The release of Worldcoin by Tools For Humanity took the world by storm. Issued on Monday the 24th of July, over 2 million people signed up by Friday last week. But what is the Worldcoin project and how is it using people’s data? Potentially on the cheap…
Last week’s release of Worldcoin was definitely big news. However, what many people have overlooked, is that there was already a ‘beta phase’ for those looking to sign up early. For instance, in Spain, there are more than 150,000 people who already verified their World ID prior to the Worldcoin launch.
The process of signing up seems easy.
First users need to get a World ID. This is gained by scanning your eyes in one of the many cities around the world listed on the Worldcoin site.
Secondly you will need a World App which is effectively a crypto wallet designed to hold your Worldcoin Token or WLD. All this in the name of Universal Basic Income. Then you get your tokens.
Is Worldcoin the real thing?
If you look into who founded Tools For Humanity you may be surprised. The San Francisco-based startup building tools in support of Worldcoin, has investors like a16z crypto and Bain Capital Crypto. It has also raised capital from FTX boss Sam Bankman-Fried in the past.
The CEO of Tools for Humanity is Alex Blania, who is the joint co-founder of Worldcoin together with OpenAI’s CEO Sam Altman.
Last April the MIT Technology Review covered what was happening at Worldcoin in a bit more detail. The organization interviewed over 35 individuals in six countries – Indonesia, Kenya, Sudan, Ghana, Chile, and Norway – who either worked for or on behalf of World coin.
The investigation revealed wide gaps between Worldcoin’s public messaging and what users experienced. It revealed deceptive marketing practices, data gathering that wasn’t pre-agreed, and most importantly a lack of meaningful informed consent from users.
Blania put some of this down to the company being in ‘startup phase’
When TechCrunch found that hackers had installed password-stealing malware on several orbs in May this year. This was also brushed under the table in a response from a Worldcoin spokesperson who stated that no sensitive data had been compromised. Not very reassuring if you are reading this as a seasoned investor.
A billion people to sign up for Worldcoin by 2023
Establishing a World ID is a very ambitious project. As with every ambitious project there is an ambitious goal of signing up 1,000,000,000 users by 2024. All of these people would be in receipt of WLD by this point. The project could cause a seismic shift in global finance if it succeeds.
Today a Worldcoin token is worth just $2.37. That is effectively what people have been handing over their identity for across the world. The token started trading last week at just over $2.60. There are already several exchanges that allow for the tokens to be paid out.
The token has a maximum circulation supply of 143 million, with 43 million going to Worldcoin’s app users via airdrop – 25 WLD per user – if they verify their identity using the eye-scanning orb. Giving users almost $60 for their time.
It’s not clear what happens after the initial airdrop, but most observers think the token will remain around $2 for the foreseeable future. Until the market reacts.
Think you should find out what all the fuss is about? In London the orb is currently checking new users at Techspace Shoreditch and Techspace Worship Street. Maybe see you down there?
Author: Andy Samu
#WLD #Worldcoin #WorldID #UBI