tldr; Worldcoin, launched in 2023, has seen an 84% drop in value due to flawed tokenomics and regulatory scrutiny. The project, led by Sam Altman, aimed to create a global identity verification system using blockchain. However, excessive token supply, lack of demand drivers, and questionable utility have undermined its success. Additionally, regulatory concerns over biometric data collection have hindered adoption. To recover, Worldcoin needs to revise its tokenomics, address privacy issues, and clarify the token’s utility.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
kirtash93 on
It was inevitable. I am still struggling to understand how govs didn’t ban it since the beginning. Asking for your unique bio metrics should be illegal.
Bear-Bull-Pig on
Im hope everyone who sold their biometric information sold their coins. There is a lot of supply but I have no idea where demand would come from.
InclineDumbbellPress on
Let that shitcoin burn to the ground for once and for all. Its against everything that crypto represents
juanddd_wingman on
Kind of obvious wasnt it ? . Its very tempting for software companies to copy paste some ERC-20 token and print their own monopoly money. At this point fo the journey, everybody should know that everything that is not Bitcoin is garbage
SuperSan93 on
The article shows a lack of understanding from the writer.
So I’ll counter some of the main points.
Price.
Almost all alt-coins are down by a similar amount.
Tokenomics.
The app gives away free tokens to everybody every month. The only requirement is that you’re human. It also has a vault where you can earn interest.
It has a large supply not yet distributed because it’s designed to be given away to the world’s population. There are nearly 7M verified accounts and 8B people. Would kinda loose its whole point if they already distributed everything.
Privacy.
It doesn’t collect any biometric data. Your iris scan is not saved, it is used to generate a code. The code is unique to you but the code cannot generate the original iris scan.
The app has a whole section related to security and privacy where you can delete your iris code, request a copy the data tied to your account etc.
Purpose.
It’s designed to solve a problem that doesn’t really exist yet; to prove you’re human. In a sense it’s like a captcha but one that an advanced AI of the future wouldn’t be able to solve. If you have a website you would be interested in this tech because you don’t want to be wasting resources on hosting bots.
There are other purposes but that’s the one I like about it the best.
7 Comments
This is called karma
tldr; Worldcoin, launched in 2023, has seen an 84% drop in value due to flawed tokenomics and regulatory scrutiny. The project, led by Sam Altman, aimed to create a global identity verification system using blockchain. However, excessive token supply, lack of demand drivers, and questionable utility have undermined its success. Additionally, regulatory concerns over biometric data collection have hindered adoption. To recover, Worldcoin needs to revise its tokenomics, address privacy issues, and clarify the token’s utility.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
It was inevitable. I am still struggling to understand how govs didn’t ban it since the beginning. Asking for your unique bio metrics should be illegal.
Im hope everyone who sold their biometric information sold their coins. There is a lot of supply but I have no idea where demand would come from.
Let that shitcoin burn to the ground for once and for all. Its against everything that crypto represents
Kind of obvious wasnt it ? . Its very tempting for software companies to copy paste some ERC-20 token and print their own monopoly money. At this point fo the journey, everybody should know that everything that is not Bitcoin is garbage
The article shows a lack of understanding from the writer.
So I’ll counter some of the main points.
Price.
Almost all alt-coins are down by a similar amount.
Tokenomics.
The app gives away free tokens to everybody every month. The only requirement is that you’re human. It also has a vault where you can earn interest.
It has a large supply not yet distributed because it’s designed to be given away to the world’s population. There are nearly 7M verified accounts and 8B people. Would kinda loose its whole point if they already distributed everything.
Privacy.
It doesn’t collect any biometric data. Your iris scan is not saved, it is used to generate a code. The code is unique to you but the code cannot generate the original iris scan.
The app has a whole section related to security and privacy where you can delete your iris code, request a copy the data tied to your account etc.
Purpose.
It’s designed to solve a problem that doesn’t really exist yet; to prove you’re human. In a sense it’s like a captcha but one that an advanced AI of the future wouldn’t be able to solve. If you have a website you would be interested in this tech because you don’t want to be wasting resources on hosting bots.
There are other purposes but that’s the one I like about it the best.