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1. Beginner Course

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  1. 1. What are these cryptocurrencies?
  2. 2. Bitcoin - the story of a technological revolution
  3. 3. Satoshi Nakamoto, who is the creator of Bitcoin?
  4. 4. Vitaly Buterin – the creator of Ethereum
  5. 5. What is blockchain, and how does it work?
  6. 6. What is an NFT token?
  7. 7. What is money?
  8. 8. Cryptocurrencies vs fiat money, which will win?
  9. 9. What is DeFi (Decentralized Finance)?
  10. 10. DeFi: opportunities, advantages and disadvantages of decentralized finance
  11. 11. What is an altcoin?
  12. 12. Stablecoins - What are they?
  13. 13. Cryptocurrency wallet - what is it?
  14. 14. Why do we talk about bull and bear markets?
  15. 15. Security in the crypto market - what rules are worth following?
  16. 16. What is the seed phrase in cryptocurrencies?
  17. 17. Dogecoin and memecoin - what are they?
  18. 18. What is a Ponzi scheme?
  19. 19. What is a Soft and Hard Fork?
  20. 20. Blockchain - examples of use
  21. 21. Is blockchain safe?
  22. 22. What are the types of blockchain networks?
  23. 23. What is blockchain network congestion, and how does it work?
  24. 24. Cryptocurrency wallets: Hot Wallet vs. Cold Wallet - key differences!
  25. 25. Cryptocurrency wallet diversification
  26. 26. Halving Bitcoin - what is it, and how does it affect the price?
  27. 27. Blockchain versus databases: key differences!
  28. 28. How do you transfer cryptocurrencies?
  29. 29. The most important cryptocurrency acronyms/slang you need to know!
  30. 30. The memecoin story: madness or great investment?
  31. 31. What is Ethereum? 
  32. 32. Everything you need to know about gas fees in Ethereum!
  33. 33. Gavin Wood: Blockchain Visionary and Co-Founder of Ethereum
  34. 34. Decentralized Apps – what are they?
  35. 35. What is Proof of Work (PoW) and what is Proof of Stake (PoS)?
  36. 36. What is the Proof of Authority (PoA) consensus mechanism?
  37. 37. What is Proof of Burn (PoB)?
  38. 38. What is a whitepaper? What is its purpose, and how do you write it?
  39. 39. Smart Contracts - what are they?
  40. 40. Know your customer (KYC) and Anti-money laundering (AML) what are they in the cryptocurrency industry?
  41. 41. Blockchain and NFT games - how to make money on them?
  42. 42. Liquidity in the cryptocurrency market
  43. 43. Inflation and its effects on financial markets
  44. 44. What is stagflation and why does it have a negative impact on the market?
  45. 45. What are utility tokens and what use do they have in the cryptocurrency sector?
  46. 46. What is cryptocurrency mining?
  47. 47. What is the mining difficulty?
  48. 48. What is compound interest, and how does it work?
  49. 49. What Are Privacy Coins and Are They Legal?
  50. 50. What is CBDC - central bank digital money?
  51. 51. What is Cryptocurrency Airdrop all about?
  52. 52. Key differences between ICO, IEO and STO
  53. 53. What are decentralized DAO organizations, and how do they work? What are DAO tokens?
  54. 54. What is EURT? How does it work?
  55. 55. What is the difference between Circulating Supply and Total Supply?
  56. 56. Snapshot from the world of cryptocurrencies - what is it?
  57. 57. What is the Fear and Greed index for cryptocurrencies?
  58. 58. APR versus APY: what is the difference?
  59. 59. What is an Initial Farming Offer (IFO)?
  60. 60. What is Regenerative Finance (ReFi)?
  61. 61. Who Is Craig Wright, the Alleged Creator of Bitcoin?
  62. 62. What Is Bitcoin (BTC.D) Dominance?
  63. 63. Michael Saylor, Self-Proclaimed Bitcoin Maximalist
  64. 64. Bitcoin Pizza Day
  65. 65. AI blockchain - a new look into the future?
  66. 66. What is WorldCoin? Everything you need to know about this cryptocurrency!
  67. 67. Azuki NFT collection guide: everything you need to know about it!
  68. 68. The 10 most expensive non-fungible tokens (NFTs) ever!
  69. 69. The Bored Ape Yacht Club (BAYC) - the story of the popular NFT collection!
  70. 70. CyberPunks - the story of the most popular NFT collection in the crypto industry!
  71. 71. NFT Art: The digital art revolution - history and examples!
  72. 72. Who is Changpeng Zhao, CEO of Binance?
  73. 73. Who is Brian Armstrong - CEO of Coinbase?
  74. 74. Who is Galy Gensler and the SEC? How does the Securities and Exchange Commission (SEC) affect the cryptocurrency market?
  75. 75. Web3's most popular social media platforms! Will they replace the platforms we know?
  76. 76. What is IoT - the Internet of Things?
  77. 77. On-chain analysis in the cryptocurrency world: Everything you need to know about It
  78. 78. Can you pass on your cryptocurrencies after death? How do you pass on a cryptocurrency inheritance?
  79. 79. What is the Howey test? What application does it have in cryptocurrencies?
  80. 80. The use of blockchain technology in the world of sport
Lesson 66 of 80
In Progress

66. What is WorldCoin? Everything you need to know about this cryptocurrency!

Recent times have shown that artificial intelligence (AI) is developing at a dizzying pace. It brings with it many advantages, such as saving time. Despite its advantages, it also has many disadvantages. It poses risks and challenges that we need to address as it evolves.

