Friday 20 October 2023

Wired Tech News Update 2023: What is WorldCoin? #cryptocurrency #bitcoins

21st October, 2023:  Auckland, New Zealand
Blog Author: David Lim, @davidlim #davidlimnz



Worldcoin is an iris biometric cryptocurrency project developed by San Francisco and Berlin-based Tools for Humanity. Founded in 2019 by OpenAI chief executive Sam Altman, Max Novendstern, and Alex Blania, it is backed by VC Andreessen Horowitz.
Worldcoin, https://worldcoin.org/ is a global digital identity and financial network that aims to give ownership to everyone. It is powered by a blockchain protocol that uses iris scanning to verify users' identities. Worldcoin launched in July 2023 and has since grown to over 2.3 million verified users in 120 countries.

Who is the owner of Worldcoin?
Founded in 2019 by OpenAI chief executive Sam Altman, Max Novendstern, and Alex Blania, it is backed by VC Andreessen Horowitz.


Recent updates:
In August 2023, Worldcoin launched the World App, a mobile wallet that allows users to store, send, and receive digital dollars (USDC) using their World ID.
In September 2023, Worldcoin announced a partnership with Circle, the company behind USDC, to make USDC the native currency of Worldcoin.
In October 2023, Worldcoin launched the Worldcoin Developer Fund, a $100 million fund to support developers building on the Worldcoin platform.

Upcoming updates:
Worldcoin is planning to launch the Worldcoin Reserve, a decentralized reserve currency that will be used to stabilize the price of the Worldcoin token (WLD).
Worldcoin is also working on developing new features for the World App, such as support for more cryptocurrencies and the ability to buy and sell goods and services using World ID.

Overall, Worldcoin is a relatively new project but it has made significant progress in a short period of time. It remains to be seen whether Worldcoin can achieve its ambitious goals, but it has the potential to revolutionize the way people interact with the internet and the global economy.


Some challenges facing Worldcoin:
Worldcoin has been criticized for its use of iris scanning, which some people believe is a privacy risk.
Worldcoin is also facing competition from other digital identity and financial projects, such as Facebook's Libra and the Diem Association.

Despite these challenges, Worldcoin has the potential to make a significant impact on the world. If it is successful in achieving its goals, Worldcoin could help to create a more inclusive and equitable global economy.


How much will Worldcoin be worth?
Price of WLD today20-102-2023
The live price of Worldcoin is $ 1.627724 per (WLD / USD) with a current market cap of $ 218.56M USD. 24-hour trading volume is $ 50.89M USD. WLD to USD price is updated in real-time. Worldcoin is +1.63% in the last 24 hours with a circulating supply of 134.27M.

What happened to Worldcoin?
What Happened? WorldCoin Crypto ID is Suspended in Kenya
WorldCoin had to use the Kenyatta International Convention Centre (KICC) to accommodate the crowd. However, this swift adoption led to government scrutiny, culminating in a suspension of WorldCoin's activities and WLD tokens trading in the grey market.


Should I invest in Worldcoin?
Should I invest in Worldcoin? Before you decide whether or not to invest in Worldcoin, you will have to do your own research, not only on WLD, but on other, related, coins and tokens such as Optimism and Ethereum. Either way, you will also need to make sure that you never invest more money than you can afford to lose.

Is Worldcoin app legit?
The Worldcoin app offers no direct cash withdrawal option, unlike the mobile money apps used by 96% of Kenyan households. Within days of the launch, Worldcoin was forced to suspend the registration of new users in Kenya as the government launched an investigation into its compliance with data protection laws.

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