Sam Altman founded and launched Worldcoin in October 2021. Worldcoin aims to establish a universally accessible and inclusive global economy through blockchain technology. Its primary mission is to distribute its currency widely, providing a form of Universal Basic Income (UBI) by leveraging a biometric device called the Orb, which scans irises to ensure unique identity verification and prevent fraud.
Built on a decentralized blockchain, Worldcoin emphasizes transparency, security, and inclusivity, particularly aiming to empower individuals in developing countries. The project is open-source, allowing for community oversight and development.
Worldcoin uses several technological innovations, including the Orb for biometric verification, blockchain, and smart contracts for transparency and immutability, and advanced cryptographic techniques for privacy and security. Its use cases include financial inclusion, digital identity verification, low-cost global remittances, and decentralized applications (dApps).
Despite its ambitious goals, Worldcoin faces significant challenges such as privacy concerns, regulatory hurdles, adoption and trust issues, technical scalability, and potential economic implications. Overcoming these challenges is crucial for Worldcoin to transform the global financial landscape, bringing financial inclusion and digital identity verification to billions of people worldwide. The project’s success will depend on its ability to maintain user trust, navigate regulatory environments, and scale its technology effectively.
Worldcoin’s Use Cases
Worldcoin leverages its decentralized and privacy-first digital identity system to address several real-world problems:
- Universal Basic Income (UBI):
Worldcoin aims to distribute UBI through cryptocurrency. Users verify their identity using World ID and Orb devices. For example, a user in Kenya used Worldcoin funds to buy goats, demonstrating a practical application of UBI.
- Voting Systems:
World ID enhances voting system integrity by ensuring one person, one vote, preventing fraud, and improving transparency. This can be applied to governmental elections and DAO governance, including novel voting systems like quadratic voting.
- Social Media:
Integrating World ID into social media can reduce bot activity and fake accounts, improving user experience and trust. Verified accounts are prioritized, and community moderation becomes more effective. Potential beneficiaries include platforms like Twitter, Discord, and Lens.
- Wealth Distribution:
NGOs, non-profits, and government programs can use Worldcoin to ensure aid is distributed equitably to verified individuals, crucial for welfare programs and humanitarian aid.
- DeFi and Fintech:
In DeFi and fintech, Worldcoin’s identity verification helps prevent fraud and comply with regulations while maintaining user privacy, building trust and ensuring secure financial transactions.
- Token Airdrops and NFTs:
Worldcoin’s proof of personhood ensures fair token airdrops and NFT distributions, preventing multiple claims by a single individual and ensuring wider distribution.
- Content Creation and Attribution:
World ID can help accurately attribute content, preventing deep fakes and misinformation. Verified creators are prioritized, promoting genuine content over harmful or fake content.
Worldcoin’s Future Forecast
It has been a rickety 2024 for Worldcoin, amidst news of halting operations in various countries (like Portugal, Spain, Kenya, etc.) due to privacy concerns. Worldcoin is currently priced at $3.85, after plummeting over 20% of its initial price in the last 7days.
In 2024, Worldcoin’s price is expected to fluctuate between a minimum of $4.09 and a maximum of $7.06, with an average trading price around $5.14. For June 2024, experts predict an average price of $4.87, ranging from $4.09 to $5.50. In July, Worldcoin might trade between $5.23 and $6.01, averaging $5.62. August forecasts show an average price of $6.03, with a minimum of $5.61 and a maximum of $6.45. By September, prices may average $6.17, reaching up to $6.61, with a minimum of $5.74. October’s forecasted average is $6.32, with prices ranging from $5.87 to $6.76. In November, Worldcoin might range between $6.01 and $6.91, averaging $6.46. Finally, December could see Worldcoin averaging $6.60, peaking at $7.06 and potentially dropping to $6.14.
Author: Makinde Adeniyi
The editorial team at #DisruptionBanking has taken all precautions to ensure that no persons or organisations have been adversely affected or offered any sort of financial advice in this article. This article is most definitely not financial advice.
