Everything You Need to Know About WorldCoin: The Guide

Everything You Need to Know About WorldCoin_ The Guide _ MediaOne Singapore

Everything You Need to Know About WorldCoin: The Guide

There’s a new cryptocurrency in town, and it’s called WorldCoin. If things go the way its founders have envisioned, this might be the digital coin that finally puts cryptocurrency on the map.

Wordlcoin aims to become more than a cryptocurrency but a full-fledged financial system and a digital passport. 

According to Worldcoin’s website, Worldcoin is a financial network owned by everyone, allowing users to transfer money anywhere in the world and spend it with anyone who accepts WorldCoin. It’s easy to use and secure, making it an attractive alternative to traditional money transfer methods.

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What’s Worldcoin?

Worldcoin is a cryptocurrency project founded by OpenAI’s cofounders Sam Altman, Alex Blania, and Max Novendstern. It aims to create a global financial network and identity platform for everyone on Earth.

It rewards users with Worldcoin tokens by scanning their eyes using an orb called Worldcoin Iris Scan (WISC).

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Its eye scan scans the human eye’s iris to prove they’re human and unique. The orb will then verify the uniqueness of the human and reward them with the Worldcoin crypto token.

Worldcoin’s goal is to create a global financial system owned by everyone and can be used for anything from making purchases to payment transfers.  

The project plans to distribute over 10 billion Worldcoins to 80% of its users by the end of 2023.

How Does Worldcoin Work?

Worldcoin works by giving biometrically authenticated users a digital identity in the form of a Worldcoin token. This digital identity is then used to access the global financial network, allowing users to make payments, transfers, and purchases.

World ID works like a digital passport. It verifies that the person using it is human while keeping their real-world identity anonymous. That way, users can securely and easily conduct transactions without worrying about cyberattacks on their real-world identity.

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Step #1: You Download the World app

Go to App Store or Google Play and search for World app or use this link to find them: https://worldcoin.org/download-app.

You can download and install the app to set up your Worldcoin account and access a digital wallet connected to Worldcoin, Bitcoin, Ethereum, and other digital currencies.

The World App is only available for Android and iOS devices. It’s operated by Tools for Humanity, one of the contributors to the Worldcoin ecosystem. 

Step #2. Sign Up for World ID

After downloading and installing the World app, you can sign up for your own World ID. Remember, you can still use the app without signing up for World ID. But to receive your free share of Worldcoin Tokens, you must sign up for World ID through a Worldcoin operator and verify your personhood at an orb.

The process may evolve in the future, but for now, you must find the nearest orb to complete the process. 

What’s an Orb?

For the unaided reader, an orb is a device that verifies biometrics to ensure each person only has one World ID. It scans your eye’s iris pattern to verify you are human, then ties it to your World ID.

Step #3: Receive Your Free Share of Worldcoin Tokens 

Once you’ve signed up for WorldID and verified your personhood at an Orb station, you can claim your share of the free  Worldcoin Tokens. It will be deposited into your wallet automatically.

From there, you can use your Worldcoin tokens to purchase goods and services on the Worldcoin network. You can also use them to transfer funds, trade in markets, or even donate them to a charity of your choice.

Organizations Contributing to Worldcoin

Worldcoin is supported by two major organizations, Tools for Humanity and the Worldcoin Foundation. 

  • Tools for Humanity: Tools for Humanity is a nonprofit organization dedicated to transforming the global economy towards a just economic system. It led to the initial development of the Worldcoin protocol and continues to play an important role in the development of Worldcoin. 
  • The Worldcoin Foundation: The Worldcoin Foundation is a nonprofit organization set up to grow and support the Worldcoin community until it is self-sustaining. It provides resources and guidance for developers and entrepreneurs, grants funding to projects, and ways for users to get involved in the Worldcoin ecosystem.
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Investors

Despite its young age, Worldcoin has attracted the attention of many investors. 

It’s raised over $25 million from crypto investors and the silicon valley.

These include Coinbase Ventures, Andreessen Horowitz, 1 Confirmation, Coinbase Ventures, CoinFund, Day One Ventures, and Blockchange. 

It’s also attracted private investors, including LinkedIn founder Reid Hoffman and FTX founder Sam Bankman-Fried.

As of writing, Worldcoin has a tech unicorn valuation of one billion US dollars.

Who Are Worldcoin Operators?

Worldcoin Operators, or WCOs, operate orbs and can earn Worldcoin by introducing the coin to their communities and helping them securely sign up for World ID using the orb. They’re not employed by Tools for Humanity or Worldcoin Foundation, but they do get incentives for helping people join the Worldcoin network. 

They operate independently while being expected to follow the guidelines set by the Worldcoin Foundation. They’re to operate under a strict code of conduct that emphasizes complying with the laws set by their country of operation while protecting the public.

How to Find a Worldcoin Operator

The app will show you a list of available operators in your area. Just go through the list to find the nearest one.

Remember, Worldcoin operators are still onboarding, so if you don’t find any operator in your area, check back later.

How to Apply to Become a Worldcoin Operator

To become a Worldcoin operator, you must complete a simple application form. You can find the form here: https://worldcoin.org/be-a-worldcoin-operator.

