Good day Lion's I trust you have been safe and well and enjoying the low prices and market stability even if prices aren't going up, they're not going down either which is also a good sign.
We're back for another Leo Learn segment and if you missed the last one we focused on BTC20 which aimed to bring the Hype back to Bitcoin by relaunching a version of Bitcoin on the Ethereum network. An interesting concept but an innovative one none the less.
Today we're looking at an entirely new beast being launched called Worldcoin which launches today by Sam Altman the Co-Founder of OpenAI which powers the current craze, ChatGPT.
The move into crypto currency was planned some time ago by the Co-Founder and he has some really high hopes and aspirations for the project as a supporter of a universal basic income and a way to ensure Identification of users. That's where things get a little different and we're not too sure how everyone will think about this and you'll see as we move on.
image source
The founder states the project is an attempt at global scale alignment with a focus on ensuring verification of Human's instead of AI as it is currently challenging to be able to tell the difference between interacting with an AI or human online.
The project aims to fix this by rolling out a unique method which I am not sure everyone will be willing to participate in as it involves providing biometric data. The above image is of the Orb that is rolling out across the world.
Users, once creating an account will have to travel to an Orb location and have their retinas scanned which will enable the system to complete your wallet. Each and every wallet will need to have a pair of eyes attached to it which is hoped to prevent the creation of false accounts with bots.
The founders also believe that is successful their project could increase economic opportunities while enabling a global democratic process and they have high hopes to also roll out an AI Universal Basic Income.
The project has already had significant interest from a number of key exchanges including Binance which is listing Worldcoin and it has already appeared on all the Crypto Currency tracking sites so the project does appear to have gone hard for their launch.
To access worldcoin you will need to first Download their app but what a lot of the news stories haven't told you is the project want's access to your Google Drive and the ability to change and alter settings and documents.
Furthermore, unless you're close to an Orb (bad luck Australia) you won't be able to verify yourself to get those airdrops and earn anything, although you are provided a 25 WLD Genesis Grant which is reserved for when you verify your account.
Unfortunately you might not ever get to see the fruits of that as Worldcoin (WLD) is currently sitting at USD2.59 and growing. So chances are once the orb is rolled out to your area who knows that the price point will be.
The app does allow you to see where orbs are available and if you look at where they are you can see that the company has done it's research in relation to what nations are big on Crypto currency. With the availability of Orb access being in top 10 crypto supporting nations, so they have done their home work and looking to maximize uptake.
If we check out the current tokenomics things get a little.... errr out of this plant with the total market supply being 10 Billion WLD putting it's fully diluted market cap at USD25,900,000,000,000 at current prices. It is important to note that there is a slow release to those 10Billion.
The break down is as follows:
At Launch ---------------- 0.5B WLD
Launch – End of Year 3 -------------- 3.5B WLD
Start of Year 4 – End of Year 6------------- 1.75B WLD
Start of Year 7 – End of Year 9-------------- 0.875B WLD
Start of Year 10 – End of Year 15----------- 0.875B WLD
After 15 years the project is planned to increase inflation at 1.5% however, this will require a governance decision to enable this aspect of the contract.
WLD is an ERC-20 token built on Ethereum Chain and the project does have a pretty impressive whitepaper we will give them that.
Sam has to be provided some credit for attempting something like this and if it works well done, but I am a little concerned about the retina scanning and also how the project hasn't rolled out uniformly but staggered and to nations that appear higher up on crypto uptake.
Let's see how this pans out, what are your thoughts?
image sources provided supplemented by Canva Pro subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services.
