Worldcoin Updates Token Supply and Loan Agreements
Worldcoin, a project that utilizes iris biometrics for creating a unique human identity database, announced on Sunday that it is making changes to the distribution of its circulating WLD token supply and its market maker loan agreements. The project, which was launched in July, will reduce the loan amounts provided to market makers and will start rewarding operators with WLD instead of USDC.
WLD's circulating supply has now increased to nearly 134 million tokens, up from the initial 100 million. In an update released on Sunday, the company attributed this increase to over 800,000 new and existing users who claimed around 34 million tokens through free grants. To enhance liquidity, Worldcoin provided 100 million WLD in loans to five market makers, with these loans set to expire on October 24, 2023.
The company, backed by Openai CEO Sam Altman, has extended the loan period until December 15 but has reduced the total loan amount to 75 million WLD. On October 24, market makers will have the option to return up to 25 million tokens or purchase them at a predetermined price, leading to a decrease in the circulating supply. Rewards for operators of Worldcoin's Orb iris scanners will transition from USDC to WLD in the coming month.
"The WLD token was initially launched with a relatively low circulating supply of just over 100M WLD," stated Worldcoin. "This was done to achieve the goal of creating a network of as many human beings as possible. To accomplish this, the majority of the WLD token supply will be distributed to new and existing users through user grants over the coming years."
Worldcoin asserts that its iris biometric database will combat fraud and improve access to essential services such as banking and voting. However, privacy advocates and governments have expressed concerns about its centralized nature and data handling methods. Data protection authorities in France, Kenya, and other countries have raised objections.
Despite its rapid expansion, only 1.34% of Worldcoin's total token supply of 10 billion is currently in circulation. The initiative plans to continue awarding grants to expand its user community. These recent adjustments aim to reduce the influence of market makers and provide better rewards for network participants.
Bitcoin.com News has previously reported that the majority of the WLD supply is currently held by Worldcoin and market makers. Today, there are 750,157 unique addresses holding WLD, with the top 100 holders controlling 92.74% of the maximum supply.
What are your thoughts on Worldcoin's latest update? Share your opinions and insights on this subject in the comments section below.
Frequently Asked Questions
What are the advantages of a gold IRA
The best way to invest money for retirement is by putting it into an Individual Retirement Account (IRA). It will be tax-deferred up until the time you withdraw it. You can decide how much money you withdraw each year. There are many types available. Some are better for those who want to save money for college. Others are intended for investors seeking higher returns. For example, Roth IRAs allow individuals to contribute after age 59 1/2 and pay taxes on any earnings at retirement. Once they start withdrawing money, however, the earnings aren’t subject to tax again. So if you're planning to retire early, this type of account may make sense.
Because it allows you money to be invested in multiple asset classes, a ‘gold IRA' is similar to any other IRAs. Unlike a regular IRA you don't need to worry about taxes while you wait for your gains to be available. For people who would rather invest than spend their money, gold IRA accounts are a good option.
Another advantage to owning gold via an IRA is the ease of automatic withdraws. It means that you don’t have to remember to make deposits every month. To ensure that you never miss a payment, you could set up direct debits.
Finally, gold remains one of the best investment options today. It is not tied to any country so its value tends stay steady. Even during economic turmoil the gold price tends to remain fairly stable. Gold is a good option for protecting your savings from inflation.
What does a gold IRA look like?
For people who are looking to invest in precious materials, Gold Ira account accounts provide tax-free investments.
You can buy physical gold bullion coins at any time. You don't have a retirement date to invest in gold.
The beauty of owning gold as an IRA is you can hold on to it forever. Your gold holdings will not be subject to tax when you are gone.
Your heirs inherit your gold without paying capital gains taxes. It is not required that you include your gold in the final estate report because it remains outside your estate.
To open a gold IRA, you will first need to create an individual retirement account (IRA). Once you've done so, you'll be given an IRA custodian. This company acts like a middleman between the IRS and you.
Your gold IRA custodian can handle all paperwork and submit necessary forms to IRS. This includes filing annual returns.
