Worldcoin: The Challenges and Controversies Surrounding the Revolutionary Cryptocurrency
The launch of Worldcoin elicited tremendous excitement and garnered 2 million pre-registrations. However, after its official release, the number of sign-ups has been far below expectations. One possible reason for the disappointing figures is the requirement for potential users to physically visit a location and undergo an iris scan. In this article, we will delve into the issues plaguing Worldcoin and explore the various challenges it faces.
The Concerning Sign-Up Numbers
Since its launch on July 24th, the estimated number of sign-ups across the 20 countries where iris scans are available is a mere 1,200. This significant drop in numbers hints at potential issues underlying Worldcoin’s adoption despite its initial promise.
The Impact on the Market and Worldcoin’s Performance
The challenges for Worldcoin extend beyond its sign-up numbers and manifest in the cryptocurrency’s market performance. Currently, Worldcoin (WLD) has experienced an approximate 8 percent decline in value, resulting in a market capitalization of 244 million. This outcome is certainly not what CEO Sam Altman, renowned for his involvement with OpenAI’s ChatGPT, had hoped for.
At first glance, Worldcoin seemed to attract considerable enthusiasm, particularly in three locations in Hong Kong, resulting in 600 sign-ups on the first day. Yet, since then, the fervor has waned, and people no longer appear interested in the project, despite the incentive of receiving WLD for signing up.
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It is not entirely surprising that sign-ups have fallen short for Worldcoin. While the concept of launching a cryptocurrency that requires an iris scan initially appeared captivating, the practicality of physically journeying to a designated location proves to be a barrier for many prospective users.
Pessimism Surrounding Worldcoin
In addition to the disappointing sign-up numbers, Worldcoin faced significant controversy even before the first million registrations. MIT Technology Review alleges that the company employed deceit, monetary promises, and other questionable tactics in developing countries to boost sign-up numbers.
Consider the story of a small village in Indonesia as an example. “Rushwandi joined a long line of residents, mostly women, some of whom had been waiting since 6 am. In an economy weakened by the pandemic, any form of assistance was welcome,” as highlighted in the MIT article.
Notably, Ethereum founder Vitalik Buterin and Twitter co-founder Jack Dorsey have both expressed skepticism about Sam Altman’s Worldcoin. Thus, despite its initial surge in value, Worldcoin has undeniably made a rather rocky start.
The ambitious yet challenging journey of Worldcoin continues to captivate observers. While the requirement for physical presence and iris scans poses obstacles, the controversies surrounding sign-up numbers and allegations of misleading practices further complicate the matter. Consequently, Worldcoin’s future hangs in the balance, awaiting both resolution and redemption.