On Monday ( 24th July 2023), Worldcoin (WLD) Token, the anticipated ChatGPT coin went live on top exchanges.
This created markets for it and the token went up by almost 4000% in the first minute!
Now, while this is super exciting, there are controversies surrounding this project, which begs the question – Is WLD token a good investment?
To explain this, let’s take a short ride into history…
Brief History of ChatGPT
In November 2022, OpenAI launched ChatGPT which took the world by storm.
Everybody was talking about its crazy use cases and mind-blowing abilities.
At the same time, people worried that ChatGPT would steal their source of livelihood.
To tackle this concern, Sam Altman, the founder of OpenAI made a breath-taking announcement.
He said:
“In as little as 10 years, AI could generate enough income to pay every adult in the US $13,500 per year.”
He believes this kind of income could give us humans the freedom to chase our dreams and find the true meaning of life.
But how will AI generate this income for us?
This is where Worldcoin (WLD) comes in.
Altman and his team asked a simple question:
“What if we could give everyone on the planet some free shares of a new digital token?”
That’s how the Worldcoin project was born!
So what exactly Is Worldcoin?
Worldcoin Explained
Worldcoin is an Ethereum L2 project built on Optimism.
Its purpose is to create a global cryptocurrency that is accessible to everyone.
Once you can prove that you are human, then you’re qualified to receive the coin.
And how do you prove you’re human?
First, you’ll download the World App Wallet which is available on Android and iOS.
Next, you will locate the nearest Worldcoin Operator to have your iris scanned by the Worldcoin Orb.
This iris scan is done as a way to “prove your personhood.”
Once scanned, the iris image is turned into a hash and used to create a World ID.
This World ID is referred to as a “global digital passport”.
With it, users can easily open bank accounts, get loans, and participate in the global economy.
Now, this “iris scan” feature has raised some privacy concerns and I will get to it.
For now, let’s see how well the Worldcoin token is doing so far.
WLD Tokenomics
WLD is the native token of Worldcoin.
It is an ERC-20 token that is used for both utility and governance.
The initial total supply of Worldcoin is 10 billion WLD tokens with 1.1% of it in circulation (109,947,145 WLD).
The total is distributed as follows:
- 75% of the total supply is allocated to the community
- 25% for the team, investors, and Tools for Humanity (TFH) reserve.
As it stands, WLD is already making some serious moves.
While still in beta, the Team raised a jaw-dropping $115 million and bagged a hefty $3 billion valuation.
As of press time, the token has amassed a market cap of more than $265 million and trades at $2.42. (Data from CoinMarketCap on 26/07/2023).
Impressive stats I must say!
WLD has been listed in top exchanges like Binance, OKX, Huobi, Kucoin, Uniswap, Gate.io, and Bybit.
On Bybit, there’s a campaign around WLD that can reward users a whopping 165,000 USDT.
This campaign involves 5 activities:
- Deposit and Buy to Earn From A 80,000 USDT Prize Pool
- Trade WLD to Earn From A 50,000 USDT Prize Pool
- Stake to Earn Up to 99% APR (20,000 USDT Worth of WLD Await)
- Trade With Grid Bots and Share 5,000 USDT in Rewards
- Refer Friends and Share 10,000 USDT in Rewards
That’s a total of 165,000 USDT in rewards.
To get your share, create an account with this Bybit link to take part in any of the activities.
You can also learn how to trade and receive Bybit signals by joining our Telegram group.
Now let’s get to the controversies surrounding Worldcoin.
Worldcoin (WLD) Controversies
Worldcoin claims that the scanned images of irises will be deleted from its database almost instantly unless you choose otherwise.
And that no data will be sold or shared with others unless they are working with Worldcoin or have a “legitimate purpose for accessing it.”
If the data can be shared with parties who have a “legitimate purpose for accessing it,” it could leave the door open for governments of the world.
They can use the Worldcoin data to track and control their citizens.
This could be used for surveillance, censorship, or even oppression.
Secondly, Biometric data is much more difficult to change than a password. So it can be used for malicious purposes once it falls into the wrong hands.
There’s also a possibility of Worldcoin data being used for marketing and advertising.
And this could lead to people being bombarded with ads for products and services.
Again, there are talks about Worldcoin promising airdrops in ETH and BTC as incentives for signups.
This seems to target people in developing nations.
Currently, most of the over 1.7 million people worldwide that have joined the project live in developing nations.
In a recent article, MIT Technology Review called Worldcoin a “dystopian nightmare in the making.”
The article detailed how Worldcoin was recruiting users in developing nations, often with the promise of wealth and AirPods.
The article also alleged that Worldcoin was using deceptive marketing practices and collecting more personal data than it had disclosed.
Therefore, the major concern here is the privacy implications of the project’s iris-scanning technology.
Some folks have also questioned the need for a new cryptocurrency, given the already crowded market.
Even, Edward Snowden has made his thoughts clear and shown his lack of support for the project in this tweet:
On the other hand, there’s also the aspect of wrong data.
Using sophisticated machinery, AI generated images can be scanned too as they can easily pass as humans.
Thus, helping to give out inflated figures to the public.
My Take on the Controversies:
As it is always the scenario in the crypto-verse, every new project come with many speculations from enthusiasts – some god, some bad.
But time always distinguishes the legit projects from the rug pulls.
Worldcoin is still too young for us to determine what will become of it (its just +2 days as of press time).
I mean if projects like Ethereum are still implementing new changes to make its network better after its many years of existence, Worldcoin can still do the same.
I think we should allow the project hit the ground properly and then see what becomes of it.
Who knows, the Team might have plans of improving on these concerns raised in a later stage of its development.
In all, I’m saying this is one that we need to sit out – if it thrives eventually, fine and good. If it doesn’t, fine and good still!
Moving on the burning question: Should I invest in Worldcoin (WLD)?
I answered that below.
Should I Invest in Worldcoin (WLD)?
As of press time (26/07/2023), WLD fluctuates between #113 – #115 on the CoinMarketCap ranking. This is out of more than 10,000 active cryptocurrencies.
This shows that WLD is >9000 higher than some other listed coins in ranking; which is not so bad for a coin that just stormed the market.
In getting the token, you don’t need to go through the hassle of signing up for the project since the token is now listed on major exchanges.
You can just buy and trade for profit.
However, the concerns raised by critics of the project are valid and you need to take note of it incase you choose to scan your iris.
Despite these concerns, Worldcoin has continued to gain momentum.
The coin’s price has increased significantly since its launch, and it is now one of the most popular cryptocurrencies on the market.
It’s up to you to do your own research and above all, invest what you can afford to lose.
Conclusion
Worldcoin is a new and innovative cryptocurrency that has the potential to revolutionize the financial system.
It could give everyone a stake in the future of AI. Also, it could help to reduce poverty and inequality.
But the concerns around its operations are too grave to ignore.
So, keep that at the back of your mind before investing in this token.
Leave me your comments and questions (if any) in the comment box below.
And do share this post to help others stay up to speed with the happenings in the crypto-verse.
See you in my next post!
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