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Blockchain News

Worldcoin Faces Skepticism as Founder Claims Rapid Adoption Despite Limited Data

Worldcoin, the ambitious project aiming to create digital “World IDs” through eye-scanning technology, has drawn both excitement and skepticism since its launch. Founder Sam Altman recently took to Twitter, boasting about a high adoption rate, but the lack of concrete evidence and limited on-chain data have raised doubts within the crypto community. Additionally, criticism from prominent figures like Ethereum founder Vitalik Buterin and U.K. regulators has further fueled the controversy surrounding the project’s reliance on user identification.

Founder’s Claims on Adoption Rate

Worldcoin founder Sam Altman proudly announced on Twitter that the project was witnessing a rapid adoption rate, with one person getting verified every eight seconds. He shared a video of long lines of individuals waiting to use the project’s eye-scanning technology. However, Altman provided no substantiating evidence beyond the selective cell phone video, leaving some observers questioning the veracity of the claim.

Limited On-Chain Data and Discrepancies

On-chain data from Etherscan has revealed limited adoption of Worldcoin’s native token, WLD. With just over 3,650 token holders and 13,766 transfers recorded, the figures cast doubts on the scale of the project’s supposed adoption. Moreover, discrepancies have arisen from reports of no lines at certain sign-up locations, including one in Dubai, contradicting Altman’s portrayal of “crazy lines around the world.”

Price Volatility and Market Ranking

Worldcoin’s native cryptocurrency, WLD, experienced significant price fluctuations. After an initial surge that saw the token’s price soar above $2.60 on July 24, it has since fallen to $2.09. Despite the volatility, WLD still ranks among the top 150 cryptocurrencies by market capitalization, boasting a current cap of $232 million.

Worldcoin’s ID Program and Cryptocurrency Offering

The core of Worldcoin’s offering revolves around its eye-scanning technology, which aims to create digital “World IDs.” These IDs would serve as access keys to various services and differentiate between human and AI agents. To incentivize participation, the project offers cryptocurrency rewards to users who sign up, currently valued at 25 WLD, or $52.50.

Criticism and Controversy Surrounding Worldcoin

Worldcoin’s reliance on user identification has sparked controversy, drawing criticism from decentralization advocates. Critics argue that the focus on identification undermines the fundamental principles of cryptocurrency, which emphasize uncensorable and pseudonymous access to digital money. Ethereum founder Vitalik Buterin and U.K. regulators have joined the chorus of skeptics, raising concerns about the project’s approach since its inception.

Worldcoin’s bold vision of creating a global digital identity system has captivated attention worldwide. However, the founder’s claims of rapid adoption lack solid evidence, and on-chain data suggest limited user participation. The project’s reliance on user identification continues to draw criticism from prominent figures in the crypto space, further fueling the debate over the balance between privacy and accessibility in the world of cryptocurrency. As Worldcoin moves forward, it must navigate these challenges to gain the trust and support of the wider crypto community.

 

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