Worldcoin Project

About Worldcoin Project: 

• It is an initiative to create a digital network in which everyone can claim some kind of stake, and join the digital economy.
• This venture runs on a simple model: allow your eyes to be scanned in order to prove your human uniqueness, and receive some crypto and an ID (called a World ID) in exchange.
• Using a device called “Orb,” Worldcoin volunteers known as ‘Orb operators’ scan a person’s iris pattern to collect their biometric data and help them get a World ID through the World app.
• With the app, scanned participants can collect a cryptocurrency called Worldcoin [WLD] at regular intervals or make transactions with their World ID where possible.
• This process is called “proof of personhood” and makes sure that people do not sign themselves up multiple times in exchange for crypto.
• Worldcoin claims it is building the “world’s largest identity and financial public network” open to people worldwide.
• Worldcoin lists 18 locations — largely in Delhi, Noida, and Bangalore — where Orb operators are scanning people’s eyes.

Q1)  What is Cryptocurrency?

Cryptocurrencies are digital or virtual currencies that use cryptography for security and operate independently of a central authority, such as a government or financial institution. These digital currencies use blockchain technology, which is a distributed and decentralized ledger to record transactions securely.

Source: Worldcoin | What is Sam Altman’s biometric project, and how does it work in India?

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