Worldcoin Price Prediction with an In-Depth Analysis of the Future WLD Price Forecasts

Worldcoin originated from a simple yet profound query: Is it possible to freely and equally distribute a new digital token to every person globally?

Worldcoin began with a simple yet profound question: Is it possible to freely and equally distribute a new digital token to every person globally?

To answer this question, we must address the broader issue of integrating the essence of being human into global digital systems. Essentially, how can you allocate digital assets to every person if there is no digital method to verify human identity?

Currently, Worldcoin is composed of numerous project contributors and a burgeoning community that spans five continents, totaling 8,792,620 unique individuals. Its mission has expanded to facilitate universal participation in the global economy by creating the largest identity and financial network worldwide, ensuring open access to all while complying with regulatory standards.

Worldcoin is an innovative cryptocurrency project that merges AI and blockchain technology to redefine identity verification and global transactions.

Under the leadership of OpenAI CEO Sam Altman, Worldcoin employs a groundbreaking identification technique using iris scans. Your iris’s unique pattern serves as your digital identity, distinguishing you from bots and artificial entities.

This advancement is especially significant as cybersecurity challenges emerge with the development of Web3. In this article, we’ll explore Worldcoin price prediction with an in-depth analysis of the future WLD price forecasts.

A Quick Overview of Worldcoin

On July 24, 2023, OpenAI CEO Sam Altman unveiled Worldcoin, a novel cryptocurrency designed to enhance security and reduce fraud, capturing global attention—quite literally.

worldcoin launches today: https://t.co/UXXE5AFznS

Worldcoin uses an eye-scanning technology to establish “personhood,” ensuring that users are humans rather than robots. Co-founded by Altman, Alex Blania, and Max Novendstern, Worldcoin is both a cryptocurrency initiative and an online platform. It integrates AI, blockchain, and cryptocurrencies within an open-source framework, granting universal access to the global economy.

Operating on a decentralized model similar to other cryptocurrencies, Worldcoin is not governed by a central authority like a bank but by its users. The development of this project spanned two years, aiming to tackle income inequality through a unique “World ID.”

This World ID serves to confirm human identity, safeguarding against bots and AI. The initiative comprises three main components:

The entities and groups backing Worldcoin are crafting the technologies essential for accomplishing its mission, which include:

How Does Worldcoin Work?

Worldcoin sets itself apart from established cryptocurrencies like Bitcoin and Ethereum by offering individuals a stake in the future economy without requiring any initial financial investment. The aim of the Worldcoin project is to foster an inclusive global economy accessible to people from every country and economic background.

To acquire Worldcoin, individuals are required to scan their eyes using a sphere-shaped device known as the Orb. This ensures that each participant is human and registers only once. As AI technology advances, establishing human identity becomes increasingly critical, making this unique identifier a central feature of the project.

Each person’s iris has a unique pattern, akin to fingerprints, which the Orb uses to generate a specific identification code. This code acts as the individual’s unique identifier and is securely stored on Worldcoin’s decentralized blockchain to prevent duplication.

The process anonymizes the scans, ensuring they cannot be linked back to the individual once the identifier is created. While the Orb retains no biometric data, it does keep an IrisHash, a numerical representation derived from the iris scan, which is used to identify the person.

After obtaining their IrisHash and a crypto wallet, participants receive their World ID, effectively their digital passport. Orb centers are available in 35 countries, with the device itself being roughly the size of a bowling ball. These centers, located in major cities across Africa, Asia, Europe, South America, and North America, including New York and California, facilitate the iris scanning process in-person.

SMPC and the storage of iris scans

On May 15, 2024, Worldcoin unveiled a new secure multi-party computation (SMPC) system aimed at bolstering the security and privacy of biometric data, notably iris scans. This innovative SMPC protocol encrypts iris codes into various segments that are distributed among multiple holders to foster a decentralized identity framework. These encrypted iris codes remain secure across different storage locations, requiring all components to be combined for decryption and access to the biometric data.

Worldcoin asserts that this system offers robust protection against potential quantum computing threats. However, due to its resource-intensive nature, SMPC has traditionally not been utilized for protecting biometric templates.

Furthermore, Worldcoin plans to eliminate all existing iris codes stored under the old system following their migration to this new SMPC framework.

The source code for the SMPC system is hosted on GitHub and has been made open source, allowing other entities to implement it as a standard for data protection.

User privacy concerns

Concerns have arisen among regulators and privacy advocates regarding the collection of data by Worldcoin, particularly whether users have truly consented to a single