Nicole is a professional journalist with 20 years of experience in writing and editing. Her expertise spans both the tech and financial industries. She has…
WorldStateCoin (W$C) is the official cryptocurrency of The World State (TWS) metaverse project launched on the Polygon blockchain in March 2023. The project is based on the concept of a Web 3 global digital state facilitated by non-fungible token (NFT) passports.
The concept is based on the use of NFTs to provide proof of ownership, which forms the basis for the ecosystem’s regulations. NFT smart contracts enable users to get TWS citizenship with digital passports and avatars, create political parties and laws, vote on initiatives, and run for the President’s office.
The World State’s Constitution defines all its rules and principles and guarantees its citizens’ rights. The project’s roadmap includes plans to develop a TWS blockchain, chain bridge, cryptocurrency wallet, and decentralized exchange (DEX) and start testing in the second half of the year.
The developers also plan to start work on a TWS assets platform as an on-chain solution for physical objects. All the applications will be powered by the W$C coin.
The governance of TWS is based on the principle of direct democracy, with citizens actively participating in the decision-making process.
Through a two-stage direct voting system, all citizen initiatives go through a legislative initiative and adoption as a bill. Throughout this process, authors can gain support from fellow citizens using the TWS Discord platform. Once an initiative secures a sufficient number of votes, it is implemented as an Act.
Presidential primaries occur on the 20th day of every month, granting each TWS citizen the opportunity to participate. Candidates must mint an NFT Nominee and gain the most votes in the primaries and election to become President. Each nominee campaigns by communicating their ideas to the community through TWS Discord channels. The process is designed to be engaging, giving no significance to candidates’ wealth or social status.
TWS has a funding system in which the available limits for citizen initiatives are shown in the TWS App’s Treasury section. If an NFT Legislative Initiative is adopted as an Act, it becomes eligible to receive funding.
The World State’s internal rewards system gives active participants the opportunity to earn PowerPoints for voting in elections, joining a party, putting forward legislative initiatives, or becoming President. The more activities they participate in, the more PowerPoints they can earn. Rewards from the Treasury are distributed to members in proportion to how many PowerPoints they hold.
The WorldStateCoin cryptocurrency is a token on the Polygon blockchain that aims to provide fast transactions with low fees. The token’s economic model (known as tokenomics) is deflationary, and monthly coin burning takes some W$C out of the circulating supply to support the price.
The number of tokens burned is set by a TWS act but must be between 20% and 50%, according to the Constitution.
W$C operates with no taxes on transactions, a high-yield staking program, and a centralized exchange (CEX) listing program to make the token accessible.
W$C was designed with a maximum total supply of 1 billion tokens. Since its March launch, 217,717.75 tokens, accounting for 0.02% of the total supply, have been burned, leaving 999.78 million tokens, or 99.98% of the supply.
The current token allocation looks as follows:
The short W$C coin price history in the months following its launch shows how quickly cryptocurrency prices can take off. The token traded between $0.001 and $0.002 from the end of March until mid-June 2023 and then jumped to $0.03914, stabilized, and then climbed further to $0.05 a week later.
As a utility token, the WorldStateCoin cryptocurrency is used to pay transaction fees in the ecosystem and will be the native coin of the TWS blockchain. Users connect their cryptocurrency wallet containing W$C tokens on the Polygon network to the TWS app to buy an NFT passport and mint all other NFTs within the ecosystem.
W$C coin holders will also receive quarterly rewards payments from the TWS Treasury, staking rewards, ambassador rewards from NFT minting (creation), and free mints of NFT avatars. The ambassador program pays members 20% rewards from the mint of NFT passports, party membership cards, and avatars for each of their followers.
It remains to be seen whether TWS is another temporary fad or a project that will gain widespread adoption.
Techopedia’s editorial policy is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
Nicole is a professional journalist with 20 years of experience in writing and editing. Her expertise spans both the tech and financial industries. She has developed expertise in covering commodity, equity, and cryptocurrency markets, as well as the latest trends across the technology sector, from semiconductors to electric vehicles. She holds a degree in Journalism from City University, London. Having embraced the digital nomad lifestyle, she can usually be found on the beach brushing sand out of her keyboard in between snorkeling trips.
What is Merged Mining? Merged mining, sometimes called combined mining, refers to the process of mining multiple proof-of-work (PoW) cryptocurrencies...
Eric Huffman Editor
What is Farcaster? Farcaster is an Optimism-based protocol for building decentralized social networking applications. As of 5 February 2024, Farcaster...
Mensholong LepchaCrypto & Blockchain Writer
What is a Secure Asset Fund for Users (SAFU)? The Secure Asset Fund for Users is an insurance fund for...
Trending NewsLatest GuidesReviewsTerm of the Day