Once you've established your gold IRA, you'll be able to purchase gold bullion coins. Minimum deposit required is $1,000 However, you'll receive a higher interest rate if you put in more.
When you withdraw your gold from your IRA, you'll pay taxes on it. You will be liable for income taxes and penalties if you take the entire amount.
However, if you only take out a small percentage, you may not have to pay taxes. There are exceptions. You'll owe federal income tax and a 20% penalty if you take out more than 30% of your total IRA assets.
You should avoid taking out more than 50% of your total IRA assets yearly. Otherwise, you'll face steep financial consequences.
Which precious metals are best to invest in retirement?
These precious metals are among the most attractive investments. They are both simple to purchase and sell, and they have been around for a long time. They are a great way to diversify your portfolio.
Gold: The oldest form of currency known to man is gold. It's also very safe and stable. Because of this, it is considered a great way of preserving wealth during times when there are uncertainties.
Silver: Investors have always loved silver. It's a great option for those who want stability. Silver, unlike gold, tends not to go down but up.
Platinum: This precious metal is also becoming more popular. It's resistant to corrosion and durable, similar to gold and silver. It is, however, more expensive than its competitors.
Rhodium. Rhodium is used as a catalyst. It's also used in jewelry making. And, it's relatively cheap compared to other types of precious metals.
Palladium: Palladium is similar to platinum, but it's less rare. It's also much more affordable. Investors looking to add precious and rare metals to their portfolios love it for these reasons.
What is the value of a gold IRA
There are many benefits to a gold IRA. You can diversify your portfolio with this investment vehicle. You decide how much money you want to put into each account, and when you want it to be withdrawn.
You also have the option to transfer funds from other retirement plans into a IRA. If you are planning to retire early, this makes it easy to transition.
The best thing about investing in gold IRAs is that you don’t need any special skills. They are readily available at most banks and brokerages. Withdrawals are made automatically without having to worry about fees or penalties.
There are, however, some drawbacks. Gold has historically been volatile. Understanding why you invest in gold is crucial. Are you seeking safety or growth? Are you looking for growth or insurance? Only when you are clear about the facts will you be able take an informed decision.
If you want to keep your gold IRA open for life, you might consider purchasing more than one ounce. A single ounce will not be sufficient to meet all your requirements. You may need several ounces, depending on what you intend to do with your precious gold.
If you're planning to sell off your gold, you don't necessarily need a large amount. Even one ounce is enough. But, those funds will not allow you to buy anything.
What are the pros & cons of a Gold IRA?
An Individual Retirement account (IRA) is a better option than regular savings accounts in that interest earned is exempted from tax. An IRA is a good choice for those who want a way to save some money but don’t want the tax. However, there are also disadvantages to this type of investment.
You may lose all your accumulated savings if you take too much out of your IRA. You may also be prohibited by the IRS from making withdrawals from an IRA after you turn 59 1/2. You will likely have to pay a penalty fee if you withdraw funds from an IRA.
You will also need to pay fees for managing your IRA. Many banks charge between 0.5%-2.0% per year. Other providers charge monthly management costs ranging from $10-50.
If you prefer to keep your money outside a bank, you'll need to purchase insurance. A majority of insurance companies require that you possess a minimum amount gold to be eligible for a claim. It is possible that you will be required to purchase insurance that covers losses of up to $500,000.
You will need to decide how much gold you wish to use if you opt for a gold IRA. Some providers restrict the amount you can own in gold. Others let you pick your weight.
Also, you will need to decide if you want to buy physical gold futures contracts or physical gold. The price of physical gold is higher than that of gold futures. Futures contracts allow you to buy gold with more flexibility. They enable you to establish a contract with an expiration date.
Also, you will need to decide on the type of insurance coverage you would like. The standard policy doesn’t provide theft protection or loss due fire, flood, or earthquake. It does offer coverage for natural disasters. If you live near a high-risk region, you might want to consider additional coverage.
