YOGYAKARTA - Blockchain technology and the crypto world continue to experience significant developments

YOGYAKARTA - Blockchain technology and the crypto world continue to experience significant developments, bringing about various innovations

YOGYAKARTA - Blockchain technology and the crypto world continue to experience interesting developments, bringing innovations that change the way humans view data, digital identity, and value systems.

One of the new initiatives that has stolen the public eye is Worldcoin, a project that combines digital identity and cryptocurrencies in one system. For some people, the term Worldcoin may still sound foreign, so there is curiosity about what this project really is.

This article aims to provide a complete understanding of the basic concepts, the main objectives, as well as how the Worldcoin work mechanism in today's modern technology landscape.

What is Worldcoin?

Worldcoin is a global digital identity project and cryptocurrency developed by Tools for Humanity, a technology company co-founded by Sam Altman, CEO of OpenAI. The main goal of Worldcoin is to create a universal digital identity system called "World ID" and distribute cryptocurrencies fairly to the rest of the world.

This project was created to solve two major problems, namely the difficulty of verifying real human identity in the digital world and the unequal distribution of wealth and financial opportunities.

Worldcoin's Main Goal

Worldcoin comes not only as a digital currency, but also as a means of building a technology-based global identity. Some of its main goals include:

• Integrating blockchain technology to create a transparent and decentralized system for managing digital identities

• Developing a unique iris scanning technology to verify individual identities without collecting or storing personal data

The essence of this project is to combine biometric and blockchain technologies in order to build an inclusive and open future financial system for everyone, regardless of economic or geographical backgrounds.

How Does Worldcoin Work?

To understand more about what Worldcoin is, it is also important to understand how it works. The process consists of three main elements, namely World ID, Orb, and WLD Token.

1. World ID

World ID is a biometric-based global digital identity. To get a World ID, one must scan his eye slices using a special device called the Orb, a spherical-shaped tool designed to recognize a unique human identity through a iris structure.

The iris data collected is not stored as an image, but converted into a numerical (hash) code to preserve privacy. This hash code is then used to generate a World ID, which is a unique and indivisible digital identity on the blockchain.

2. Orb

Orbs are biometric devices used to perform identity verification. This tool is developed specifically to recognize a person without storing personal data directly. Whenever someone registers via the Orb and is verified as "unique", it gets a World ID and access to receive a Worldcoin token.

3. WLD Token

Once successfully verified through the Orb, users will receive a crypto token called WLD (Worldcoin Token). This token can be used for various digital transactions or stored as an asset.

In the long term, this token is also designed to support the Universal Basic Income (UBI) program, which is universal basic income for all humans. The goal is for WLD to provide a more equitable economic foundation for everyone in the world.

Is Worldcoin Safe?

The next question after knowing what Worldcoin is is: is it safe?

Worldcoin claims that their system is designed with a principle of "privacy by design", meaning privacy protection is at the heart of its technological development. For example, biometric data is not stored in original form and is only used to create unduplicable digital identities.

However, many parties continue to criticize aspects of security and ethics from the use of biometric data, especially because the iris data is very sensitive and has the potential to be misused if it falls into the wrong hands.

Some observers also question the potential for misuse of technology if it falls into the wrong hands. For example, a totalitarian regime could use this technology to create a complete biometric database of its citizens.

Therefore, even though Worldcoin promises data protection, users still need to be careful and understand the risks.

Worldcoin's Excess And Lacks

Excess:

- The project is backed by well-known figures in the technology industry, such as Sam Altman, CEO of OpenAI

- Worldcoin aims to solve two big problems, namely the lack of a global identity system and the unequal distribution of wealth

- The technology used is advanced and designed to protect user privacy

Lacks:

- There are still many parties who criticize the ethical implications of collecting biometric data, especially iris scans

- The project may be vulnerable to abuse if it falls into the wrong hands, such as a totalitarian regime that wants to collect biometric data from its citizens

- The concept of universal basic income is still being debated and may not be effective in practice

So, what is Worldcoin? Worldcoin is an ambitious project that combines biometric-based digital identity and blockchain technology to create a fairer and more inclusive global financial system.

Using a iris scanner device called the Orb, the project wants to give the World ID to every human being and distribute crypto