Worldcoin to End USDC Rewards for Orb Operators by November

  1. Worldcoin The world’s largest network for identity and financial transactions, is set to end USDC reward programs to Orb owners.
  2. The coin is designed to provide its users with an authentic digital identity as well as high-security digital tokens.

WorldCoin (WLD) was founded by OpenAI CEO, Sam Altman developed its solid and unbeatable position within the world of cryptocurrency. It was launched on July 24, 2023, the currency operates on an uncentralized network that secures its value with Crypto wallets and IrisHash.

WorldID or digital passport makes the currency stronger, secure and effective in the crypto market. Recently, the news of a possible end to USDC reward for Orb operators was announced by Worldcoin’s office.

The Reason Behind the Cease

WLD is all set to eliminate the USDC coin and change the system of reward, specifically in relation to Orb Operators. Orb Operators are people who are responsible for scanning the eyes of others and in return for their work, they are paid USDC coins.

In a blog post published on the 22nd of October Worldcoin announced that they would be ending USDC rewards to Orb operators, and also announced certain changes to the system of reward. The plan is expected to be in place by the end of November.

What is the reason behind Worldcoin doing this?

Worldcoin believes in Orb operators as autonomous community members who are required to check the iris of others to earn WLD tokens. Worldcoin is expected to pay all operators in WLD. This is referred to as a transitional phase, and is expected to affect all countries. USDC is to be removed completely from the system. Orb Operators will be rewarded with WLD coins in exchange for scanning the iris.

The amount of WLD tokens steadily increased from 100 million at the beginning of the launch, to 134 million as of today. The tokens, however, do not exist within the US market, and in other territories that are restricted.

The information on Dune Analytics’ dashboard Dune Analytics dashboard ensured the identical. From the entire amount, 100 million were made available through loans made to the market-makers while the rest were given for free to Orb Operators and new users as user grants for free.

The loans distributed are expected to expire on the 24th of October 2023. They will be extended until December 15, with the amount that is reduced to 75 million WLD. The remaining 25 million can be returned or bought as part of the agreement.

Current Value of WLD

Worldcoin is presented to the crypto community in order to be one of the largest digital identities and financial networks. The coin was created in the name of the OpenAI’s founder in July 2023. It operates with a consensus mechanism called Proof-of-Identity that is a combination of 3D face recognition mapping and an uncentralized network.

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The current price of WLD is $1.52 which is down 4.87 percent in the last day. The market capitalization of $204 million and a 24-hour trading volume of $74 million. The total amount of WLD coins totals 10 Billion WLD. The circulation of WLD is 134,634,660. Worldcoin is preparing to alter its loan structure and compensations in order to help the growth of WLD within the world of crypto.

Conclusion

WLD one of the largest identity and financial networks that operates on the PoI mechanism, is now ready to implement changes to the loan and reward system. Worldcoin plans to stop providing USDC incentives for Orb operators in November and is preparing to offer WLD coins. Worldcoin plans to modify the loan program by prolonging the expiration time and cutting to 100 million to 75 million.

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