What is Worldcoin and how does it help preserve world ID?
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Worldcoin is an intriguing project aiming to revolutionize the digital ID space while also providing an opportunity for users to earn cryptocurrency. The project operates based on a unique device known as the “Worldcoin Orb.” This fascinating device scans the eyes of participants, using the retina as a form of complex biometric identification.
The Worldcoin Orb uses this retina scan to ascertain that the user is a unique individual and not an AI or a bot. With technology and AI continually advancing, separating genuine human interactions from those influenced by AI is becoming increasingly difficult. Worldcoin’s retina scanning approach represents an innovative solution to this contemporary predicament – it uses the complexity and unique nature of the human retina as a definitive test of human identity.
Worldcoin’s currency, the WLD token, is rewarded to individuals who choose to get their eyes scanned. Upon the completion of a successful scan and verification of identity, users are awarded these tokens. The initiative has been designed with a specific system called “Token incentives,” originally operating on the Optimism mainnet and now transitioned to the Ethereum mainnet.
The Worldcoin Protocol has set a cap of 10 billion tokens to be circulated over a period of 15 years. Once the 15-year duration is completed, the governance committee of Worldcoin Protocol will decide whether or not to increase the token supply at a maximum rate of 1.5% per year.
Despite the promising potential of Worldcoin, the project has also sparked some controversies. Privacy advocates have voiced concerns against the necessity of scanning one’s eyes to receive cryptocurrency, considering it a potential breach of privacy. The company, however, has stirred interest from Silicon Valley investors and maintains optimism regarding its innovativeness in proving digital identity.
The buying process of WLD tokens involves either direct purchase from major centralized exchanges such as Binance, KuCoin, OKX, Bybit, and Huobi or through decentralized platforms like Uniswap and PancakeSwap. It’s worth noting that currently, WLD tokens are not accessible to the U.S. citizens, residents or companies.
In conclusion, Worldcoin attempts to combine a means of preserving global, unique identification standards with the dynamic world of cryptocurrency. The project seeks to create a new interactive dynamic between users, their identities, and the growing world of digital currency. This makes it a unique project with the potential to make significant waves in the crypto space.\
How does Worldcoin plan to fund the UBI?
Worldcoin plans to fund the Universal Basic Income (UBI) through a unique approach called “proof of stake.” This means that a portion of the newly minted Worldcoin tokens will be distributed to eligible recipients as a form of UBI. The amount of tokens distributed will be proportional to the number of tokens held by each eligible recipient. Additionally, Worldcoin plans to partner with governments, NGOs, and other organizations to secure funding for the UBI program. Overall, the goal is to create a sustainable funding model that can support the UBI program in the long term.
What is the role of biometric data in Worldcoin’s system?
Worldcoin’s system uses biometric data as a means of identifying individuals and preventing fraud. Biometric data refers to unique physical characteristics such as fingerprints, iris scans, and facial recognition. In Worldcoin’s system, individuals are required to provide biometric data in order to receive a certain amount of coins. This helps to prevent individuals from creating multiple accounts and receiving coins multiple times. Additionally, the use of biometric data helps to ensure that the distribution of coins is fair and transparent. Overall, biometric data plays a crucial role in Worldcoin’s system by providing a secure and reliable means of identifying individuals and preventing fraud.
What are the potential benefits of a global UBI?
A global Universal Basic Income (UBI) is a proposed system where every person in the world would receive a certain amount of money on a regular basis, regardless of their employment status or income level. There are several potential benefits to implementing a global UBI, including:
- Poverty reduction: A UBI could help reduce poverty by providing a basic level of income to everyone, particularly those who are currently living in extreme poverty.
- Increased economic stability: A UBI could help stabilize the economy by providing a safety net for individuals during times of economic downturns or job loss.
- Improved health outcomes: A UBI could improve health outcomes by reducing stress and financial insecurity, which have been linked to negative health outcomes.
- Increased entrepreneurship: A UBI could provide individuals with the financial security to pursue entrepreneurial endeavors, which could lead to increased innovation and economic growth.
- Simplified welfare system: A UBI could simplify the current welfare system by replacing various means-tested programs with a single, universal program.
However, there are also concerns about the potential costs and implementation challenges of a global UBI, as well as the potential disincentive effects on work and productivity.
