What is Worldcoin
Worldcoin is a collectively owned global currency that will be distributed fairly to as many people as possible
It’s essentially free money, who doesn’t like that?
Well sort of free…The tradeoff is potentially your privacy. It works like this; you receive a cryptocurrency payment for having your retina scanned, with the results entered into a massive database, and your trust in a company you know little about. What could go wrong? Oh, and for your convenience, this happens as you wait for your mocha latte outside the French Bistro, or the Kenyan marketplace.
I say this in jest, mainly because I believe there are many people who would be eager to trade privacy for the chance at stacking more cryptocurrency. And, who knows, maybe Worldcoin becomes the next Bitcoin some day.
Why would Worldcoin give away free money
Worldcoin is the nexus of where Big Tech and the Crypto Industry collude to circumvent the Federal Government by creating its own “Safety Net Program”.
Worldcoin is trying to become the private sector’s answer to getting money in the hands of every citizen in the form of a Universal Basic Income Payment (UBI). Governments; weighed down by its own self-administered bureaucracy, struggles at getting money to its citizens. So, the private sector is going to have a crack at it, and Worldcoin is leading that charge.
The Orb is the tool used to collect the data for Worldcoin. The retina scan enables verification of ‘person-hood’ which is essential, if you are trying to get payments to ‘people’, and not; dogs, or bunny rabbits.
There are two essential processes to the success of Worldcoin; the Orb which serves as the Identity System, and The Coin (WDC) which acts as the Payment System.
The Identity System for Worldcoin
The iris will be used because no two iris’ are alike, not even for identical twins. Iris’ are also very difficult to modify, minimizing the opportunity for fraud. Also, scanning the iris can be done more simply, rapidly, and on a larger scale than obtaining DNA from something such as a saliva swab, which then would need to be checked on site. Lastly, the Orb is just Dope!
The Payment System for Worldcoin
For the scan of your retina, you receive a payment in the form of the Cryptocurrency Coin (WDC). Currently trading at $.0395 at the time of this writing, this low price may lead you to believe the interest in the project is rather low.
Not so, in fact, the project has just received its second major capital raise of $100,000,000, for total coin valuation of 3 Billion. The majority of these funds are to go to the participants who offered up their retina to the ‘shining’ promise of the Orb.
How will Worldcoin get payments to the participants.
In order to scale to billions of people, Worldcoin will be using the Orb whose computer code will utilize Optimistic Rollups. Optimistic Rollups are a way of moving transactional computations off the Ethereum Blockchain to enable speed and scalability while at the same time utilizing the security of the Ethereum Blockchain.
Currently, the computer code for Worldcoin is not open-sourced, but they claim it will be soon. It is said the code will be using Zero-knowledge proofs (ZKP) which will be the way Worldcoin maintains the ‘retina scanned subjects’ anonymity and secret data. Zero Knowledge Proofs are a way of doing authentication where no passwords are exchanged, and therefore cannot be stolen. Other than the scan of the participants retina, there is no other personal information collected.
The participant will scan a QR code, then have their retina scanned. The scan will create a unique hash which will match the QR code with the retina scan. The Hash is sent to a sequencing node which checks to see if the Hash has been used before. If not, the Hash is connected to a wallet address and funds are dispersed to it.
Who is the creator of Worldcoin.
Former Y Combinator President Sam Altman, Alex Blania, and Max Novendstern, are the tech minds behind Worldcoin.
Their corporation; The Tools for Humanity Corporation is ‘for Profit’ and registered in Delaware, but based in San Francisco. According to the Worldcoin website, the Worldcoin Foundation which is ‘not for profit’ will soon be overseeing the project.
Sam, Alex, and Max have all made massive contributions to technology and the Crypto space. Sam; a serial investor is currently the co-founder and CEO of Open AI, an artificial Intelligence research laboratory. And, to illustrate the significant network of tech minds Sam is part of, one of the other co-founders of Open AI was none other than Elon Musk. You know…that guy who created Tesla?
Alex Blania runs the day to day operations at Worldcoin. He is a former student of Theoretical Physics at the California Institute of Technology and one heck of an engineer. He even built a Mini Cooper when he was 16 years old, check it out:
Max Novendstern; the third musketeer is a graduate of Harvard University in 2012, and was a very active writer of the university’s media correspondence, The Harvard Crimson. He is currently the head of business development at Erasure, a staking protocol where a user puts up a small amount of money to verify their online interactions. The hope is, it will ultimately lead to the eradication of spam and programmable bots in the online world.
Why become a Worldcoin Orb Operator
Worldcoin is going to need Orb Operators en masse. They are hoping to deploy thousands of Orbs by 2023 in countries all across the Globe. And, their success lies in deploying an army of orb operators willing to get the message out to participants located in large metropolitan cities and even the smallest of villages. Their enticement for getting more participants to gaze into the orb, is of course, payment in Worldcoin.
A big gamble when Worldcoin is trading at a mere $.0395. Though it is trading 120% higher this week than last week.
The process of becoming an Orb Operator, is rather competitive. In fact, Operators bid for the for the right to operate one or multiple Orbs for a defined period of time, and operators will submit higher bids when they feel they can ‘outwork’ their orb counterparts. If you think you have what it takes to be an orb operator, or as we like to call them, ‘Orbpreneurs’, you can apply here.
Time will be judge of Worldcoin’s success, but they are armed with a novel and benevolent idea, great leadership, and some deep pocket investors, which could be the exact recipe for success.
Jim started his real estate investing career in 2005 and enjoyed 3 good years before the Financial Crash of 2008. Jim’s been a steady equities investor for over 20 years, but really didn’t realize the power of dividends until 2015. Since then, he’s adopted an ‘if it doesn’t produce income, its not worth investing in” motto. Jim works in a sales and marketing position and has knowledge in SEO, Blog Writing, Website building, and growing a digital brand. If you’re looking to build your online presence, feel free to reach out to Jim.