Worldcoin, created by Sam Altman, CEO of OpenAI, is making strides to address the identity crisis faced by nearly one billion individuals worldwide through a blockchain-based approach. The initiative is particularly focused on aiding those in developing nations who lack legally recognized identification, as well as the 1.7 billion adults without access to banking services.
What Components Make Up Worldcoin?
The project consists of three essential elements: World ID, World App, and the WLD coin. World ID provides a privacy-conscious identification method, enabling users to verify their identity without exposing personal data. This system is particularly beneficial for citizens in areas where traditional identification is absent.
How Does WLD Coin Function?
The WLD coin serves as the currency for Worldcoin grants and governance. This digital currency has a capped supply of 10 billion and is available on leading exchanges, including Binance. The process for identity verification employs a unique biometric device called Orb, used to capture iris patterns, ensuring a secure and fraud-resistant identity verification system.
Worldcoin’s potential benefits include:
- Facilitating access to the financial ecosystem for underserved populations.
- Providing a secure identity verification method through advanced technology.
- Attracting significant venture capital funding despite facing privacy concerns.
Despite its innovative approach, Worldcoin has faced scrutiny regarding privacy risks and the transparency of its operations. Nevertheless, the project has garnered attention from major investors and continues to expand its reach.
To acquire WLD coin, users can trade on Binance, where the coin is offered in various trading pairs. After signing up, users can easily transfer fiat or cryptocurrencies to purchase WLD coin through simple steps on the platform.
