Is Worldcoin’s free crypto more than just a freebie?

From the Editor’s Desk

Dear Reader,

We’re accustomed to references to digital assets as “the future of finance.” And, since those references just happen to ring true, we rather like them, actually.

We’re less used to characterizations of cryptocurrencies, specifically, as gateway enablers of a dystopian future. If anything, the crypto phenomenon has a streak of the opposite — utopianism — deep in its intellectual DNA.

The mainnet launch of Worldcoin this week may have changed that somewhat. The first reaction of most people to schemes that scoop up their most intimate personal information — in Worldcoin’s case, through iris scans – is that it’s none of Big Brother’s damned business.

Worldcoin’s professed aim of ushering in a guaranteed basic income for everyone on the planet may be laudable, but it certainly doesn’t take much imagination to see the dystopian potential of its apparently utopian mission.

Whether it’s a trailblazing triumph, a Musk-era-Twitter-style flop, or an open door to an Orwellian future, there’s no doubt that its towering ambition involves nothing less than an attempt to reshape the world.

And reshaping the world seems to be in vogue these days, as the resources being thrown at metaverse development suggest. These efforts may harness the utility-rich potential of metaverse technology to change the world in a million smaller ways that collectively promise much more sweeping changes to the place we all inhabit.

However specific and currently small-scale, they all involve aiming big. Indeed, aiming big won us many of the best examples of innovation we enjoy today – not least digital assets. Imagine if Satoshi had said Bitcoin was just too hard.

Yet sometimes, it is good to remember that aiming big has produced not only some of humanity’s finest achievements, but also its most shameful tragedies. With this in mind, Worldcoin co-founder Sam Altman, for one, might want to ponder the fact that one person’s utopia is usually someone else’s dystopia.

Until the next time,

Angie Lau,Founder and Editor-in-ChiefForkast.News

Forkast.Insights What does it mean?

Worldcoin, launched on Monday, marks its distinctive presence as a digital identity venture. The modus operandi involves scanning individuals’ eyes using specially designed cameras known as “Orbs” to obtain biometric data. Users that register their data are subject to Worldcoin airdrops to their Ethereum address, the network where the cryptocurrency operates.

The goal of integrating a digital identity and economic layer is to pave the way for implementing universal basic income — a concept that Worldcoin co-founder Sam Altman firmly believes will become a necessity in light of the explosive growth of artificial intelligence.

Worldcoin’s Orbs have scanned over 2 million individuals worldwide, setting an ambitious target of reaching nearly a quarter of the global population — approximately 2 billion people. This initiative raises significant privacy concerns that Worldcoin aims to assuage with financial incentives.

The idea of “free money” may be appealing, but skeptics argue that it may not be a sufficient driver to enroll 2 billion people into the system. As per a report by the MIT Technology Review, Worldcoin’s initial batch of half a million people largely comprised the underprivileged, predominantly from developing nations.

With Orb verifications conducted in 34 countries, Worldcoin recently announced plans to expedite the distribution of Orbs in the coming months. The company plans to deploy an additional 1,500 Orbs across 35 more cities during the summer and fall.

Notably, as it stands, Worldcoin’s reach will not extend to the world’s two largest economies, the U.S. and China. While U.S. metropolises like New York and Los Angeles are on Worldcoin’s Orb tour, the firm’s terms and conditions have ruled out the availability of WLD tokens to U.S. individuals or entities.

From a market performance perspective, Worldcoin presents an interesting case. On the one hand, it’s attempting to capitalize on the growing interest in digital currencies while addressing the possible need for universal basic income. On the other hand, privacy concerns and limitations on the availability of tokens might constrain its potential. The project’s success will depend largely on how it navigates these challenges and evolves in response to market dynamics and regulatory environments.

Forkast.Insights