In a world dominated by get-rich-quick schemes and a notable lack of financial transparency, many of us have been searching for a breath of fresh air.
While we don’t want to admit it, the crypto ecosystem has also experienced its fair share of drawbacks in recent times.
From the decidedly ignominious demise of FTX to the the questionable status of Binance in relation to the Security and Exchange Commission, a bit of change could represent just what the doctor ordered.
Enter Worldcoin (WLD): a crypto token that’s hoping to shoot for the moon and fall amongst the stars. What makes this opportunity stand out?
Is WLD nothing more than an altruistic vision or might there actually be some logical reasons to consider a one-off investment? Once again, Crypto Lists has examined this venture with a digital magnifying glass to appreciate what might be in store.
What Exactly is Worldcoin?
In some ways, we can think of Worldcoin as a means to buck the traditional cryptocurrency ecosystem. This crypto is mainly concerned about equality; enabling everyone to get in on the ground floor simply by downloading official World App smartphone software. What do users get in return?
They’ll receive free Worldcoin tokens until the point where WLD breaks into a major crypto exchange (it’s currently in beta testing).
To cut through the technicalities, Worldcoin is meant to level the playing field in terms of who can become immersed within the crypto community.
While these idealistic visions are quite unique, we’ll need to take a closer look before drawing any realistic conclusions.
Who Invented Worldcoin?
Worldcoin is an open-source crypto protocol that was created by the team at Tools for Humanity. Tools for Humanity is an organization primarily concerned with how big tech can be used to benefit the average person as opposed to lining the pockets of elite players.
By offering one of the few crypto utility tokens available to anyone who has the ability to download a smartphone application and to confirm their identity, this project can be seen as an attempt to open the doors to a much wider digital investment community.
Is it Really That Simple?
At first glance, the possibility to become involved with a budding utility token on the ground floor seems too good to be true. This is why we should highlight an important point before moving on.
In order to activate a Worldcoin account via their app, you’ll need to verify your identity with a retinal scan. So, why not KYC verification alone?
Worldcoin has partnered with a software provider known as Orb. Orb is an imaging system that is used to ensure the “uniqueness” of every Worldcoin holder through the use of biometric confirmation.
As retinal patterns can’t be faked (at least at the present), this is an effective way to confirm that a Worldcoin applicant is human as opposed to a bot.
Is Worldcoin More Secure Than Other Crypto Ventures?
Although this question is debatable, Worldcoin is one of the first utility tokens to employ retinal scans in order to verify the identity of token holders. Let’s also remember that one of the founders of Worldcoin is none other than Sam Altman; a name intrinsically tied to OpenAI.
Simply stated, we doubt that he would’ve gotten involved with such a project if it didn’t meet his standards in terms of online security alone.
Crypto Lists believes that it will only be a matter of time before other utility tokens follow the same path.
Is Worldcoin a Short- or Long-Term Prospect?
This is really the million-dollar question. On one hand, we love the underlying principles that have already come to define WLD.
It’s still crucial to mention that the gap between beta testing and going live is similar to Caesar crossing the Rubicon. It would be irresponsible to assume that Worldcoin could represent the next paradigm shift in terms of cryptocurrencies.
However, Worldcoin has already generated an impressive level of interest due to its verification technology alone. This could very well provide the exposure needed to ascend above and beyond a beta-phase utility token.
History has already proven that those who are capable of thinking outside of the box can reap significant rewards from a long-term perspective.
While the Crypto Lists website isn’t claiming that Worldcoin will reinvent the digital wheel, we like the notion of a democratized ecosystem.
If you’re keen to stay on top of the latest Worldcoin developments, bookmark this page to access late-breaking crypto news and trending advice.