Worldcoin was launched back in 2013 and it is still active now. Basing itself off the success of Litecoin, Worldcoin wants to be an international currency that merchants and normal people use when buying online and offline. Aiming for this goal, this cryptocurrency has a focus on two things: to be fast and to be secure as compared to the other altcoins.
The basic idea behind Worldcoin is that it should be as convenient as paying actual cash. This means it needs to be fast. You don’t wait several minutes for the grocery cashier to check out your dollars whether they’re legitimate. When you put down your money at the counter, it’s accepted instantly. This is what Worldcoin is aiming for. To do this, it uses the Scrypt algorithm.
The Scrypt algorithm is one of the two popular systems used by cryptocurrency miners in order to authenticate blocks of transaction data on the blockchain. The other one is SHA-256, which is used by Bitcoin. Of the two, Scrypt is the quicker and simpler option. A lot of the new altcoins that are popping up nowadays use it. The difference is that Scrypt can run on CPUs even with no upgrades, as well as using less power. Regular computers can be used to mine Worldcoin without the need of ASICs or other hardware. The easier calculations also mean that the turnaround time for transactions is shorter.
Worldcoin has some pretty impressive statistics when it comes to block confirmations. Right now, a block is set to be completed every 30 seconds. In addition, for a transaction to go through, the most required is two. The network recalibrates difficulty settings every hour so that the 30-second per block speed is maintained. The current block reward is set 64 Worldcoins and this will go down by 1% every week until the coin’s maximum limit is reached, which is around 265,420,800 Worldcoins.
Besides being fast, the network itself is also pretty secure. The blockchain protocol ensures that all transactions are aboveboard, but Worldcoin also has added wallet encryption so that hackers would not be able to easily steal their contents. Finally, the Worldcoin servers are protected by modern DDoS attack protection systems to prevent any malicious attacks on the network.
The Worldcoin cryptocurrency has a solid development team behind it. The team has added more and more features over the years and the Worldcoin system is as robust as it can be. The altcoin has recently seen the release of the 3.0 version of its main wallet app, which allows for multi-coin capability. There’s no better time to try out Worldcoin.