With a substantial $100 million backing from venture capital investors, Worldcoin aims to establish itself as the leading cryptocurrency globally. Sam Altman, the CEO of OpenAI and the mind behind ChatGPT, is launching Worldcoin. Notably, Altman has already unveiled the World App crypto wallet, available for download on mobile devices. Altman envisions Worldcoin as a groundbreaking cryptocurrency that will be accessible to every individual worldwide.
What’s WorldCoin?
Worldcoin, an Ethereum $ETH blockchain-based ERC-20 token, is designed to resemble existing cryptocurrencies in terms of appearance and trading. Similar to popular cryptocurrencies like Shiba Inu $SHIB and Uniswap $UNI, which are also ERC-20 tokens, Worldcoin does not introduce any groundbreaking innovations in this aspect.
However, what sets Worldcoin apart is its dual objective of functioning as both a cryptocurrency and a global identification system.
Emphasizing the slogan “The Global Economy belongs to Everyone,”
Sam Altman, Founder of ChatGPT
Sam Altman, the brain behind Worldcoin, intends to distribute Worldcoin tokens to every human being on the planet. To acquire your free Worldcoin crypto token and register for a Worldcoin ID, you will be required to undergo an iris scan using a proprietary iris-scanning tool called the Orb.
While this process, as explained by Altman, is primarily aimed at verifying your authenticity as a human and not an invasion of privacy (as no personal information is requested, not even your name), it does raise concerns and could potentially fuel discussions on platforms like YouTube.
The launch of Worldcoin presents a narrative that resembles the plot of a dystopian science fiction movie: the creator of a highly advanced AI system introduces a digital ID tracking system for all individuals worldwide, which becomes a prerequisite for investing in cryptocurrencies. Already, one Ethereum developer has expressed skepticism and unease towards Worldcoin, considering it “unrealistic and scary.”
The new Bitcoin?
Worldcoin possesses a couple of notable advantages over Bitcoin.
Firstly, it boasts superior technology. While Bitcoin still relies on the energy-intensive proof-of-work blockchain technology introduced in 2009, Worldcoin utilizes the latest proof-of-stake technology from Ethereum, coupled with advancements from various Layer 2 scaling solutions for Ethereum.
Worldcoin envisions a future where transactions are “gas-free,” meaning there will be no transaction fees associated with moving Worldcoin. In simpler terms, transferring Worldcoin will not incur any charges.
Additionally, Worldcoin appears to be on track for faster adoption compared to Bitcoin. With over 1.7 million individuals already registered with Worldcoin worldwide, it demonstrates a considerably quicker uptake. This is in stark contrast to Bitcoin, which took nearly 14 years to reach 1 million unique wallet addresses holding 1 bitcoin or more.
Furthermore, it is worth noting that Sam Altman, the mastermind behind ChatGPT, brings his successful track record to Worldcoin. ChatGPT achieved a remarkable milestone of 1 million users within just five days, showcasing Altman’s ability to scale rapidly. The potential for cross-promotion between ChatGPT and Worldcoin is intriguing. For instance, users of ChatGPT could be presented with friendly reminders to sign up for Worldcoin, or the exclusive payment method for a premium ChatGPT subscription could be limited to Worldcoin. The integration of these platforms could provide unique opportunities.
Conclusion
Nevertheless, Worldcoin’s grandiose plans for global expansion appear somewhat unrealistic. Sam Altman’s goal of reaching 1 billion users within two years seems ambitious, considering the current global population stands at around 8 billion. The objective of distributing Worldcoin to every single person on Earth appears impractical at best. Therefore, at present, Bitcoin doesn’t seem to face any immediate concerns.
However, if Worldcoin manages to gain early traction, it would necessitate a serious discussion about Bitcoin’s future valuation. Many optimistic price predictions for Bitcoin, such as reaching $1 million per coin, are predicated on the belief that Bitcoin will continue to erode the traditional financial system. From a perspective, Worldcoin, given its cost-free nature, presents the strongest contender among alternative cryptocurrencies to replace Bitcoin in impoverished and developing markets.
For now, I will keep an eye on Worldcoin. It is an intriguing project initiated by the founder of ChatGPT and deserves attention. Nonetheless, it doesn’t imply that I am selling my Bitcoin. Despite the potential future dominance of AI, I remain steadfast in my belief that Bitcoin is the cryptocurrency I prefer to hold.
