margins around WorldCoin. TechCrunch reported this spring that if a hacker could gain access to physical iris scanning devices, they could steal users’ identity information. Shortly after this report, WorldCoin announced that the operators of Orb devices do not have access to user data and that hackers cannot access the data in this way.
All in all, WorldCoin can be considered the most attractive project of the summer of 2023 in the world of digital currencies. What do you think the future of Worldcoin will look like?