Worldcoin, the ambitious project aiming to provide digital ID passports and universal basic income, appears to be gaining significant traction, witnessing a surge in sign-ups and adoption from thousands of people. Sam Altman, the project’s co-founder, reports an impressive rate of one person being verified by the cutting-edge iris scanning devices, known as the “Orb,” every 8 seconds. Despite this remarkable progress, some data analysis raises potential concerns about the validity of these claims.
Reports Suggest Worldcoin Operations Accelerating, Verifying One Person Every 8 Seconds
Worldcoin, a groundbreaking initiative with the dual objective of creating a decentralized digital ID and implementing a Sybil-protected Universal Basic Income (UBI) system, is garnering increasing interest among potential users, as per statements from its team.
The project of Worldcoin adoption, which underwent more than three years of development, officially launched on July 24 and is now actively expanding its reach to various regions worldwide. Notably, snapshots of the cutting-edge iris scanning devices, referred to as “Orbs,” have been shared on Worldcoin’s social media platforms, confirming their deployment in cities such as Lisbon, Miami, and Los Angeles. However, it is worth noting that the World App is currently unavailable in the U.S. due to regulatory uncertainties.
In a social media video, Sam Altman, the CEO of OpenAI and co-founder of Worldcoin, showcased users forming long queues to register and verify their identities using the advanced Orb technology. Altman enthusiastically described the global enthusiasm, emphasizing that “crazy lines” were observed worldwide, with one person successfully getting verified every 8 seconds.
Altman’s goals
In response to the purported significant demand, Worldcoin has decided to enable users to reserve their genesis airdrop of 25 WLD, the protocol’s native token, and complete the verification process at a later time to receive it. However, there are reports suggesting that the actual demand may not be as high as claimed by Altman. For instance, a recent article published on SCMP revealed that only a few hundred participants registered in Hong Kong on Monday and Tuesday.
Although Worldcoin made an announcement on July 13 claiming to have reached 2 million signups, the data reveals that only approximately 13% of these users actually possess WLD tokens on the Optimism network. Etherscan data indicates that less than 270,000 participants currently hold the protocol’s token, WLD. This figure is notably distant from the 2 billion people goal that Altman recently mentioned on social media as the ultimate objective.
Kaiko, a blockchain research company, highlights the significance of the initial weeks of the project, attributing it to the distribution of liquidity among market makers. The airdrop’s value, currently at approximately $50, is expected to remain within that range for the next three months, as assessed by the research firm.
Challenges Ahead: Scaling Operations, Token Demand, and Environmental Considerations
While the initial response seems promising, reports suggest that the actual demand and token possession might not yet meet the scale of the ultimate goal. Worldcoin faces the challenge of scaling its operations and addressing potential environmental concerns associated with blockchain technology. The success of Worldcoin hinges on the ability to maintain liquidity among market makers and sustain its airdrop value during the crucial early stages.
As Worldcoin continues its journey to revolutionize finance and empower individuals through digital inclusion, the project’s development and adoption will be closely monitored by both the crypto community and humanitarian advocates seeking meaningful social impact. Only time will tell if Worldcoin can effectively bridge the gap and make strides towards creating a more equitable financial landscape for all.
Worldcoin’s adoption ambitious vision of providing a digital decentralized ID and implementing a Sybil-protected Universal Basic Income (UBI) system has garnered notable attention and interest from potential users worldwide. With Sam Altman at the helm and the support of influential figures, the project has witnessed a surge in sign-ups and registrations, evidenced by the significant number of individuals being verified using the innovative Orb technology every 8 seconds.
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