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Abstract

scanning so it’s impossible for AI to make its own World Id. The concept of Worldcoin is a little bit interesting and also it is solving a major problem.</p><p id="6a44">Friends, if you observe our current situation from another point of you will notice that all of our information is no longer private because big platforms like Meta, and Google have all of our information. If you are thinking that those big platforms provide their services for free then you are wrong because, on the basis of our information, they show us ads and provide different services which earns them money. The only thing which has been left private was our retina scan and which is now done by Worldcoin and people are giving it happily.</p><h2 id="d8cb">ORB</h2><p id="f7c9">Worldcoin has launched a new interesting gadget ORB. ORB is a scanning machine that looks like a bowling ball. People will stand in front of the ORB and get their eyes scanned and the World ID will be created. We can see this world ID in our smartphones.</p><p id="e922">Sam is also rewarding people with a WLD token if they create a World ID. Around $20 to$ 25 worth of WLD tokens ( not each but a total) has been given by the worldcoin project. If you notice, they are indirectly telling us that the cost of our retina scan is just $25.</p><p id="3f74">Worldcoin is going to launch this ORB in different countries so people can go there to make World ID by taking an appointment and earning a WLD token as a reward.</p><h2 id="697b">User</h2><p id="dee3">At present Worldcoin App has reached a user base of 2 million and per day 60000 transactions are happening on it. Till now also 25000 world id has been created.</p><figure id="a541"><img src="https://cdn-images-1.readmedium.com/v2/resize:fit:800/0*7fdVQdQkjWpZbPVY"><figcaption>Photo by <a href="https://unsplash.com/@simone_busatto?utm_source=medium&utm_medium=referral">Simone Busatto</a> on <a href="https://unsplash.com?utm_source=medium&utm_medium=referral">Unsplash</a></figcaption></figure><h2 id="5de3">WLD</h2><p id="074c">Worldcoin’s WLD token is an ERC-20-based token, and at present there is no specific chain of the Worldcoin. So for now users will receive their WLD token on the <b>Optimism chain.</b></p><p id="d7d4">At the time of listing the WLD token, its price reached$ 3 but currently is trading around 30 without thinking about anything.</p><h2 id="eaec">Sell or Share</h2><p id="ff16">The biggest issue with the Worldcoin project is a threat to privacy. If the majority of the people of the world will create an identity through biometrics, then all the data will be with world coin. Is there any kind of guarantee or assurance that Worldcoin will not sell people data for money in the future? The answer is No, there isn’t.</p><p id="5d13">When this question was raised in front of Sam Altman, he said that they will not sell any data. But these data are going to be shared with vendors like banks, Data Security, Tax advisors, Legal specialists, and Technical Support.</p><h2 id="c5ef">Greed</h2><

Options

p id="7294">Worldcoin may not sell data but what about the company with whom they are going to share their data? When OpenAI was started, they were saying that everything will be transparent and free here, but after the launch of the ChatGPT tool, people started using it, then they launched a subscription model to earn money. There can be a possibility that as soon as the greed of money comes into Wordcoin, tampering with the data is possible.</p><p id="e8a0">Due to the high supply of WLD tokens, the price may appear to fall continuously over time, Reward tokens are being sold and cashed out, not bought or held.</p><p id="7547">Worldcoin’s aim is to get 1 Billion people registered which may seem to be also possible by looking at the current situation.</p><p id="6c6c" type="7">☺Clap — Share — Comment — Happily ☺</p><h2 id="604c">Disclaimer</h2><p id="fac2">I am not a Financial advisor. I am not affiliated with any of the websites or coins and also this is not financial and Investment advice. This article is meant only for educational purposes. I am just sharing my thoughts and analysis based on my many years of experience.</p><h2 id="349d">Thank You for Reading…</h2><div id="2cf5" class="link-block"> <a href="https://medium.com/@jessicadoosan02/membership"> <div> <div> <h2>Join Medium with my referral link - Jessica Doosan</h2> <div><h3>As a Medium member, a portion of your membership fee goes to writers you read, and you get full access to every story…</h3></div> <div><p>medium.com</p></div> </div> <div> <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/0*htERrWL-HZvq8KXL)"></div> </div> </div> </a> </div><h2 id="163d">↑ ↓ Brain Boosting …</h2><div id="f523" class="link-block"> <a href="https://readmedium.com/top-10-ai-coins-based-on-telegram-and-discord-bots-6e724d2288c2"> <div> <div> <h2>10 AI Coins Based On Telegram and Discord Bots</h2> <div><h3>New Upcoming Trends in the Crypto Market</h3></div> <div><p>medium.com</p></div> </div> <div> <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/1*3lTsTbOrsSredYYbuupAuA.png)"></div> </div> </div> </a> </div><div id="01f8" class="link-block"> <a href="https://readmedium.com/bitcoin-price-forecast-july-to-be-a-tough-month-august-could-be-better-afd2ef7b2ac4"> <div> <div> <h2>Bitcoin Price Forecast: July to be a Tough Month, August Could Be Better</h2> <div><h3>A War for Hash Power? | Chart | Supply | Next</h3></div> <div><p>medium.com</p></div> </div> <div> <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/0*Mil5rQNoC7-pph7-)"></div> </div> </div> </a> </div><div id="e35e" class="link-block"> <a href="https://readmedium.com/top-5-super-low-cap-coins-which-are-still-alive-22303b899ce3"> <div> <div> <h2>Top 5 Super Low Cap Coins Which Are Still Alive</h2> <div><h3>Gems | Upgrade | Development | Use case | Fundamental |</h3></div> <div><p>medium.com</p></div> </div> <div> <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/1*-wXIlxPVGUpGXOpfafbiuw.png)"></div> </div> </div> </a> </div><div id="a8dd" class="link-block"> <a href="https://readmedium.com/top-5-coins-racing-towards-layer-3-development-2a53652216b5"> <div> <div> <h2>Top 5 Coins Racing Towards Layer 3 Development</h2> <div><h3>Leading | Super Strong Fundamental | Futuristic | Never Disappoint</h3></div> <div><p>medium.com</p></div> </div> <div> <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/1*_j5JkFjgq1j2dQ-rAKnzqA.png)"></div> </div> </div> </a> </div><div id="d222" class="link-block"> <a href="https://readmedium.com/bitcoins-strong-bullish-signals-global-money-liquidity-shopify-aave-celsius-whales-b1f1f572ca8f"> <div> <div> <h2>Bitcoin’s Strong Bullish Signals: Global Money Liquidity</h2> <div><h3>Powerful Factors Behind its Price Surge</h3></div> <div><p>medium.com</p></div> </div> <div> <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/0*iqPqmdxjZNij4eXz)"></div> </div> </div> </a> </div><div id="3370" class="link-block"> <a href="https://readmedium.com/can-blur-token-give-50x-returns-or-not-36c411c274f4"> <div> <div> <h2>Blur Token’s Explosive Potential to Deliver 50X Returns</h2> <div><h3>Fundamental | Rally | Return | Version</h3></div> <div><p>medium.com</p></div> </div> <div> <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/0*XKAa41sGK_LM0ddq)"></div> </div> </div> </a> </div></article></body>