In addition to insurance, you'll need to consider the cost of storing your gold. Storage costs are not covered by insurance. Safekeeping costs can be as high as $25-40 per month at most banks.
A qualified custodian is required to help you open a Gold IRA. Custodians keep track of your investments and ensure compliance with federal regulations. Custodians cannot sell your assets. Instead, they must keep your assets for as long you request.
Once you've decided which type of IRA best suits your needs, you'll need to fill out paperwork specifying your goals. You must include information about what investments you would like to make (e.g. stocks, bonds and mutual funds). Your monthly investment goal should be stated.
Once you have completed the forms, you will need to mail them to your provider with a check and a small deposit. After receiving your application, the company will review it and mail you a confirmation letter.
Consider consulting a financial advisor when opening a golden IRA. Financial planners are experts in investing and will help you decide which type of IRA works best for your situation. They can help reduce your expenses by helping you find cheaper alternatives to buying insurance.
Is buying gold a good retirement plan?
Although gold investment may not seem appealing at first glance due to the high average global gold consumption, it's worth considering.
Physical bullion bars are the most popular way to invest in gold. There are other ways to invest gold. The best thing to do is research all options thoroughly and then make an informed decision based on what you want from your investments.
For example, purchasing shares of companies that extract gold or mining equipment might be a better option if you aren't looking for a safe place to store your wealth. If you are looking for cash flow from your investment, buying gold stocks will work well.
ETFs allow you to invest in exchange-traded funds. These funds give you exposure, but not actual gold, by investing in gold-related securities. These ETFs often include stocks of gold miners, precious metals refiners, and commodity trading companies.
Statistics
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
External Links
cftc.gov
irs.gov
investopedia.com
- Do You Need a Gold IRA to Get Retirement?
- What are the Options? Types, Spreads, Example, and Risk Metrics
law.cornell.edu
- 7 U.S. Code SS7 – Designation board of trade as contract marketplaces
- 26 U.S. Code SS 408 – Individual retirement funds
How To
Online buying gold and silver is the best way to purchase it.
First, understand the basics of gold. Gold is a precious metallic similar to Platinum. Because of its resistance to corrosion and durability, it is very rare. It's hard to use, so most people prefer buying jewelry made out of it to actual bars of gold.
Today, there are two types available in gold coins: one is legal tender and the other is bullion. Legal tender coins are designed for circulation in a country. They often have denominations like $1 or $5 or $10.
Bullion coin are not intended for investment. However, their value will increase with inflation.
They aren't circulated in any currency exchange systems. A person can buy 100 grams of gold for $100. The buyer receives 1 gram of gold for every dollar spent.
When looking to buy precious metals, the next thing you should be aware of is where it can be purchased. There are many options for buying gold directly from dealers. First, you can visit your local coin store. You can also try going through a reputable website like eBay. You might also consider buying gold from an online private seller.
Individuals selling gold at wholesale prices and retail prices are known as private sellers. You pay a commission fee between 10% and 15% for each transaction when you sell gold through private sellers. A private seller will usually return less money than a coin shop and eBay. However, this option is often a great choice when investing in gold since it gives you more control over the item's price.
Another way to buy gold is by investing in physical gold. Although physical gold is easier to store than paper certificates you will still need to ensure it is safe. Physical gold must be kept safe in an impassible container, such as a vault.
A bank or pawnshop can help you buy gold. A bank will provide you with a loan that allows you to purchase the amount of gold you desire. The pawnshop is a small business that allows customers to borrow money to buy items. Banks often charge higher interest rates then pawnshops.
Another way to purchase gold is to ask another person to do it. Selling gold can be as easy as selling. A company such as GoldMoney.com can help you set up a simple bank account and get paid immediately.
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By: Jamie Redman
Title: Worldcoin Adjusts Token Strategy; Shifts Orb Rewards and Alters Market Maker Agreements
Sourced From: news.bitcoin.com/worldcoin-adjusts-token-strategy-shifts-orb-rewards-and-alters-market-maker-agreements/
Published Date: Mon, 23 Oct 2023 18:30:24 +0000
