Released back in 2013, Worldcoin has had three years of solid development and it shows. When it was created by Nathan Gudmundson, the cryptocurrency’s main goal was to become a rival for Bitcoin when it came to merchant transactions and online payments using the Worldcoin wallet.
This resulted in the two main marketing ideas behind it: that Worldcoin has international appeal and it has the fastest transaction speed out there. This is because Worldcoin uses the quicker and more resource-efficient Scrypt mining algorithm to process the blocks on its network. This allows confirmation times of 60 seconds or less.
The quickest that Bitcoin can do is around four minutes. This may seem a small difference but when it comes to payments, convenience is king. When people pay for something, they want it done fast, similar to what they experience at the checkout counter at a grocery store. Worldcoin promises the same experience with its product.
If you’re interested in what Worldcoin has to offer, then you should take the first step and get a Worldcoin wallet.
Playing with the wallet
Interested people can download the Worldcoin wallet on the Worldcoin website. It has gone through several versions, though, and it is important to get the latest version. This can usually be found on the main website so it should be your first stop. The wallet is available for several operating systems. This includes Windows 7, Linux, Mac, and Android. The source code is also available for those who have the tech knowledge to go through it.
Once you have downloaded the latest version of the Worldcoin wallet, it should be easy enough to install for Windows, Mac, and Android users. Just run the executable and it should do all the work. However, for Linux users, the Worldcoin wallet will require a bit of tinkering. You need to download the Linux binary and manually resolve all the binaries so that the program works. You can find all the necessary commands on the Worldcoin website. Once it is installed, the Worldcoin wallet is pretty easy to use and you should be ready to go.
Getting into the details
Getting a Worldcoin wallet is just the beginning. You will also need to get Worldcoin to put into it. The most basic method is to just get some Worldcoins from a faucet. Worldcoin fans distribute small amounts of Worldcoin in this way to encourage increased usage. You won’t be getting much, but if you just want to try things out, it should be enough.
If you want to get serious, the two major ways to get Worldcoins are by mining or buying at an exchange. Of the two, buying Worldcoin is pretty easy. There are several exchanges that trade in Worldcoin and it only takes a few minutes to get the transaction done. Worldcoin mining is a bit more difficult. However, thanks to the Scrypt algorithm, even CPU miners can mine for some Worldcoin without much difficulty. The rewards started at 64 coins and dropped 1% every week. The limit for mining is around 265 million Worldcoin and that is still a long way away.