In the ever-evolving digital world, standing apart as a cryptocurrency is not easy. In fact, competition is tough, and developers try their best to keep on track with all the trends running in the real world and the digital market. When thinking about the crypto world, you must immediately associate it with currencies like Bitcoin and Ethereum, which are surely here to stay, but you should know that there are many other opportunities you can embrace. For example, in this article, we are going to unveil the power of Worldcoin, which is one of the latest cryptocurrencies launched, and it brings a concept to web3 that was never seen before. Worldcoin’s goal is to create an ecosystem that serves the needs of every individual on the planet, create a universal basic income, and, of course, reshape the traditional economy. The network uses incredibly advanced technologies that are leaving investors speechless, which also makes the coin very controversial. If you want to get a closer look at currency, check Worldcoin price prediction to see what the future holds for the network. So, to understand this concept better, in this article, you can find everything you should know about Worldcoin:

What’s worldcoin?

Worldcoin (WLD) is a cryptocurrency but also a project that aims to make people identify as humans on the platform. It’s an open-source protocol that was created with the intention of providing everyone with access to the global economy. This mission is supported by multiple tools that have been designed to improve decentralization, ensure privacy, and make the technology unique. For instance, here are the main tools used in the Worldcoin ecosystem:

• World ID: it is a form of identification for the ecosystem, which proves that you are human without compromising your privacy
• The orb: it’s a veryfing method which scans your iris to prove your identity in secure and private way.
• WLD token: it’s distributed to people who are willing to embrace the ecosystem, and it can be used as a store of value, for governance purposes, staking or payments.
• World app: This app enables WLD users to access a platform for payments all over the world, trading, puchases and more, working like a digital wallet.

Proof of personhood

Proof of personhood is a concept that Is not seen ofen I the web3. This concept aims to prove that the users of blockchain technologies are humans rather than bots or algorithms. PoP is the underlying technology that explains the capabilities of the WLD network, as it can strengthen the security and reliability of all applications on the system. This concept doesn't actually require sensitive data, and the user remains anonymous. Understandably, this system is also robust against potential cyber-attacks and seems like the perfect solution to make web3 accessible to anyone who wants to take part in the decentralized economy, keeping at bay issues of the real world.

Universal basic income

The universal basic income (UBI) is a concept that supports the idea that all individuals can receive a regular and unconditional payment from a central authority or the government. This is one of the main goals of Worldcoin, and the network aims to provide users with financial security and ensure everyone has basic financial resources. This model doesn’t require any form of income level on your own professional status, and every person is eligible regardless of their wealth, whether they have a bank account or not. UBI aims to reduce global poverty, offer financial security to every individual so no one has to worry about not affording to live a normal life and encourage people to hop on the latest trends on the web3 to embrace innovation and rethink their values in terms of economy.

Orb scanning

Orb scanning is a concept that seems almost SF. This biometric verification technology is the cornerstone of Wordlcoin, and it is what makes the network stand apart in the web3. Understandably, this mechanism raises some concerns about skeptical people who don’t accept the power of the web3. However, the network promises the highest security standards, and protecting the identity of users is one of the main goals of the technology. The orb is a spherical device that is able to capture high-resolution images of individuals’ irises. The image is then converted into a cryptographic hash, and the system will check that the user has not been registered already to prevent duplicate access. This process comes with additional benefits for the users, as they can receive WLD tokens for their initiative to enter the ecosystem, which can be used for payments, trading, staking, and more.

Enhanced privacy

Privacy is the central focus of the worldcoin network. Even if the advanced technology could seem unsafe at first sight, the web3 is one of the safest technologies of all time. For instance, the iris scan is not as scary as it sounds because the image captured is then converted into a unique cryptographic hash, which is irreversible, so the image remains private and can’t be unveiled. Moreover, decentralization is what keeps the data secure in the blockchain technology, as users don’t have to provide any sort of sensitive information such as name or bank account.

What does the future hold?

Forecasting the future of cryptocurrencies is not easy, but considering the widespread adoption of the WLD network, we can say that the technology has great potential to become one of the best opportunities of the web3. People from all over the world are attracted by the high-tech of Worldcoin, and they start to accept that the futuristic idea of how the world could look is not that far.

When you choose to become an investor in web3, it would be best to make sense of the most popular coins and embrace the ones that could serve your financial needs most, so opting for WLD could surely be a choice for the future.