Worldcoin: The Most Dystopian CRYPTO!? Here Are The Facts!!
Published: 2023-08-03
Status:
Available
|
Analyzed
Published: 2023-08-03
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
Worldcoin may expand its orb signups to other planets, suggesting future global or even extraterrestrial expansion plans.
"and the worldcoin website's metrics page also appears to contain a hidden milestone...one of the metrics is planets which is defined as quote total number of planets where signups have been conducted with an orb now call me crazy but this seems to foreshadow World coin expanding to well other planets"
Pending
Worldcoin aims to have 1500 Orbs in circulation by the end of 2023.
"worldcoin is in the process of ramping up production of its orbs and wants to have 1500 of them in circulation by the end of the year"
Pending
Worldcoin plans to create its own Ethereum Layer 2 solution to host the World ID protocol.
"Alex also mentioned in an interview earlier this year that worldcoin will eventually be creating its own layer 2 for ethereum which will be home to the world ID protocol"
Pending
Worldcoin intends to expand to the Solana blockchain and introduce an on-chain credit score.
"it seems that worldcoin is planning to expand to Solana as well and apparently has plans to introduce an on-chain credit score"
Pending
Over 1 billion WLD tokens are projected to be in circulation by the end of 2023.
"by the end of the year there will be over 1 billion wld in circulation"
Pending
Worldcoin could cease operations if adoption by individuals and businesses utilizing WLD is limited.
"third world coin warns that the project will fail if it doesn't get enough adoption quote if over time the numbers of individuals and businesses that chose to utilize wld is limited we may be forced to cease operations that support the project"
Pending
The Worldcoin project may fail if the foundation cannot sell enough WLD tokens to fund ecosystem development, dependent on sufficient outlets for token transfer or spending developing.
"second worldcoin warns that the crypto project will fail if the foundation can't sell enough wld to fund ecosystem development quote acceptance of the wld tokens distributed by us requires that there be Outlets to transfer wld tokens to others or to spend tokens as a currency which may not develop or grow with sufficient scale to support successful growth and Adoption of the protocol"
Pending
Worldcoin's success is not guaranteed due to uncertainties in how its technologies function at scale and the extent to which users will find the project and WLD token useful.
"first world coin warns that because the project aims to become decentralized success may not be guaranteed quote there are significant uncertainties as to how these Technologies function at scale and the extent to which users around the world will find the project and the wld token useful"
Pending
Regulatory changes, particularly concerning data protection or classifying WLD as a financial instrument, could negatively impact the Worldcoin project.
"fourth worldcoin warns that regulations could kill the project quote developments or changes in regulatory treatment or unanticipated enforcement activity could negatively affect the wld tokens in various ways including for example through a determination that the verification mechanism is unlawful under data protection regulations or that the wld tokens are regulated financial instruments"
Pending
The success of Worldcoin is significantly dependent on the company's ability to produce, distribute, and service the 'orb' hardware.
"sixth worldcoin warns that the success or failure of the project depends heavily on the hardware the orbs quote the success of the project depends significantly on our ability to produce distribute and service a hardware device known as the orb and its related software which is used to produce a unique verified code known as a world ID for each user"
Pending
Security breaches, data privacy incidents, or improper access/destruction of user data could disrupt or terminate the Worldcoin project.
"finally worldcoin warns that any data issues could be the end too quote if security or data privacy breaches occur or if there are incidents of other unauthorized or improper access to use of or destruction of user data the ability of the project to continue functioning could be disrupted or terminated"
Pending
The utility of WLD tokens is intended to be determined by the user community.
"the world coin white paper notes that wld is a utility token but states that quote the community of users will determine the token's utility"
Pending
Worldcoin aims to decentralize its operations and is working on establishing a robust governance process.
"worldcoin wants to decentralize everything this is going to require creating a robust governance process which is presumably in the process of being put together"
Pending
The initial supply of WLD tokens is 10 billion, with 7.5 billion for users and 2.5 billion for the project and early investors.
"wld is an erc20 token on both ethereum and optimism it has an initial supply of 10 billion which is intended to correspond to one wld per person 7.5 billion people plus 2.5 billion wld for worldcoin and the Project's early investors"
Pending
Worldcoin aims to produce and circulate 1500 Orbs by the end of 2023.
"worldcoin is in the process of ramping up production of its orbs and wants to have 1500 of them in circulation by the end of the year"
Pending
Worldcoin plans to develop its own Ethereum Layer 2 solution that will host the World ID protocol.
"Alex also mentioned in an interview earlier this year that worldcoin will eventually be creating its own layer 2 for ethereum which will be home to the world ID protocol"
Pending
Worldcoin is expected to expand to the Solana blockchain and implement an on-chain credit score system.
