Worldcoin Review » Is Worldcoin a Scam?

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In this 2024 Worldcoin review, we will delve into the key aspects of Worldcoin to provide an unbiased assessment of its potential and challenges.

In this Worldcoin review, we will delve into the key aspects of Worldcoin to provide an unbiased assessment of its potential and challenges.

Key Insights

  • What is WorldCoin?
  • Worldcoin Ecosystem
  • Worldcoin Orb
  • Worldcoin App
  • How does WorldCoin work?
  • Where to buy Worldcoin?
  • Is Worldcoin a Scam?

What is WorldCoin?

Worldcoin is an open-source decentralized protocol for personal identification through iris scanning. As of the time of writing the review, the project is in beta testing.

With the help of the project, you can get a unique identifier (IrisCode), which will help you log in and register on various platforms without revealing your real identity to a third party. This approach, according to the developers, allows Internet users to remain anonymous and increases security by refusing to distribute personal information on the network.

The official website of the project says that over 2 million people have passed the Worldcoin verification procedure.

The number of people in the project identification database. Source: official site

Worldcoin, the groundbreaking digital currency, was created by a company called Tools for Humanity. They are based in San Francisco and Berlin and were founded in 2019 by Alex Blania and Sam Altman.

Interestingly, Sam Altman also serves as the CEO of OpenAI, the company responsible for the incredibly popular chatbot called ChatGPT. These innovators are making a significant impact on technology and shaping a new future for all of us.

The Worldcoin Foundation is responsible for managing the project. Following the launch of the platform, it will now switch to a decentralized management mode – to become a DAO.

Read also! How to Buy Worldcoin

How does WorldCoin work?

Imagine Worldcoin as a well-balanced tricycle: its smooth ride depends on the synchronized use of three interconnected wheels.

World ID

World ID is a unique identifier that allows a Worldcoin user to verify their identity without revealing personal data. To log in or register on a service supported by the project ecosystem, it will be enough to provide an identifier – it is also proof that a real person with a verified identity is trying to enter the system.

Worldcoin token (WLD)

The WLD token is the cryptocurrency of Worldcoin. If you hold these tokens, you can participate in voting and have a say in the project’s development decisions. To get WLD tokens, you simply need to join the Worldcoin system.

Moreover, you have the opportunity to earn Worldcoin cryptocurrency by becoming a project operator. As an operator, your role would be to verify other users, and the system will reward you for each new user you verify. If you’re interested in this position, you can fill out an application.

The official launch of the WLD cryptocurrency took place on July 24, 2023. The coin has already been listed on many major crypto exchanges, including Binance, Bybit, and OKX.

Worldcoin App

Worldcoin App is the mobile application of the Worldcoin project. With it, you can conduct transactions with Worldcoin token, other cryptocurrencies and fiat. The presentation occurred in early May 2023.

Worldcoin mobile app interface

First, the application will offer to create an account: specify a phone number and set a password. After that, the user will be able to pass verification using the orb. To do this, you will need to find the nearest operator – a member of the system who has a device, and arrange a meeting.

The Worldcoin application has tools for replenishing the balance with cryptocurrency and fiat, as well as an earn section. It presents tasks for the solution of which you can earn cryptocurrency.

Worldcoin Orb

Worldcoin Orb is a device developed by the Worldcoin project team for scanning the iris of a person in order to assign him a verification number in the system and establish the identity of an already registered user.

The Worldcoin eye scan uses machine learning models and other computer vision techniques to turn visual information about a person’s iris into a unique code.

Worldcoin eye scan
Worldcoin Orb / Source: Twitter

Here is what the process of scanning the iris of the eye with an orb device looks like:

Worldcoin Orb eye scanner
Scanning the iris with a Worldcoin Orb

The developers pay attention to the fact that there are no two people in the world with the same iris pattern. Therefore, they chose this variant of the identifier. According to the project team, the Worldcoin eye scan outperforms other options, including fingerprint scanning.

