Worldcoin (WLD), was co-founded by Sam Altman, the CEO of OpenAI, along with Max Novendstern and Alex Blania. The founders envision Worldcoin as a means to significantly enhance economic opportunities, implement a reliable solution to distinguish humans from AI online while preserving privacy, facilitate global democratic processes, and eventually explore the potential for AI-funded Universal Basic Income (UBI).
As the “world’s largest identity and financial public utility,” Worldcoin utilises blockchain technology to address the aforementioned issues, aiming to democratise access to the global economy, particularly for the less privileged, and serve as a stepping stone towards Universal Basic Income for those affected by AI-induced job displacement. The project encompasses three key components: World ID, World App, and Worldcoin Token, working together to create a comprehensive solution in the form of Worldcoin.
|Market Capitalization ($)||$259 Million|
|Current Price ($)||$2.27|
|24 HR Volume ($)||$153 Million|
|All Time High/Low ($)||$3.58/$1.66|
|Script in Circulation||113,956,694 WLD|
|Total Supply||10 Billion WLD|
The Worldcoin token, known as WLD, completes the Worldcoin ecosystem. Within the World App, WLD serves as the currency for issuing grants. Launched on July 24, 2023, WLD is listed on various exchanges, including Binance, Bybit, Huobi, Gate.io, and ZebPay.
To receive WLD tokens, users must biometrically verify their identity at a Worldcoin orb and download the World wallet app. The maximum supply of WLD is set at 10 billion, and its official ERC-20 contract address is 0x163f8c2467924be0ae7b5347228cabf260318753.
Apart from grants, the WLD token will play a role in governing the Worldcoin protocol, determining its future and direction. Furthermore, the token is expected to be integrated into the World App for specific payment purposes. Notably, Worldcoin is currently not intended for distribution to citizens in the United States or other restricted regions.
The use of iris scans for identification in the Worldcoin project has raised privacy concerns among crypto enthusiasts. With plans to scan the irises of billions of people, there are worries about the potential power and implications in an AI-driven future. Some concerns include the possibility of tracking people’s movements or identifying them without their knowledge or consent. Additionally, there are fears that the data collected by Worldcoin could be vulnerable to hacking or sold to unauthorised third parties on the dark web.
To address these concerns, Worldcoin has asserted its commitment to safeguarding user privacy. They have released a white paper detailing their privacy policies, which outlines the steps they will take to protect user data. According to the white paper, the data collected will be encrypted and stored on a decentralized network. It will only be used for the specific purpose of verifying people’s identities, and no other unrelated use of the data will be allowed. Moreover, user consent will be required before any data is shared with third parties. The company aims to uphold stringent privacy measures to reassure users about the security and responsible handling of their personal information.
Following its highly volatile debut on mainstream crypto exchanges, the price of Worldcoin (WLD) has recently stabilised. On July 29, the token saw a 6% increase in price, reaching $2.35. However, it is worth noting that WLD is still down 70% from its peak price of $7.50 during its market debut. Presently, the token seems to be trading within a range of $2 to $2.50, indicating a growing conflict in the market sentiment.
As part of the Worldcoin Foundation launched by OpenAI’s Sam Altman on July 24, the token has a maximum circulation supply of 143 million. Out of this, 43 million tokens are allocated for distribution to Worldcoin’s app users via an airdrop of 25 WLD per user if they verify their identity using the eye-scanning physical orb. The remaining 100 million tokens have been loaned to market makers outside the United States until October 2023. These market makers have the option to either return the WLD tokens or purchase them for $2 + ($0.04 * X), where X represents the number of tokens being acquired divided by 1 million.
With the tokens being anchored around the $2 level, Worldcoin seems to be employing a strategy to maintain the token’s attractiveness for potential users, as per research analysis.
The trading history of WLD coins on major crypto exchanges has been marked by extreme volatility. After an initial surge to $3.30 on its launch day, the price has experienced a significant decline, now trading 34% below that peak. The current Worldcoin price is at $ 2.37 and trading volume has decreased across various exchanges. To establish a bullish outlook, the coin would need to demonstrate strength and rise above the $3 price level.
WLD on the day of the launch (24th July on Binance) made a high of $5.29. after making the high, it witnessed a profit booking and the prices dropped to $1.850. Post this move, the asset has been trading in a range from $2.05 to $2.50. Breakouts on either side of the range with good volumes will decide the further trend for WLD.
A major concern among crypto traders is the very high maximum supply of WLD. With a max supply of 10 billion coins, the fully diluted market cap is estimated to be $22 billion, limiting the potential for significant upside gains. Given these factors, the current sentiment around Worldcoin suggests that there may be challenges in achieving substantial price appreciation in the near term. However, as with any crypto, the market remains dynamic, and future developments could influence the price trajectory.
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