ChatGPT founder Sam Altman is preparing a new Blockchain project called Worldcoin. The project, which has been supported by a $100 million VC fund so far, is a candidate to become an important player in the crypto space. What is Worldcoin? What does it mean for bitcoin? This will be among the questions we will answer in this article.
What is Worldcoin?
Worldcoin is a cryptocurrency that carries Ethereum’s ERC-20 standards. In other words, it is in the same category as Shiba Inu (SHIB) and Uniswap (UNI). So in this context, it does not break new ground.
What makes Worldcoin stand out is its vision to be both a cryptocurrency and a global identification system. With the slogan “The global economy belongs to everyone”, Sam Altman plans to distribute Worldcoin to every single person in the world.
The purpose of Worldcoin
This is where things get a little messy. To get free Worldcoins and sign up for a Worldcoin ID, you need to get Sam Altman eyeballs scanned. The project produces a proprietary iris scanning tool known as Orb for this. After scanning your eyeballs with the Orb, you are ready. According to Altman, this step is necessary for users to verify that you are a real person. Also, it does not contain any privacy and privacy violations.
Worldcoin and Bitcoin
Worldcoin has at least two advantages over Bitcoin. One is its cutting-edge technology. Bitcoin uses the PoW mechanism, which requires mining and energy-hungry computer-driven mining systems. Worldcoin, on the other hand, uses Ethereum’s latest proof-of-stake technology (PoS) as well as technology from different Layer 2 scaling solutions for Ethereum.
According to Worldcoin, “gas free” (transaction free) transactions will become the norm. In layman’s terms, there will be no transaction fees when you move your Worldcoin.
We're celebrating the launch of World App with our growing global community!
Mint your free @ourZORA collectible before Sunday 👇 https://t.co/rYNZdTlUQr
— Worldcoin (@worldcoin) May 10, 2023
Worldcoin also seems poised for much faster uptake than Bitcoin. For example, over 1.7 million people worldwide have already signed up for Worldcoin. Compare that to Bitcoin, which took about 14 years to reach 1 million unique wallet addresses holding 1 Bitcoin or more.
Let’s also mention that Sam Altman has the ChatGPT magic powder that Worldcoin can sprinkle on. ChatGPT skyrocketed to 1 million users in just five days. Which explains why investors are willing to give Sam Altman $100 million for this new crypto project.
Could Worldcoin eclipse Bitcoin?
At the end of the day, Worldcoin’s global expansion plans seem a little too grandiose. For example, Altman wants to reach 1 billion users in two years. But the world population is currently 8 billion people, so the ultimate goal of getting Worldcoin into the hands of every single person on earth seems impractical at best.
However, if Worldcoin receives early attention, then it will spark serious debates about Bitcoin’s future value. Most of the most optimistic price predictions for Bitcoin are based on estimates of $1 million that it will continue to tear apart the world’s financial system. According to analysts, Worldcoin (due to being free) has the highest chance of any altcoin to replace Bitcoin in poor and emerging markets.
Meanwhile, not everyone is that optimistic about Worldcoin. cryptocoin.comAs we reported, the core developers of Ethereum and Polygon recently drew attention to problems with Worldcoin.
