WorldCoin - OpenAI's $23bn Crypto Project Scanning Your Eyes and Raising Doubts. Let's Explore Why.
Today, we shall delve into one of the latest entrants under the microscope — WorldCoin, a $23bn Crypto Project associated with OpenAI, currently stirring both excitement and skepticism in equal measure.
Let's start with the red flags to save your time.
The idea to use WLD token as a reward will lead to a constantly growing sales pressure, which will create a significant dump right after the hype gets exhausted.
Currently, there’s just 1% of the total supply in circulation, which is the primary reason why it still maintains a good price.
It's fully driven by the hype, so when the hype is over, the market will re-evaluate the project and more likely not in favor of WorldCoin.
The Birth of WorldCoin
WorldCoin is a unique kind of project started by Alex Blania, a former employee at OpenAI, the artificial intelligence company. The ambitious project aims to create a new kind of global currency that is, supposedly, accessible to everyone. The financial worth of this venture is currently pegged at a whopping $23bn (fully diluted valuation).
WorldCoin's Unique Model
WorldCoin's model is genuinely one-of-a-kind. Interested participants present their eyes to be scanned by an orb-shaped device that resembles a small alien spaceship, referred to as "the Orb." This retina scan is meant to ensure each person only has one account, reinforcing a sense of equality. Participants are then awarded some WorldCoin tokens. The globe-trotting Orbs have already made appearances in several countries, including Kenya, making Worldcoin a worldwide phenomenon indeed.
At this very moment, World Coin shows a great performance and just announced 4MM app downloads and 1M active users. The question is quite simple, how do they measure active users? And what will be the retention rate? In other words, how to actually convince users to keep using this kind of app?
The Technical Hurdles and Ethical Doubts
WorldCoin's model, though unique and relatively inclusive, has drawn substantial criticism and doubts. The primary concern revolves around privacy. Using biometric data as a basis for identifying and authenticating users inevitably leads to skepticism.
For some, the concept of scanning one's eye to get digital coins sounds more like a dystopian sci-fi plot than a real-world solution. When privacy is at stake, especially for a very personal biometric ID such as the retina, it's only normal for many individuals to get cold feet.
On the positive side, WorldCoin aims to make cryptocurrency more inclusive, a goal the industry has been chasing for years. However, sparking global adoption for this currency will be a challenging endeavor, given the numerous ethical and privacy concerns.
The challenge WorldCoin must overcome is striking the right balance between technological innovation and privacy preservation. An open and transparent communication strategy could bring WorldCoin closer to achieving their ambitious goal.
In conclusion, always remember to use discernment and due diligence when trading with cryptocurrencies. The fascinating world of crypto offers an abundance of opportunities but also comes with considerable risks. As we have seen, even multi-billion dollar projects like WorldCoin are not immune to critical flaws.
As the WorldCoin saga continues to unfold, we wait to see whether this innovative model will become the future norm, or if it's a step too far towards a brave new world that few wish to inhabit.
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