Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
WorldCoin (WLD), co-founded by OpenAI CEO, Sam Altman developed its strong and unbeatable position in the crypto world. Launched on July 24, 2023, the coin uses a decentralized network and secures the value using Crypto wallet and IrisHash. WorldID or digital passport makes the coin more secure, unique, and powerful in the crypto space. Recently, news for ceasing USDC rewards for Orb operators came out of Worldcoin’s office.
The Reason Behind the Cease
WLD is all planned to ditch the USDC coin as well as make changes in the rewards system, mainly related to the Orb Operators. Orb Operators are the individuals who are accountable for scanning people’s eyes and in exchange for this, they are rewarded with USDC coins. In a recent blog posted on October 22, Worldcoin announced the ending of USDC rewards to the Orb operators and made some changes in the reward system. The plan is supposed to be implemented by November.
But Why is Worldcoin doing so?
Worldcoin considers Orb operators as independent ecosystem participants who are tasked to scan people’s irises in exchange for WLD tokens. Worldcoin is supposed to pay the operators entirely in WLD. The plan is termed a transitional phase and is supposed to affect most jurisdictions. USDC will be completely eliminated from the system and Orb Operators will be rewarded with WLD coins for scanning iris.
The supply of WLD tokens gradually grew from 100 Million at the time of launch to 134 Million till date. However, the tokens have no presence in the US market and other restricted territories.
The data from the Dune Analytics dashboard ensured the same. Of the total, 100 Million were distributed as loans to market makers whereas the remaining were offered to Orb Operators and new users as free user grants.
The distributed loans are supposed to expire on October 24, 2023, and they would extend to December 15 with an amount reduced to 75 Million WLD. The remaining 25 Million can be purchased or returned as a part of the agreement.
Current Value of WLD
Worldcoin is introduced to the crypto world with the motive to become one of the biggest digital identity and financial networks. The coin was launched by OpenAI’s founder in July 2023 and works on a Proof-of-Identity consensus mechanism that combines 3D mapping face recognition and a decentralized network.
WLD’s current price is $1.52, a decline of 4.87% in the past day with a market cap of $204 Million and a 24-hour volume of $74 Million. The total supply of WLD coins is 10 Billion WLD and the circulating supply is 134,634,660 WLD. Worldcoin is all set to make changes in the loan structure and compensations for the growth of WLD in the crypto world.
Conclusion
WLD, one of the biggest financial and identity networks, operating on the PoI mechanism is all prepared to make changes in the reward and loan system. Worldcoin is to cease USDC rewards for Orb operators by November and is planning to offer WLD coins. Worldcoin is also planning to change the loan system by extending the expiration date and reducing the amount from 100 Million to 75 Million.
Source: https://www.thecoinrepublic.com/2023/10/23/worldcoin-to-end-usdc-rewards-for-orb-operators-by-november/