Behind the development of artificial intelligence is also the development of cryptocurrencies, which are supported by it. This is how Worldcoin was born – a new project that offers a unique identification method.

It was introduced to the world on 24 July 2023. Its creator is OpenAI CEO Sam Altman. At its launch, the eyes of the whole world were on it. Literally.

What is WorldCoin? Definition.

Sam Altman, Alex Blan and Max Novendstern are the inventors of Worldcoin and the online platform of the same name. It combines cryptocurrencies, artificial intelligence and blockchain in a single open-source protocol. The project, which took two years to develop, consists of three parts:

  • A unique digital identity for global use (World ID).
  • A decentralised, global currency – Worldcoin.
  • An app designed for payments, transfers, and purchases that we can make using cryptocurrencies or traditional currencies.

Worldcoin’s premise is a little different from well-known market leaders like Bitcoin or Ethereum. The token is meant to be a kind of basic income that gives people fair access to the global economy. You get it without having to invest any money.

So what does one have to do to get hold of a Worldcoin? To obtain a token, people who register on the Worldcoin platform have to scan their iris. This is done with a spherical device that replicates the human eye. According to the creators, this is the only way to ensure that everyone who registers is a human and not a bot. This is known as the World ID. Is this approach ethical? It is not for us to judge.

The World ID is designed to combat income inequality around the world. It proves that someone is an individual and not a bot or artificial intelligence (AI).

How does Worldcoin work?

A token is a cryptocurrency, but it is different from popular currencies. It does not require any investment funds from us. To receive a cryptocurrency, we need to scan our iris with a device called an Orb. This confirms whether we are a person or a machine.

Why the iris of the eye? Because the iris is different in every person, just like a fingerprint. The Orb uses its structure to generate a special identification code that serves as a code for the person. It is then stored on the decentralised Worldcoin blockchain so that others cannot replicate the code. Each scan is anonymous.

As promised, the Orb does not store biometric data. Instead, it stores what is known as the iris hash – a series of generated numbers designed to identify a person based on their scan. Once a person receives their Iris Hash and connects to the cryptocurrency wallet, they receive a World Id.

World ID works like a digital passport. It preserves privacy and protects users from cyberattacks on their identities.

At the time of writing, there are Orb centres in 35 different countries around the world.

How do you get a Worldcoin (WLD) cryptocurrency?

The whole process is done in three simple steps:

  1. Right at the beginning, we need to download the Worldcoin app. We create our account and set up a cryptocurrency wallet called Wallet Connect. Besides WLD, we can also store other cryptocurrencies on it. WalletConnect also works with social media apps like X (formerly: Twitter).
  2. We log on to a World ID. Although we can also use the World App without a World ID, we do not receive free tokens this way. To do this, we have to scan our iris with Orb and verify our identity.
  3. We enter the unique code we receive and receive free cryptocurrencies.

Worldcoin (WLD) is an ERC-20 token based on Ethereum. Before its official launch, it was transitioned to the OP core network. This transition means that the Worldcoin protocol, which is based on Ethereum, has bridges to Optimism and Polygon.

In the beta phase, WLD was only available to users who had scanned their iris. In addition, Orb operators are also rewarded with tokens.

The WLD supply is limited to 10 billion tokens for a period of 15 years. At the end of this period, the Worldcoin Protocol Management Committee will decide whether to increase the token supply and whether new tokens will be minted.

The combination of tokens and World ID will play a major role in protocol management. Users are expected to actively participate in shaping the future of the ecosystem.

User privacy in the project

According to Worldcoin, the project is completely secure and confidential. Biometric data is erased or stored in an encrypted format. Such assurances do not reassure regulators, who express their concerns about the platform’s data collection. One fear is that iris scans could be available on the black market, allowing cybercriminals to gain access to Worldcoin user accounts.

This is not the end of criticism and negative interpretations of the project. The MIT Technology Review shared concerns about Worldcoin’s data collection in developing countries such as Indonesia and Kenya. An investigation found that Worldcoin used unethical marketing practises and collected more data than it admitted.

In addition, the Gizmo report found that people originating from China are buying iris scans on the black market to gain access to Worldcoin in beta.

Despite the fact that the company has already registered thousands of iris scans, it has not yet announced its abolition, despite its assurances.


The project is certainly an innovation that has entered the market. It attempts to use artificial intelligence (AI) in a ‘bona fide’ way. In the future, Worldcoin plans to allow other organisations to use its scanning technology. Worldcoin’s idea is to prevent fraud and scams. In the age of artificial intelligence and human-like bots, Worldcoin could be a great tool to distinguish between bots and humans.

But are they really? Both rights advocates and regulators have different opinions on this. It is not without reason that Worldcoin has been banned in some countries due to the security vulnerabilities that have been discovered.