Worldcoin Token Launch | Sam Altman’s Worldcoin WLD Token Launched on Optimism Mainnet

Worldcoin’s WLD Token has been launched on Optimism Mainnet on 24th July. Major cryptocurrency exchanges like Binance, Bybit, Okx , Huobi and others have jumped on to list the WLD token. WLD token currently trades at around $2.6, making fully dilluted market cap of the token to $26 billion. In this article we will explore What is Worldcoin? Why was it created? How does it work? What are its plans and how can this dystopian technology change our digital future ?

What is Worldcoin(WLD) ?

Founded in 2019 by CEO of OpenAI Sam Altman and a former engineer at Stripe, Alex Blania, Worldcoin is a cryptocurrency project that aims to create a global digital identity system and distribute its own token, WLD, to every human on the planet. Worldcoin aims to create a global financial and identity network that is accessible to everyone, regardless of their location, wealth or status. Since its inception Worldcoin has raised about $250 million from investors such as Andreessen Horowitz, Khosla Ventures and Reid Hoffman.

Why was it created ? What was their motive ? What is the need ?

The founders of Worldcoin believed that the existing financial system was inefficient, unequal and vulnerable to fraud and corruption. They also saw the potential of blockchain technology and cryptocurrency to enable a more transparent, decentralized and secure way of exchanging value and verifying identity.

However, they also recognized the limitations and barriers of existing cryptocurrencies, such as the high cost of transactions, the low adoption rate, the lack of scalability and the difficulty of ensuring that each user is a unique human being. They wanted to create a cryptocurrency that could overcome these challenges and reach billions of people around the world.

How does Worldcoin work?

Worldcoin Orb
Worldcoin Orb

Worldcoin uses a novel technology called Orb, which is a helmet-shaped device that scans the iris of the eye to verify a person’s identity. The iris scan is encrypted and stored on the blockchain, creating a unique and secure World ID for each individual.The World ID can then be used to access various services and applications on the Worldcoin network, such as receiving and sending payments, voting, accessing social benefits and more.

The World ID is designed to be privacy-preserving and secure, meaning that it does not reveal any personal information about the user, such as their name, location or biometric data. The user’s iris pattern is encrypted and stored on a distributed ledger that is maintained by the Worldcoin nodes.

Worldcoin claims that its identity system can distinguish humans from AI online, enable global democratic processes and increase economic opportunity.

To incentivize people to join the Worldcoin network and obtain a World ID, the project also offers a reward in the form of Worldcoin tokens (WLD). To receive WLD tokens, a person has to download the World App, which is a wallet software compatible with the Worldcoin protocol, and visit an Orb location. The Orb will scan their iris and assign them a World ID, as well as 25 WLD tokens as an initial reward.

What are the benefits of Worldcoin?

Worldcoin has several potential benefits for its users and the world at large.

1. Universal access:

Worldcoin aims to reach billions of people who are currently excluded or underserved by the traditional financial system, such as those who lack bank accounts, identification documents or internet access. By providing them with a World ID and WLD tokens, Worldcoin hopes to empower them with more economic opportunities and financial inclusion.

2. Global democracy:

Worldcoin envisions a world where every human being has an equal voice and stake in shaping the future of society. By using their World ID and WLD tokens, users can participate in various democratic processes on the Worldcoin network, such as voting on proposals, electing representatives, funding public goods and more.

3. AI alignment:

Worldcoin believes that artificial intelligence (AI) is one of the most powerful and transformative technologies of our time, but also one that poses significant risks and challenges for humanity. By creating a reliable solution for distinguishing humans from AI online, Worldcoin hopes to ensure that AI is aligned with human values and interests.

Why Worldcoin could be a Dystopian Technology ?

Worldcoin could become a dystopian technology that favors the one’s in power. Here are some of the risk’s associated with worldcoin –

1. Centralization

Worldcoin operates in a highly uncertain and dynamic regulatory environment, where different jurisdictions have different rules and standards for cryptocurrencies, digital identity and data protection. Worldcoin may face legal challenges or restrictions from governments, regulators or other authorities that may affect its operations or users. If worldcoin fails to become completely decentralized, governments around the world could force them to leak the sensitive information of the people thereby forcing privacy breach.

2. AI risk

Worldcoin may increase the risk of AI misuse or abuse by creating a large database of human biometric data that could be exploited by rogue AI agents or systems. The project may also create a new vector of AI attack or deception by enabling AI impersonation or manipulation of human identities online.

3. Privacy invasion

Worldcoin may compromise the privacy of its users by collecting, storing or sharing their biometric data without their consent or knowledge. The Orb device may also capture other sensitive information from the user’s surroundings, such as their location, facial features or voice. The Worldcoin network may also be vulnerable to hacking, surveillance or censorship by malicious actors.

4. Power concentration

Worldcoin may create a new form of power imbalance or inequality in society by favoring those who have access to the Orb device or the WLD token over those who do not. The project may also give disproportionate power or influence to its founders, investors or partners over its users or stakeholders.

WLD Tokenomics

The WLD token is the native currency of the Worldcoin network. The WLD token has a fixed supply of 10 billion tokens, which will be released gradually over 15 years. The initial circulating supply at launch is 143 million tokens. The token distribution is as follows:

  • 50% for users (5 billion tokens)
  • 20% for development (2 billion tokens)
  • 15% for investors (1.5 billion tokens)
  • 10% for partners (1 billion tokens)
  • 5% for charity (500 million tokens)

Conclusion

Worldcoin is an ambitious and innovative project that aims to create a global digital identity system and distribute its own cryptocurrency to every human on the planet. Worldcoin hopes to achieve its vision of a more inclusive, democratic and prosperous world by leveraging the power of blockchain technology and biometric scanning. However, currently their are more risks to the users because if anything goes south the user’s data will be in the hands of powerful people who are ready to misuse it to their benefit.

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