Worldcoin is a digital currency secured by cryptography. It was created by head developer Nathan Gudmunson, and was released to the public in May 2013. Its headquarters are located in Lincoln, Nebraska, along with its sister company, Scharmbeck Worldcoin Financial Services, LLC.
As a descendant of Bitcoin WorldCoin shares many similarities but is more advanced and friendly to Brick & Mortar Businesses which require the fastest speed possible. Worldcoins’ speed and security makes all of this possible. Transactions are fully confirmed in about 60 seconds.
Worldcoin is also based on sound money principals which makes it the smart choice for wealth preservation. It is designed to appreciate in value over time, unlike paper currency. This is due to the fact that only 265 million coins will ever be produced. These advantages are what make it the leading choice for users.
WorldCoin can be used anywhere around the world. You may buy or sell WorldCoins by using your choice of several different online exchanges or physical WorldCoin ATM machines. Sending and receiving payments is as simple as using email. Funds will be transferred over the internet within a few seconds to anywhere in the world. Funds are transferred directly between the users without using third party institutions, such as banks or other financial organizations. For this reason, the transaction fees are only a fraction compared to other payment options.
FEATURES.
Blockchain.
Cryptocurrencies depend on blockchain technology. It’s a “distributed ledger” which depend on two factors to guarantee its integrity. First, transactions are digitally signed. A wallet has an encryption key for authorizing transactions, so no one except its owner can spend its money. Second, many copies of the ledger are available on the Internet, under the control of different people. Changing one copy against the rules — for instance, to delete a transaction — will put it out of sync with all the other copies, and a comparison process will reject it.
This comparison takes time, though. The confirmation time is inconvenient when people are in a hurry, especially for live transactions. Sometimes it takes hours, and no one would want to wait that long in a store. The good thing about the Worldcoin blockchain however, is that it’s capable of handling higher transaction volume than its counterparts Litecoin or Bitcoin.
Due to more frequent block generation (30 sec), the network supports more transactions without a need to modify the software in the future. As a result, merchants get extremely fast confirmation times, this reduces the waiting time as transactions are fully confirmed usually within less than one minute.
Fastest.
Worldcoin is designed to be the digital currency of the future. Blazing fast speeds make Worldcoin the best way to pay for everyday transactions. Your transaction will be fully confirmed in about 60 seconds or less. This makes WorldCoin an ideal payment option also for over-the-counter payments. You may also transfer money to your friends and family anywhere in the world instantly, with just a few clicks.
Secure.
Transactions are processed securely through blockchain network and stored on transparent public ledger that cannot be tampered. Wallet encryption allows you to secure your wallet, so that you can view transactions and your account balance, but are required to enter your password before spending Worldcoins. This provides protection from wallet malware. The Worldcoin servers are protected by modern DDoS attack protection system to prevent disruptions and network attacks.
Open Source.
Worldcoin is a free software project released under the MIT/X11 license. Which gives you the power to run, modify, copy, and to freely distribute the software at your discretion. The software is released in a transparent process that allows for independent verification of binaries and their corresponding source code. Addon modules will not be open source for the protection of its users. Users can activate trusted addons or choose to disable them upon setup.
BLOCKCHAIN PARAMETERS.
- Block reward: 64 coins, reduced 1% every week (20,160 blocks).
- Difficulty Retarget: About 1 hour (120 blocks).
- Consensus Mechanism: Proof-of-Work.
- Protocol: Scrypt.
- Block time: 30 seconds.
- Confirmations: 2.
- 1 minute transaction period.
- Lowest % of orphan blocks for blocktime.
WORLDCOIN (WDC) OVERVIEW.
Coincapmarket ranking: 264.
Current coin Value: $0.046432 (-3.25%).
Market Cap: $5,350,555.
24hr volume: $829,074.
Circulating Supply: 115,235,459 WDC.
Exchanges.
You can trade WorldCoin with following reputable online exchanges:
- Btc38: CNY, USD.
- Bter: CNY.
- Poloniex: USD.
Wallets.
Worldcoin Business Centre.
WorldCoin has a multi-coin wallet called Worldcoin Business Centre (WBC). This is all-in-one solution that gives you full control over your digital wealth and helps you to keep your finances organized. It can be used for Bitcoin (BTC), Litecoin (LTC), Dogecoin (DOGE) and more.
When you are sending payments by WorldCoin, you can decide how much information you want to reveal about yourself. This makes using it more secure against identity theft compared to traditional payment methods.
Mining
WorldCoins are generated by individual miners. Miners are currently awarded with 50 new Worldcoins per block, an amount which gets reduced 1% each week. More miners means a more secure network for transactions.
In order to mine Worldcoin, you’ll need a wallet (to solo-mine). Once you’ve got a wallet setup, simply create a shortcut to Worldcoin-qt.exe and right click on that icon and select properties. Add the flag -server to the end of the target, and you’re ready to mine. In order to mine, you’ll want to download a mining program. Download the latest CGMiner or Scrypt version of GUIMiner and load it up. To configure, please see the help files that come with those programs.
If you have no idea how to set up a miner, there is a program that does it all for you. It is called multiminer which automatically detects hardware that can be used for mining. It works on Windows, Mac OSX and Linux and has really good monitoring options and remote monitoring too.
Alternatively, if you do not want to set up your own miner you can easily rent a Scrypt miner online or use a cloud mining service. It is important to calculate whether you will profit. You can try BetaRigs which is less risky because you can spread your money on different rigs that people are renting. There are trust issues with bigger cloud mining firms who do not disclose much information about the mining rigs being rented.
Here are the top WorldCoin mining pools:
- http://mineworks.co
- http://wdc.theblocksfactory.com
- https://wdc.d2.cc/
- https://www.miningpool.co
- http://wdc.hash.so/
- http://wdc.mining-pool.eu
WORLDCOIN GLOBAL.
Worldcoin Global is the general term for everybody involved with WorldCoin. This includes developers, businessmen, writers, marketers, you name it. This is organized by the Worldcoin Committee, a selection of self-elected people who have the final say in anything that goes on. Most of the time, people who work in Worldcoin Global are volunteers. However when necessary, funds are raised for job completion.
IN CLOSING.
WorldCoin has a small user base compared with Bitcoin, so it’s more prone to fluctuations. Those who like taking risks may enjoy the ups and downs. People who just want to use it as a method of fast payment can put in just enough money to cover their immediate plans.
The UNOCS (United Open Currency Solutions) group, formed in 2013, included WorldCoin, Feathercoin, and Phenixcoin. The goal was to join forces for software development. However, Feathercoin soon pulled out, and PhenixCoin (not to be confused with the still-active PhoenixCoin) collapsed. People lost WorldCoins in Phenix’s associated exchange, PhenixEx, which is doubtless why WorldCoin warns people so strongly against leaving their coins in exchanges. WorldCoin proved more durable than either of the other currencies, and it’s still going strong.
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