Mar 21, 2024
Worldcoin has no problem attracting eyeballs. More than 2.2 million people have signed up, getting their irises scanned in exchange for a digital ID and, in some countries, free crypto.
A project from ChatGPT founder Sam Altman aims to create a blockchain-based "identity and financial network". Its native coin WLD has kept a steady price between $2 and $2.50 since its launch on July 24, thus far spared the "pump-and-dump" trajectory of many new crypto tokens.
The investor jury is out on Worldcoin's prospects, according to Gordon Grant, co-head of trading at Genesis Trading, which isn't offering the token to clients yet.
He said: "There are folks that have really taken a view about this project, both with the positive and negative side."
Worldcoin's white paper on its website says that, over the next 15 years, a total of 10 billion of the tokens will be released into the market. The circulating supply was 120 million tokens, data from market tracker CoinGecko shows, around 1.2% of the total planned future supply.
Some tech players are enthusiastic about Worldcoin's plan to provide a digital ID system based on what it calls "proof of personhood" with the project backed by investors including Andreessen Horowitz.
PitchBook analyst Robert Le said there were several startups trying to build blockchain-based digital identity systems, but none on Worldcoin's scale.
Worldcoin's bet is that this will become more important as artificial intelligence bots increase the need for people to be able to verify their human status online.