The orb body includes an optical body, a main camera, a cooling system, LED lamps, sensors, and a battery compartment.

Here’s what an orb looks like in cross section:

Worldcoin Orb device
What Orb device looks like inside. Source: official website of the project

To find out more about the Worldcoin Orb device, simply follow the provided link. It will lead you to additional information about this intriguing device.

Obtaining Your World ID: Steps to join the Worldcoin ecosystem

To become a member of the Worldcoin ecosystem, you will need a World ID. You can get it with the help of one of the project operators, who will verify your identity through the orb. Here are the steps you need to take:

  1. Download the World App from the App Store or Google Play.
  2. Find through the application of the local operator of the project. Meet him and verify his identity. To do this, the operator will scan the iris of the beginner’s eye using an orb.
  3. Get your World ID in the app.

After passing the identification, the system will transfer 25 Worldcoin tokens to the user. But it will be possible to get access to coins only after the launch of the main network of the project. The event is scheduled for 2023.

Project users are offered two options for storing biometric data. The first is that the information does not leave the orb. After scanning the eyes, the device deletes all information except for the created identifier. Second, the company receives the user’s biometric data and encrypts it.

Where can I buy Worldcoin?

If you’re wondering where to buy Worldcoin, you’ll be glad to know that acquiring this cryptocurrency is quite straightforward. Worldcoin can be conveniently purchased from several reputable and widely recognized crypto exchanges, ensuring you have multiple options to choose from. Some of the major exchanges that have already listed Worldcoin on their platforms include Binance, Bybit, and OKX.

Binance, known for its extensive selection of cryptocurrencies, provides a user-friendly platform that caters to both beginners and experienced traders. Bybit, on the other hand, is renowned for its derivatives trading options, offering futures contracts for more advanced traders seeking sophisticated trading strategies. Meanwhile, OKX is a well-established exchange that boasts robust security measures and global accessibility.

With token now available on these exchanges, you have the advantage of easy access to invest in Worldcoin. This listing has opened up exciting possibilities for traders and investors, attracting interest from the crypto community due to the promising potential of Worldcoin.

As you consider purchasing Worldcoin, it’s essential to keep in mind that the cryptocurrency market can be highly volatile. Therefore, always approach your investments with a cautious and well-informed mindset. Ensure that you conduct thorough research about Worldcoin, its technology, use cases, and the team behind the project, to make informed decisions.

Furthermore, consider employing security measures to safeguard your investment. Many traders opt to transfer their acquired Worldcoin to personal cryptocurrency wallets, such as hardware wallets (e.g., Ledger or Trezor) or software wallets (e.g., Trust Wallet or Exodus), to ensure enhanced protection against potential hacking attempts.

Is Worldcoin legit?

Is Worldcoin a scam or a legit project? This question has piqued the interest of conspiracy theorists globally.

Numerous videos and articles have surfaced on the internet, with authors confidently asserting that Worldcoin will bring about problems. Among the accusations is the deliberate creation of a “digital prison.” According to conspiracy theorists, the platform’s development could potentially be exploited by authorities to control people.

Furthermore, concerns have been raised about the security system of the project. In June 2023, there were reports in the media about hacking the accounts of orb operators. As a result, the scammers gained access to the data of verified users of the system. According to experts, the security of the platform raises a lot of doubts.

Additionally, the project’s ideology poses another challenge. The developers offer users to provide their biometric data in exchange for cryptocurrency. Payment can be a tool to deliberately promote Worldcoin in the interests of politicians.

Note that the Worldcoin token is currently unavailable in the US initially due to regulatory pressures.

So, when evaluating the legitimacy of Worldcoin, conducting thorough research is crucial. Look into the team, technology, whitepaper, community support, and Worldcoin reviews from reputable sources. Be discerning in differentiating between baseless claims and genuine concerns.

Remember, investing in cryptocurrencies carries inherent risks.

