What Is Worldcoin and How Does It Work?
According to Forbes Advisory, Worldcoin is a digital identification platform aiming to offer a convenient and secure method for verifying real humans online, differentiating them from bots and AI algorithms.
At the core of the platform is "World ID," a proof of personhood created through iris scanning using a device called the Orb.
The Orb captures a user's unique iris pattern and generates an anonymous IrisCode, which is stored on a decentralized blockchain.
This code helps prevent users from acquiring multiple World IDs, ensuring the uniqueness of each identity.
Users access and manage their World ID through the "World App," a crypto wallet that provides access to decentralized finance applications while preserving user privacy.
Alongside World ID, the app supports various cryptocurrencies, including Bitcoin, Ethereum, and USDC.
As users create their World ID and download the World App, they gain access to the WLD cryptocurrency token.
The total supply of WLD is set at 10 billion tokens to be issued over 15 years. Currently, 143 million WLD are in circulation, with a portion allocated to verified World App users and market makers.
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