How Does Worldcoin Work as a Cryptocurrency?

Worldcoin is a cryptocurrency that uses a unique algorithm called Proof of Personality. The key to this system is personal authentication using a dedicated piece of hardware called “Orb.” Orb is a facial recognition device that is being distributed around the world. By capturing your face on Orb and passing identity verification, you can mine Worldcoin.

Orbs clearly authenticate and distinguish individuals, and one account per person is strictly enforced, so WorldCoin is distributed equally to people all over the world. There is no limit to the amount of supply, so the more participants there are, the greater the supply will be.

The Worldcoin project is led by OpenAI, of which Elon Musk is one of the co-founders. OpenAI is a non-profit artificial intelligence research institute, and Worldcoin is a challenging endeavor for the company. On the other hand, it is also being forced to deal with ethical issues such as privacy protection.

What Are the Features of Worldcoin?

The biggest feature of Worldcoin is that it requires dedicated hardware called “Orb”. The facial recognition performed by Orb adheres to the principle of one person, one account, and is effective in preventing fraudulent activities. Also, since Orb is available to anyone, Worldcoin mining is fair to people all over the world.

Another feature is its social contribution, with 50% of the circulation amount being allocated to humanitarian aid funds . There are still serious poverty problems in the world, and WorldCoin is trying to help solve them.

Another major feature of WorldCoin is that there is no limit to the total amount of coins that can be issued. This has the advantage of reducing inflation concerns, as the coin supply can be flexibly adjusted according to demand.

What Are Worldcoin’s Prospects, Potential, and Price?

Worldcoin is currently in its development stage, but it has great potential for the future. First of all, the key is to further popularize Orbs. If Orbs spread all over the world, the awareness and adoption of Worldcoin will increase exponentially.

Regarding prices, it is expected that an increase in circulation will lead to increased demand, which will lead to higher prices. However, speculative movements are also expected, and price fluctuations will likely remain unstable.

In the future, Worldcoin may become one of the major settlement currencies. However, this is likely to take 5 to 10 years, so we need to be cautious and not be too optimistic.

What is the Best Exchange to Start Trading Crypto Assets?

Bybit is a Singapore-based cryptocurrency exchange established in 2018. It is a popular exchange among traders because it offers a maximum of 100x leverage and low trading fees. Bybit not only offers major cryptocurrency trading pairs such as Bitcoin and Ethereum, but also allows you to trade WLD.

The biggest attraction of Bybit is its low trading fees. The maker trading fee is 0.075%, one of the lowest in the industry, and taker fees can also be significantly reduced by taking advantage of the discount system.

Bybit also supports Japanese, and Japanese traders can easily make deposits and withdrawals. Leverage trading is risky, so we recommend that beginners use it at their own risk. Bybit is an exchange that has earned a high reputation from professional traders due to its low fees and sophisticated trading functions.