Worldcoin: The Future of Identity Verification or the End of It?

Problem-solving and Problem-Make it

Everyone who were keeping their eye on the crypto market’s day-to-day news and activity must have heard about the Worldcoin. The Wordlcoin project and their token WLD had become the talk of the town. Nowadays wherever we go and whatever we search on social media; one thing we surely see in the news is the Woldcoin. Looking at the popularity of Worldcoin I started my research on this token, and now in this article, I will share, what I learned and found about Worldcoin with all of you.

You must be wondering why we have to learn about Worldcoin. First of all, we have to learn about Worldcoin because whenever something new comes into the market a lot of thing changes and that new thing also affect the entire market so it is essential to know about this kind of new development which is grabbing everyone’s attention.

Like a coin, everything has two sides good and bad. There are so many good things in Worldcoin but there are also some bad things; Yes you read right bad but instead of bad I prefer to express this with the word SCARY. Why? Don’t be impatient because you will know soon just read this article till the end.

Fund

Sam Altman is the person who started creating this Worldcoin — wait a minute, why this name is so familiar? Ohhhhh…Now I remember he is the CEO of OpenAI.

For this project ‘Worldcoin’ he got funding of $150 million. Sam Altman is already a well-known person so there is no doubt that it would be not hard for him to get funding. But who funded $150 Million for this Worldcoin project? So here is the name of the company that funded the development of the Wolrdcoin project: Andreessen Horowitz, Sam, Coinbase Venture, Digital Currency Group, Polkadot, Kyle Davis, and LinkedIn founder. All of these people or companies are very influential and have a big name.

I want to request you to carefully read the name of the investors again because among those names you will find something very funny! Did you find it? 3…2…1… If you haven’t found something funny in that then don’t worry let me tell you. Just focus on the name Sam and Kyle Davis, now I am sure you got my point. Sam a former CEO of FTX and Kyle Davis a cofounder of 3 Arrow Capital also joined this project.

Now Let’s Come Back to Sam Altman…

AI bullseye

Sam Altman developed a very amazing tool called ChatGPT which made the life of billions of people very easy. Especially the life of professional people, coders, marketers, etc. Looking at the development speed of AI tools, a time is not far when the dominance of AI will get too high that people will get completely dependent on AI. By just imagining this, nothing but a terrible question comes to my mind; what will happen if an unsolved problem arises between Human and Artificial Intelligence, what will happen when AI gets its own consciousness and mind? Just Imagine…

When Sam launched a ChatGPt and it became so popular then many people asked Sam in an interview that because of his AI tool ChatGPT a lot of major issues will come in the future and Sam also agreed with it. Now to solve this problem he has created ( ChatGPT ), he developed a solution called Worldcoin.

The goal of Worldcoin is to create World Id by scanning the retina of the eyes of all the people of the world. In short, he is aiming at the bullseye like a bowman. The identity of the people will be created by scanning the eyes and from this each person will be able to identify whether he or she is a real human or not.

