Chances are that I've already written a blog post about Worldcoin because these so-called crypto projects perfectly fit my favorite type of posts—conspiracy theories turned into facts. But, regardless, I'm going to write another one.
Why? Because Worldcoin's mainnet has launched, and its native cryptocurrency, WLD, is already listed on several exchanges. As expected with new listings, this controversial shitcoin has experienced a significant pump of around 80% in a day, followed by the almost predictable dump.
So, what exactly is Worldcoin? Well, it's a project created by Sam Altman, the creator (co-founder) of OpenAI (cough ChatGPT). Their aim is to scan the retinas of one billion people over the course of a few years, creating digital identities for these retinas that will serve as online identities, protecting them against AI impersonators and also acting as a wallet.
“Worldcoin consists of a privacy-preserving digital identity network (World ID) built on proof of personhood and, where laws allow, a digital currency (WLD). Every human is eligible for a share of WLD simply for being human.“
The project raised $115 million in funding in May of this year and has already managed to scan 1.7 million people's retinas from across the globe, especially third-world countries citizens. But, what are its tokenomics as a crypto project?
Well...
According to its tokenomics, the token has an initial supply of 10 billion, with 75% allocated to its community, 9.8% to the development team, and 13.5% to Tools for Humanity investors.
Early community members, over 2 million people who have been verified, were allocated over 43 million WLD tokens.
Blockchain analytical firm 0xScope stated that the Worldcoin airdrop has begun with more than 90,000 addresses eligible, and most can only claim around 25 WLD tokens each.
For anyone who willingly let their retina be scanned to create a digital ID with Worldcoin, there's a 25 WLD airdrop waiting to be claimed. At the time of writing, one WLD is valued at $2.22, making the airdrop worth around $50 in crypto, all in exchange for giving away "a hash of your retina" to an AI-driven company...
Seems like a good deal, huh? Well, for those who conjured these WLD coins out of thin air, it certainly is, but for the fools who sacrificed their privacy, it's a terrible move. The only "true winners" in this shit show are those who orchestrated the scanning campaign and developed the Orb (the iris scanning device), getting paid for each person they convinced to undergo the retina scanning process.
Impressive, I must say... But count me out. I wouldn't be part of anything like this, even if they offered me a million bucks. I highly doubt I'll be renewing my ID or driver's license if they plan on microchipping those physical IDs they're supposed to issue. What about you? Would you let Worldcoin scan you in exchange for $50 worth of crypto?
Thanks for your attention,
Adrian