Sam Altman, the creator of Worldcoin, caused a stir on Twitter on July 26 when he confidently asserted that “one person is getting verified every 8 seconds now” for the ambitious Worldcoin project.
He shared a cellphone video featuring long queues of people waiting to participate, aiming to showcase the massive demand for the eye-scanning technology used for verification. However, the lack of substantial evidence to back his claim raised skepticism among many.
Despite boasting over 2 million pre-registrants for Worldcoin as of July 13, Altman refrained from disclosing the actual number of participants in the experiment. Furthermore, on-chain data indicated little uptake, with only 3,650 unique token holders and 13,766 transactions involving the WLD token.
Worldcoin’s price experienced a surge on July 24, reaching above $2.60, but it quickly dropped to $2.09 afterward. Despite this fluctuation, the cryptocurrency’s market valuation of $232 million positioned it in the top 150 by capitalization.
The Worldcoin identification system and currency, launched on July 24, rely on scanning participants’ eyes to create digital “World IDs,” granting access to restricted areas and distinguishing humans from bots. Incentives in the form of Bitcoin rewards, specifically 25 WLD (equivalent to approximately $52.50), were offered to those who signed up for the program.
Interestingly, while cryptocurrencies traditionally emphasize unrestricted and pseudonymous access to digital money, Worldcoin’s reliance on user identity has drawn criticism from decentralization proponents who argue that it undermines this fundamental principle.
Despite the initial hype and perceived demand, users at some locations, such as one sign-up site in Dubai, reported no waiting times, indicating an uneven experience for participants. This, coupled with the need for more transparent data supporting Altman’s claims, has left some questioning the project’s true impact and scalability.
Moreover, with the highly volatile cryptocurrency market, the future of Worldcoin remains uncertain. Its success will likely hinge on its ability to address concerns related to user privacy and security while proving the viability of its eye-scanning technology on a larger scale.
While Sam Altman’s bold assertion sparked curiosity and excitement around Worldcoin, the lack of concrete evidence and mixed user experiences overshadowed the project’s potential. As the crypto community continues to monitor its progress closely, only time will tell if Worldcoin can successfully strike a balance between innovative verification methods and the principles that underpin the world of cryptocurrencies.