CryptoQuant CEO Ki Young Ju has publicly criticized Worldcoin, the altcoin project founded by OpenAI CEO Sam Altman, as a potential scam. Ki Young Ju’s accusation came in response to Worldcoin’s ambitious “World ID” concept, which aims to offer a unique digital passport to authenticate users as real people rather than artificial intelligence bots. The core of this identification process involves a face-to-face iris scan using the ‘sphere’ of Worldcoin, a silver ball the size of a bowling ball. Here are the details…
Fraud accusation for newly introduced altcoin
Worldcoin has recently entered the market after its beta period. It has attracted the attention of more than 2 million users. The project now plans to expand its iris scanning operations (orbing) to 35 cities in 20 countries. To encourage adoption, the company offers its cryptocurrency token WLD to users who sign up in certain countries. In his tweet on the 25th, Ki Young Ju expressed his concerns about Worldcoin excluding US citizens from the iris scanning process, pointing to possible legal ramifications. He also questioned the necessity of creating a new cryptocurrency to replace Bitcoin, and criticized Worldcoin’s uncertain token economy, voicing doubts about its usefulness and branding it as a potential scam.
To be fair, US people can use the orb to scan iris, but they can't receive tokens. Zero incentives.
I still don't understand why did they need to issue 'Worldcoin' to replace Bitcoin as a global digital money. The iris info is not even used for managing digital wallets. pic.twitter.com/BqICLfpyRT
— Ki Young Ju (@ki_young_ju) July 24, 2023
In response, Worldcoin defended the “World ID” initiative, claiming that iris scanning is essential to verify unique human identities and prevent bot and fake account infiltration, providing a secure ecosystem. The company addressed privacy and data security concerns by explaining that the collected iris information is not used to manage digital wallets or transactions. Interestingly, the situation took an unexpected turn when Ji-young asked Sam Altman about tokenizing an OpenAI language model, ChatGPT. Altman has yet to respond. He left room for potential developments in the realms of artificial intelligence and cryptocurrencies.
Discussions continue for Worldcoin
As the discussions continue, Worldcoin’s “World ID” launch presents an intriguing concept for a safer cryptocurrency ecosystem. However, fraud charges call for greater transparency and clearer tokenomics to build trust between users and the crypto community. The future of Worldcoin and its potential impact on the cryptocurrency landscape remains unclear and await responses from interested parties.
WLD’s price rose in early trading on Monday. The coin has soared from its starting price of $0.15 on Binance to as high as $5.29. According to the exchange, it saw a trading volume of $25.1 million. Co-founder Alex Blania said that Blockchains can store identities in a way that preserves privacy and cannot be controlled or shut down by any single entity.
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