Dizzy Robot

We have seen many times that when we enter our ID and password to log in on any website or platform, we are asked to please verify that “You are not a Robot”. My head gets dizzy seeing this every time, whenever I visit the website but what we could do? At that moment we do not have any choice but to verify like, yes brother, I am a real living person, I haven’t come from any other world, and Most importantly I am not a Robot:)

To prove that we are not an alien or a robot, every time we have to solve some boring puzzle or a captcha. The simple reason for doing this is to no artificial person, any AI bot gets access to that particular website or platform.

But How Worldcoin will Solve this Problem?

As I said before the main goal of Worldcoin is to create a unique World Id for every living human being so with the help of World Id a person can verify himself that he or she is a human. On the other side, AI does not have a retina for scanning so it’s impossible for AI to make its own World Id. The concept of Worldcoin is a little bit interesting and also it is solving a major problem.

Friends, if you observe our current situation from another point of you will notice that all of our information is no longer private because big platforms like Meta, and Google have all of our information. If you are thinking that those big platforms provide their services for free then you are wrong because, on the basis of our information, they show us ads and provide different services which earns them money. The only thing which has been left private was our retina scan and which is now done by Worldcoin and people are giving it happily.

ORB

Worldcoin has launched a new interesting gadget ORB. ORB is a scanning machine that looks like a bowling ball. People will stand in front of the ORB and get their eyes scanned and the World ID will be created. We can see this world ID in our smartphones.

Sam is also rewarding people with a WLD token if they create a World ID. Around $20 to $25 worth of WLD tokens ( not each but a total) has been given by the worldcoin project. If you notice, they are indirectly telling us that the cost of our retina scan is just $25.

Worldcoin is going to launch this ORB in different countries so people can go there to make World ID by taking an appointment and earning a WLD token as a reward.

User

At present Worldcoin App has reached a user base of 2 million and per day 60000 transactions are happening on it. Till now also 25000 world id has been created.

WLD

Worldcoin’s WLD token is an ERC-20-based token, and at present there is no specific chain of the Worldcoin. So for now users will receive their WLD token on the Optimism chain.

At the time of listing the WLD token, its price reached $3 but currently is trading around $2.2. The total supply of the WLD token is 10 billion and by 2030–2035 all tokens will be entered into the market. The inflation rate of the token will also increase every year because of the unloading of the new tokens in the market. So to tackle this situation 1.5% inflation rate has already been set but this token will not get activated immediately but it will get active when all the WLD token comes into the market.

The current circulation supply of WLD tokens is 100 million and more than 500 million which are currently locked will get unloaded into the market gradually when it will get unlock.

Distribution of Supply

75% Supply: People who get their eyes scanned will be given as a reward
13.5% supply: Kept for Investor
9.8% supply: Reserved for the Development Team
1.7% Supply: Held for Reserve

Worldcoin will establish a privacy foundation to maintain and secure the data, which they have named the “Largest Privacy-Preserving Identity and Financial Network” After reading this name you must be thinking, Are they making a rocket…LOL…

Till now you have been thinking that this project is so unique, creative, innovative, and full of happiness so what is negative about this project?

Negative

Worldcoin’s bowling ball-looking scanning machine ORB is being sent to many places, which has scanned more than 2 million eyes and this thing is becoming controversial.

Why it has created controversy? If you look into the news then you will see that they have sent their ORB only in a developing country where people need easy money. I do not want to mention the name of the country here but you can look for it by yourself if you search about this.

In many places, it has been seen that people do not even know why they are scanning their irises for. For example, A case happened in one of the countries where Woldcoin sent their ORB for scanning. A mother told his child that a technology company has come here for social assistance giveaway so he went to scan his retina and received a reward.

Here the risk of data selling and misusing arises when people give their retina data for just $30 without thinking about anything.

Sell or Share

The biggest issue with the Worldcoin project is a threat to privacy. If the majority of the people of the world will create an identity through biometrics, then all the data will be with world coin. Is there any kind of guarantee or assurance that Worldcoin will not sell people data for money in the future? The answer is No, there isn’t.

When this question was raised in front of Sam Altman, he said that they will not sell any data. But these data are going to be shared with vendors like banks, Data Security, Tax advisors, Legal specialists, and Technical Support.

Greed

Worldcoin may not sell data but what about the company with whom they are going to share their data? When OpenAI was started, they were saying that everything will be transparent and free here, but after the launch of the ChatGPT tool, people started using it, then they launched a subscription model to earn money. There can be a possibility that as soon as the greed of money comes into Wordcoin, tampering with the data is possible.

Due to the high supply of WLD tokens, the price may appear to fall continuously over time, Reward tokens are being sold and cashed out, not bought or held.

Worldcoin’s aim is to get 1 Billion people registered which may seem to be also possible by looking at the current situation.

☺Clap — Share — Comment — Happily ☺

Disclaimer

I am not a Financial advisor. I am not affiliated with any of the websites or coins and also this is not financial and Investment advice. This article is meant only for educational purposes. I am just sharing my thoughts and analysis based on my many years of experience.