What is Worldcoin All About?
In some ways, Worldcoin can be seen as an attempt to disrupt the traditional cryptocurrency ecosystem. This crypto is largely focused on equality, providing everyone the opportunity to participate by simply downloading the official World App. So, what do users get in return?
They will receive free Worldcoin tokens until WLD hits a major crypto exchange (it’s currently in beta testing).
To put it simply, Worldcoin aims to level the playing field for anyone wishing to engage with the crypto community.
While these ideals are certainly unique, a deeper look is necessary before making any final conclusions.
Who Created Worldcoin?
Worldcoin is an open-source crypto protocol developed by the team at Tools for Humanity. Tools for Humanity is an organization focused on how large tech companies can be used to benefit the average person rather than just enriching the elite.
By offering one of the few crypto utility tokens accessible to anyone with a smartphone and the ability to confirm their identity, this project aims to open the door to a much larger digital investment community.
The Worldcoin stand in a shopping mall in Portugal
Is the Concept Really That Simple?
At first glance, the idea of jumping on board with a promising utility token at its early stages might seem too good to be true. That’s why it’s important to highlight one key detail before we proceed.
To activate a Worldcoin account through their app, you’ll need to verify your identity with a retinal scan. But why not just use regular KYC verification?
Worldcoin has partnered with Orb, a software provider that uses an imaging system to verify the “uniqueness” of each Worldcoin holder via biometric confirmation.
Since retinal patterns are nearly impossible to fake (at least for now), this is an effective way to ensure that a Worldcoin applicant is a real person rather than a bot.
Is Worldcoin More Secure Than Other Cryptos?
This is certainly open to debate, but Worldcoin is one of the first utility tokens to use retinal scans for verifying token holders. It’s also worth noting that one of the founders of Worldcoin is Sam Altman, a name closely associated with OpenAI.
Simply put, we have little doubt that Altman would have gotten involved in this project if it didn’t meet his high standards for online security.
CryptoChipy believes that it’s only a matter of time before other utility tokens adopt similar biometric verification methods.
Should You View Worldcoin as a Short-Term or Long-Term Investment?
Could it change the world?
This is the million-dollar question. On one hand, we’re really drawn to the foundational principles of WLD.
However, it’s important to remember that the gap between beta testing and a full launch is significant. It would be premature to assume that Worldcoin will be the next revolutionary shift in cryptocurrency.
That said, Worldcoin has already attracted a lot of attention due to its biometric verification technology, which could provide the exposure needed to move beyond the beta stage.
History has shown that those who think outside the box often enjoy significant long-term rewards.
While CryptoChipy isn’t claiming that Worldcoin will reinvent the digital landscape, we do appreciate the idea of a democratized crypto ecosystem.
If you want to stay updated on the latest Worldcoin developments, bookmark this page for the latest crypto news and trending insights.
