You might like: What Is Worldcoin (WLD) ?

In Argentina, Worldcoin has established a presence in 38 different locations, primarily concentrated in the capital city of Buenos Aires, according to information available on the project’s website.

Argentina is one of the world’s leading countries for blockchain innovation & crypto adoption. That reputation was reinforced recently, as demand for World ID led to 9.5K Orb verifications in 24 hours—a new global record. https://t.co/DEMx1Yda2O

— Worldcoin (@worldcoin) August 31, 2023

Worldcoin’s Impact and Controversy in Argentina

Worldcoin, with its groundbreaking approach to blockchain technology, is making significant strides in Argentina, where it is successfully authenticating users through iris scanning, granting them valuable “World IDs.” This initiative has rapidly attracted a growing community of users in Argentina, aligning with Sam Altman‘s vision of addressing the evolving landscape where AI programs increasingly blur the boundaries between humans and machines.

Worldcoin marked its debut on July 25th and swiftly attracted the attention of data privacy advocates, who argued that the project’s excessive centralization posed a risk of leaking users’ biometric data, potentially exposing individuals to adverse consequences.

In their August 31st update, the project team reported that despite the controversy, many Argentinians were still signing up for World IDs. They noted, “There was a significant increase in demand for World ID verifications in countries around the world (after the launch), which continued into August, resulting in 9,500 Argentinians verifying their World ID in a single day.”

Worldcoin’s Remarkable Surge in Argentine Sign-Ups

The post also highlighted that this surge in registrations briefly propelled the Worldcoin app to become the top-ranked app on the Argentinian App Store.

Worldcoin incentivizes new users with its native coin, WLD, following registration. Currently, the sign-up bonus stands at 25 WLD, which equates to approximately 10,239.48 Argentine pesos (ARS) or $29.25 in the open market. According to cost-of-living data from the travel website Expatistan, this amount is sufficient to cover two meals from the “basic lunchtime menu” in business districts of major Argentine cities. On its launch day, the coin reached an all-time high, with the 25 WLD bonus being valued at approximately 23,791 ARS, or $68.

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Controversy and Challenges for Worldcoin

The project asserts that it fully complies with all legal regulations governing the collection and transfer of biometric data. In response to criticism, the Argentine government initiated an investigation into Worldcoin’s privacy practices. Additionally, Worldcoin has faced suspension in Kenya, prompting the Worldcoin team to provide a document arguing their compliance with privacy laws in the country.

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What Is Worldcoin (WLD)?

Worldcoin was founded with the mission of creating a globally inclusive identity and financial network owned by the majority of humanity. If successful, Worldcoin might significantly enhance economic opportunity. Additionally, it could provide a solid solution for identifying people using AI online while maintaining privacy. Moreover, it enables global democratic procedures and demonstrates a feasible road to AI-funded UBI.

Worldcoin consists of a digital currency (WLD) and, where legally permitted, a privacy-preserving digital identification network (World ID) based on verifiable evidence of personhood. Importantly, every human is eligible for a share of WLD solely by being human. Additionally, the contributor team at Tools for Humanity (TFH) has developed the World App as the initial frontend to World ID and the Worldcoin Protocol, complementing WLD and World ID at this stage.

One of the main concepts of Worldcoin is “proof of personhood,” which refers to proving that a person is both human and unique. Once formed, it allows the person to claim they are an authentic individual and that they are distinct from another actual person without having to disclose their real-world identity.

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How Does It Work?

In the past, protocol contributors performed a poor job of sharing their stories. Like the majority of people, we had a bad initial reaction to Worldcoin. At first glance, it appears to be an Orwellian combination of hardware, biometrics, and encryption—not for the weak.

WLD uses iris scanning to register and authenticate users, verifying their authenticity, life, and individuality through the colored part surrounding the pupil. Worldcoin utilizes a specialized device called an “orb” to facilitate the scanning process for registering and authenticating users. The “orb” scans the iris, verifying the subject’s authenticity, life, and individuality.

Biometrics, particularly when encryption is involved, warrants caution for several reasons. Science fiction movies and books have explored the concept of “eyeball harvesting,” adding to the dystopian perspective surrounding biometric technologies. These concerns have raised awareness about the potential risks associated with their implementation.

The orb captures an image of the iris and generates a unique code to replace the unpredictable iris data. It swiftly eliminates the raw biometric information, retaining only the iris code within the device.

TFH’s World App, the inaugural wallet in the Worldcoin ecosystem, grants verified users a World ID, enabling discreet verification of their unique identities to anyone they select. These on-chain identity guarantees rely on fully secure cryptography. Even if iris codes were reversible, tracing specific individuals or discerning their usage of World ID remains unattainable.

The WLD Token Overview

Token Information:

• Token Type: ERC-20 token on Ethereum Mainnet
• Users’ Grants: Individuals will receive their user grants on Optimism Mainnet.
• Main Venue for Transactions: Most WLD transactions will likely take place on the Optimism network. The token can be bridged back to Ethereum through the Optimism bridge if needed.

Addresses: 

• Ethereum Address: 0x163f8c2467924be0ae7b5347228cabf260318753
• Optimism Address (Main Venue for Access and Use): 0xdc6ff44d5d932cbd77b52e5612ba0529dc6226f1

Token Allocation Entity:

• World Assets Ltd., a subsidiary of the Worldcoin Foundation based in the British Virgin Islands.

Supply Details:

• Initial Supply Cap: 10 billion WLD tokens.

Inflation:

• Inflation Rate: Up to 1.5% per year.
• Start of Inflation: Inflation can begin at the earliest after 15 years from the launch date.
• Inflation Control: The inflation rate is set by protocol governance. The default inflation rate is 0%

WLD Token Allocation: 

Unlocked Supply Schedule:

How to Buy Worldcoin (WLD) Token?

WLD has been listed on major cryptocurrency exchanges such as Binance, OKEX, Bitget, Huobi, and more. If you don’t have an account, you can register and start trading through these links.

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#Binance will list @worldcoin $WLD.

https://t.co/WmsuRY8YJc pic.twitter.com/7Bja3w7kxF

— Binance (@binance) July 24, 2023

If you want to buy Worldcoin using Binance, firstly, you need a Binance account. You can get a %20 special discount for Coin Engineer followers interacting with the link.

Sam Altman is working on this project since 2019. Besides the project has raised fund of 115 million dollars on C Funding Series.  Among the backers of Worldcoin is available a16z, Bain Capital Crypto, Distributed Global, etc. The financing process is managed by Blockchain Capital.

According to Co-Founder Alex Blania, Worldcoin is focused on becoming secure, private, decentral, and inclusive instead of proof of personality. The project doesn’t announce any information about tokenomics yet. Besides, WorldCoin (WLD) has a crypto wallet the name of World App on the Polygon network.

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