Related: Vitalik Buterin Lists the Risks of Worldcoin (WLD)

Worldcoin price prediction 2023-2030

While the prices of newly released cryptocurrencies may be difficult to predict, due to their inherent volatility, we can attempt to estimate the future price of Worldcoin based on various factors such as the rate of adoption, global market trends influencing cryptocurrency predictions, and technological developments.

Worldcoin is not a typical cryptocurrency. Its unique token identification and distribution mechanism can have a profound impact on its price. A higher adoption rate will likely result in increased demand, thus increasing the price.

However, given the free distribution nature of the token, even a significant increase in supply could potentially impact the price.

Worldcoin price 2023 forecast

If the current growth rate of 17.88% per day holds for one month, Worldcoin price could theoretically reach around $28.6 (assuming no market corrections) by September. However, such exponential growth rates are rarely sustainable over the long term without periodic corrections, says Stephen Ethan, an analyst at Markets Xplora.

Measuring the market sentiment for Worldcoin against other cryptocurrencies can prove to be a difficult task in the absence of detailed data. However, a thorough examination of the available information provides us with several insights.

Live Worldcoin price:

From its launch price at $1.66, the token has grown by around 30% in just a few days. If this trend continues at the same pace in the next month, the price could increase significantly.

Collecting the opinion of crypto analyst at MarketsXplora, it is estimated that the price of WLD for 2023 could fluctuate between $3.20 and $6.10.

Other analysts online, however, seem less optimistic. An average of the estimates found on various web portals indicates that the price of Worldcoin in 2023 will fluctuate between a minimum of $2.59 and a maximum of $4.10.

Worldcoin price 2024 forecast

Long-term expectations for Worldcoin are optimistic. Predictive models suggest that Worldcoin could see a rally in its price levels in the future, reflecting a sense of optimism and positive anticipation for Worldcoin’s long-term performance.

Accurately predicting cryptocurrency prices is difficult due to their volatile nature. However, we can make a plausible estimate based on its recent performance.

In our opinion, in 2024 Worldcoin will be able to travel at a price between $2.90 and $7.30.

Worldcoin price 2025 forecast

Worldcoin looks well-positioned to reach its full potential over the next few years. If the company succeeds in attracting investors and whales, with its development and community-building initiatives, the price of Worldcoin could experience a significant increase in 2025.

Our Worldcoin price prediction for 2025 has the price reaching as high as $12.50 with a floor price possibly being $9.25.

Worldcoin 2030 prediction

Anything could happen between now and 2030, but if the Worldcoin ecosystem continues to grow by attracting more and more new users, our Worldcoin price prediction for 2030 has a price range of $16.50 to $25.

Frequently Asked Questions (FAQ)

  • What is WorldCoin?

Worldcoin is a protocol for creating a unique iris identifier.

  • How to get Worldcoin cryptocurrency?

You need to download the project application, register, pass verification using the orb. For this, the system will transfer 25 coins. It will be possible to get access to them after the launch of the main network of the project.

  • Where to buy Worldcoin?

You can easily purchase Worldcoin from various major crypto exchanges such as Binance, Bybit, and OKX. These exchanges have already listed the coin, making it readily available for trading and investment.

  • Is Worldcoin a scam?

The safety of the project raises doubts among potential users. Firstly, hacks have already been recorded in the history of the platform. Secondly, no one knows exactly how the developers will manage the huge base of digital biometrics of people. Thirdly, the token is currently unavailable in the US due to regulatory pressures.

  • Who are Worldcoin founders?

Worldcoin was founded by Alex Blania and Sam Altman.

  • Can I exchange Worldcoin to Bitcoin?

Yes, you can exchange Worldcoin to Bitcoin on various cryptocurrency exchanges.

To exchange Worldcoin (WLD) to Bitcoin (BTC), you need to find a reputable cryptocurrency exchange that supports both Worldcoin and Bitcoin trading pairs. Some popular exchanges that offer WLD to BTC trading include Binance, Bybit, and OKX. Once you have an account on one of these exchanges, you can deposit your Worldcoin tokens, select the WLD/BTC trading pair, and execute the exchange at the prevailing market rate.