The Tools for Humanity will review your application, and if accepted, you’ll receive further instructions on how to become an official operator.

Criticism and Controversy

Since its launch, Worldcoin has faced criticism from some quarters who question its motive and privacy policies.

After the coin launched, Ethereum founder Vitalik Buterin wrote a lengthy blog post criticizing Worldcoin’s privacy policies. He argued that the platform’s iris scan technology could harvest more information than users realize. 

He also thought that someone could potentially use someone else’s eye to generate a World ID.

However, the Worldcoin Foundation has since addressed these concerns and clarified its stance on data privacy. 

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In April 2022, MIT Technology Review published an article about Worldcoin’s deceptive marketing practices. According to the article, the company was collecting more personal data than they acknowledged in their privacy policy, and they weren’t obtaining any meaningful consent from users. 

In response to the article, Worldcoin wrote a 25-page rebuttal to address the allegations and argued that they’re not a data company and their technology is as secure as any existing payment system. They also noted that they were only interested in user uniqueness and that the orb scans only generated an ID based on the iris scan — no further data was collected. It didn’t store the iris pattern or images.

Worldcoin Price Prediction Summary

Worldcoin is a long-term project aiming to become a global payment option. It has its detractors, but the coin has significantly advanced in the last few years. 

According to Techopedia price prediction, the coin is expected to hit $4.15 by the end of 2023 and $5.25 by 2025. 

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Year

2023: 

  • Minimum Price => $3.5
  • Average Price => $4.15
  • Maximum Price => $4.8

2024: 

  • Minimum Price => $3.8
  • Average Price => $4.5
  • Maximum Price =>$5.2

2025: 

  • Minimum Price => $4.0
  • Average Price => $5.25
  • Maximum Price =>$6.5

2030:

  • Minimum price =>$7..4
  • Average Price =>$6.25
  • Maximum Price => $9.0

Individual Risk Associated with Worldcoin Adoption

Worldcoin is a relatively new payment option, and it carries its own set of risks. The individuals who use it should be aware of the potential risks associated with such a move, including fraud, loss of data privacy, and market volatility.

Fraud

As with any digital currency, individuals adopting Worldcoin risk losing their money through fraudulent and cybercriminal activities. The concern is that the anonymity of Worldcoin could make it easier for criminals to steal and launder funds. Plus, there are no established regulations and laws governing its use.

Loss of Data Privacy

Worldcoin scans the iris of users for authentication. While it does not store any images or patterns, this could still put an individual’s data at risk. It’s still unclear who has access to the data and if it’s encrypted.

Volatility of the Market

Worldcoin is highly volatile, and its value can fluctuate rapidly, making it a risky investment. External events such as government regulations or changes in the global economy could also affect its price. 

Its price is also affected by the amount of Worldcoin available in circulation. When more people adopt the currency, its value increases. The opposite could also happen if fewer people choose to use it.

National Risks Associated with Worldcoin Adoption

In addition to individual risks, several national concerns have been raised about using Worldcoin. These include:

  • More economic instability
  • Increased criminal activity/money laundering
  • Cybersecurity threats
  • Lack of consumer protection

More Economic Instability

Adopting Worldcoin may entail its inclusion in the country’s monetary policies. But its volatile nature could lead to increased economic instability if the currency is not resourcefully managed.

Increased Criminal Activity/Money Laundering

Worldcoin’s lack of regulation and anonymity could potentially make it easier for criminals to use the currency for illegal activities such as money laundering, fraud, and drug trafficking.

There’s no any known official body regulating Worldcoin. Consumers are not protected, and the company is not accountable to any government. That makes tracking the person responsible for fraudulent activity or money laundering difficult.

Cybersecurity Threats

The use of Worldcoin and other digital currencies is susceptible to hacking, malware, and other security threats. Consumers must take extra precautions to protect their wallets from malicious actors looking to steal their funds.

Any security breach can be catastrophic not just for user funds but for government funds as well. It could even crash the entire system if the security breach is serious enough.

Lack of Consumer Protection

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Worldcoin users face potential criminal and security threats and are also largely unprotected from fraud. There’s no federal protection for losses due to theft or fraud, and consumers don’t have the same protections as they do with traditional currencies.

The Wrap Up

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Worldcoin is an exciting new technology that has the potential to revolutionize the way people use and manage their money. 

It promises to become a global financial network that’s open, secure, and free from third-party control. 

However, its lack of regulation and consumer protection also poses many risks to its users, starting with the eye scan, which exposes everyone to mass surveillance and the risk of identity theft. Without a proper regulatory body, it is difficult to police fraudulent activity or track money laundering.

About the Author

Tom Koh

Tom is the CEO and Principal Consultant of MediaOne, a leading digital marketing agency. He has consulted for MNCs like Canon, Maybank, Capitaland, SingTel, ST Engineering, WWF, Cambridge University, as well as Government organisations like Enterprise Singapore, Ministry of Law, National Galleries, NTUC, e2i, SingHealth. His articles are published and referenced in CNA, Straits Times, MoneyFM, Financial Times, Yahoo! Finance, Hubspot, Zendesk, CIO Advisor.

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