Worldcoin: A Decentralized Currency for a Unified Global Economy

Abstract

This research paper aims to explore the potential of Worldcoin as a decentralized currency for a unified global economy. Worldcoin is an innovative cryptocurrency that aspires to bridge economic disparities and promote financial inclusion by offering a universally accessible currency, irrespective of geographic location or financial status. The Worldcoin project is built upon a unique protocol that combines a novel World ID system with a Worldcoin token to facilitate secure, transparent, and efficient transactions. The primary goal of this study is to analyze the potential benefits and drawbacks of Worldcoin as a decentralized currency and assess its impact on the global economy. Employing a qualitative research design, this study utilizes a combination of literature review and case study analysis to provide a comprehensive understanding of the various aspects of Worldcoin as a decentralized currency for a unified global economy. The literature review examines existing research on cryptocurrencies, their impact on the global economy, and the specific aspects of Worldcoin, including the unique features of its protocol. The case study analysis offers real-world examples and insights that further substantiate the findings from the literature review, providing practical implications for the potential adoption of Worldcoin on a global scale. The results of this study highlight several potential benefits of Worldcoin as a decentralized currency, such as increased financial inclusion, reduced transaction costs, and enhanced security. However, potential drawbacks also emerge, including concerns over privacy, market volatility, and regulatory challenges. The paper discusses the implications of these findings for various stakeholders, including policymakers, investors, and researchers, offering insights and recommendations for future action. In conclusion, this research paper contributes to the understanding of Worldcoin's potential as a decentralized currency for a unified global economy. It identifies both the benefits and drawbacks associated with its adoption and sheds light on the innovative features of the Worldcoin protocol, such as the World ID system and the Worldcoin token. While the rapidly evolving nature of the cryptocurrency landscape and the relatively limited research available on Worldcoin specifically present limitations to the study, the findings offer valuable insights for stakeholders interested in the future of cryptocurrencies and the global economy. Further research is recommended to explore the long-term implications of Worldcoin and its potential impact on various aspects of the global economic landscape.