What is Worldcoin (WDC) Crypto Beginner’s Guide
The Worldcoin is a cryptocurrency which was released in May 2013 as a cryptography secured digital currency. Nathan Gudmunson is the head developer of the cryptocurrency which is similar to the Bitcoin in some aspects.
Following the various money principles common to every individual, Worldcoin is also an excellent option for wealth preservation by an individual. It is different from any paper currency available since its design is intended to cause it to grow in value with time. By limiting the total number of Worldcoins that will be released to 265 million coins, the value is sure to rise rapidly.
WorldCoin is available for use in any location around the globe. In addition to online exchanges which offer Worldcoins to anyone who wishes to buy or sell, it is also available at any WorldCoin ATM machine which is close to you. The transfer of funds is usually done within seconds through the internet and does not require any third party like financial institutions. This is the main reason why the transaction fees are much lower on the network.
Features of Worldcoin (WDC)
The blockchain technology is the building block of all cryptocurrencies. As a distributed ledger, it includes a digital signature on transactions which requires an encryption key from a wallet to authorize a transaction. The ledger is also under the control of various with multiple copies of the ledger online. By making any unrecognized change, like deleting or adding a transaction, to a single copy of the ledger, it will come up during the comparison process as a rejection.
The confirmation time on the Worldcoin network is much faster than that of Bitcoin or Litecoin with a 30 seconds block generation period.
Confirmations of transactions are usually done within 60 seconds. The design of Worldcoin promotes its use as a means of everyday payment which also includes for over-the-counter payments anywhere. It also offers instant transfers to family and friends regardless of their location on the globe.
As an open source software with the MIT/X11 license, Worldcoin is available for distribution, copy, running, and modification by its users without restrictions. Binaries and source code can undergo independent verification thanks to the transparent process used in the release of the software. While other aspects will be open source, add-on modules will not. This is to protect users of the software. Trusted add-ons are available for users to enable or disable during the setup of the software.
To ensure that there is no tampering on the network, a transparent public ledger is available for storing transactions while the blockchain network is used in processing these transactions. Worldcoins stored in a wallet are more secure thanks to a wallet encryption which requires users to input a password before acknowledging a transaction. Checking your balance or viewing transactions history does not require the password. This process also prevents malware from attacking the wallet. Networks attacks and other interference or disruptions are prevented on the network through the use of a modern DDoS attack protection system.