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Worldcoin Attracting Eight People per Second? Community is Suspicious

Last Updated July 28, 2023 11:54 AM
Teuta Franjkovic
Last Updated July 28, 2023 11:54 AM
Key Takeaways
  • Worldcoin founder Sam Altman says his platform confirms one person every eight seconds, but the absence of supporting data has led to mistrust
  • Despite two million pre-registrants, there were only about 3,800 distinct token holders and 14,540 transactions according to on-chain data
  • Decentralization advocates have criticized Worldcoin for its reliance on user identity and eye-scanning technologies

On 26 July, the creator of Worldcoin, Sam Altman, boasted on Twitter that the project was achieving an adoption rate of “one person getting verified every eight seconds now,” but without providing extra evidence.

Altman tweeted about “crazy lines around the world” and included a video of people queueing to use the project’s eye-scanning technology.

Altman did not provide any other evidence to back up his assertions beyond his mobile phone video.

Limited Information and Adoption

Although Altman stated that his project checks one person every eight seconds, he did not specify the number of participants. According to reports on 13 July, Worldcoin may have registered more than two million people in the weeks leading up to its launch. The Worldcoin community does not seem pleased with the lack of evidence.

The project has numerous offices around the world where users can complete the verification needed. At several sign-up locations users have reported that there are no such queues.

On-chain data also points to modest uptake. Approximately 3,800 people hold the WLD token, according to Etherscan, and 14,540 transfers have taken place.

Furthermore, despite initial gains on 24 July, that raised the price of WLD beyond $2.60, the token’s value  has dropped to $2.22 at the time of writing. Nevertheless, with a $232 million market cap, the cryptocurrency is among the top 150 largest.

On 24 July, Worldcoin’s ID system and cryptocurrency were launched. The goal of the project is to develop digital “World IDs” using eye-scanning technology. These IDs can be used to distinguish between AI and human agents and grant access to services.

Participants in the program can also earn cryptocurrency prizes. According to reports, the sign-up bonus is 25 WLD, which are now worth about $52.50.

Due to its reliance on user identity, Worldcoin has generated controversy. Decentralization supporters claim this strategy undercuts one of the main aims of cryptocurrencies, which is to offer uncensorable and pseudonymous access to digital cash.

Since the project’s inception, numerous parties have voiced their disapproval of various aspects of it, including Vitalik Buterin, the creator of Ethereum, and UK regulators.

Altman : Jobs Are Definitely Going Away

In the coming years, generative artificial intelligence technology like ChatGPT could increase productivity for many workers. More worrying, some people could lose their employment as a result. Not only that, but the actual quality of work could drop if companies rely on AI.

Altman said: “A lot of people working on AI pretend that it’s only going to be good; it’s only going to be a supplement; no one is ever going to be replaced.

“Jobs are definitely going to go away, full stop.”

The advancement of AI, according to Altman , might lead to the “most tremendous leap forward” in terms of improving people’s quality of life. He did, however, add in March that it would be “crazy not to be a little afraid of AI” given its potential to cause “disinformation problems or economic shocks.”

What Does the Orb Do and What Is Its Purpose?

The orb, scans and captures images of user’s irises. The biometric image is then transformed into an uncrackable string of digits known as a “IrisCode” by Worldcoin. The code confirms the user is a distinct human when paired with an algorithm, and mobile phone software verifies this for users.

which was created with assistance from a top Apple designer, is glossy and around the size of a huge grapefruit. About 1,500 of the gadgets have been produced by Worldcoin, and more are being developed.

How Do I Register?

Miami, Dubai, and New York are three of the 35 cities where Worldcoin is providing the orb service. The business is currently in the midst of a tour that will take the device to several pop-up locations. A list of locations is available on the Worldcoin website.

Worldcoin is a subsidiary of parent company Technologies for Humanity, which seeks to provide everyone with blockchain-based digital identity technologies. The idea is that it will be difficult to distinguish between humans and machines in a future controlled by bots and artificial intelligence.

The ideal option, according to the business, is for you to use the distinctive appearance of your iris as a foolproof method to demonstrate your humanity.

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