"it seems that worldcoin is planning to expand to Solana as well and apparently has plans to introduce an on-chain credit score"
Pending
European regulators are investigating Worldcoin's data practices, and significant issues could lead to the project's termination.
"as some of you may have heard Regulators in Europe are already investigating worldcoin over its data practices if they find significant issues it's probably over"
Pending
Worldcoin's stated purpose is to help humanity adapt to the impacts of artificial intelligence.
"the purpose of worldcoin is to help Humanity adjust to the effects of AI at least on paper"
Pending
Sam Altman predicts AI will cause massive wealth concentration, necessitating AI-funded Universal Basic Income (UBI).
"Sam believes that AI will lead to a massive concentration of wealth that can only be mitigated through Universal basic income or Ubi something that will be paid for by AI"
Pending
Worldcoin's digital ID aims to distinguish between humans and advanced AI.
"a digital ID will make it possible to differentiate between humans and increasingly human-like Ai"
Pending
Worldcoin has raised a total of $240 million from cryptocurrency venture capitalists, including an initial $25 million and subsequent $215 million.
"later that year the project raised 25 million dollars from crypto VCS and came out of stealth mode it has since raised an additional 215 million dollars from crypto VCS grand total 240 million big ones"
Pending
The Worldcoin Foundation was established in the Cayman Islands in October 2022.
"in October last year the world coin Foundation was incorporated in the Cayman Islands"
Pending
Worldcoin launched its digital ID (World ID) and SDK in March 2023, its crypto wallet (World App) in May 2023, and the WLD token on Optimism in July 2023.
"in March this year World coin revealed its digital ID dubbed World ID along with a software developer kit to leverage it in May it launched a crypto wallet dubbed the world app and late last month it launched the world coin token with the Ticker wld on optimism a layer 2 for ethereum"
Pending
The development cost for the Worldcoin Orb amounted to $50 million.
"Alex explained in an interview that it cost them 50 million dollars to develop"
Pending
Worldcoin Orbs are reportedly manufactured in Germany by Tools for Humanity.
"World coins orbs are reportedly manufactured in Germany for tools for Humanity the aforementioned software company behind worldcoin"
Pending
Orb operators earn $1 to $5 in stablecoins for each person they successfully convince to use the Orb.
"Alex revealed in an interview that orb operators make anywhere between one and five dollars for every person they convince to look into the orb paid in unspecified stable coins"
Pending
Worldcoin no longer collects Orb-related data by default; users now have the option to opt out of data collection for training purposes.
"worldcoin no longer collects data by default worldcoin's old website noted that it was sending all orb-related data to tools for Humanity for training purposes today however you have the option to opt out of this data collection"
Pending
The connection between World ID and World App wallet addresses poses a privacy risk.
"in practice the fact that your world ID is connected to your wallet addresses on your world app threatens this privacy"
Pending
World ID holders receive 1 WLD token weekly, requiring regular access to the World App to claim.
"World coins FAQ page notes that world ID holders only get one wld per week to claim this free wld world ID holders must open the world app on a regular basis after getting their world ID"
Pending
The total supply of WLD tokens is subject to change in the future.
"the tokonomics notes this Supply could change in the future"
Pending
Vesting for WLD tokens allocated to the team, Tools for Humanity, and early investors will commence in one year; only community tokens are currently vesting.
"the wld tokens allocated to the team tools for Humanity and early investors will only begin investing in one year for now it's only the community tokens that are vesting"
Pending
Worldcoin's June analytics data indicates approximately 1 million World App wallets in use.
"World coin's own June analytics dashboard suggests there are only one million World app wallets 50 conversion so to speak"
Pending
At a WLD price of $2.50, the weekly sell pressure from users claiming tokens is estimated at $2.5 million.
"now assuming a wld price of around two and a half dollars that's only two and a half million dollars of cell pressure each week"
Pending
The weekly sell pressure on WLD from user claims is considered relatively low.
"a few million dollars of cell pressure each week isn't all that much"
Pending
Worldcoin is reportedly experiencing slow user uptake, a claim the project denies.
"hence the reportedly slow uptake which worldcoin denies"
Pending
The Worldcoin Foundation exercises centralized control over all Worldcoin smart contracts via a 4-of-6 multi-signature wallet.
"the world coin white paper notes that the world coin Foundation controls all World coin smart contracts with a four of six multi-sig wallet that is what we call Centralized"
Pending
Currently, there are no significant demand drivers for the WLD token.
"on the demand side we have well nothing at least for now"
Pending
While user communities are meant to define WLD's utility, they currently lack the mechanisms to do so.
"the community of users will determine the token's utility the thing is that the world coin Community currently has no way of doing this"
Pending
The lack of demand drivers, combined with new WLD supply, could suppress its price after the initial hype fades.
"the absence of demand drivers could mean that the small amount of new Supply coming from World ID users and the worldcoin foundation could be enough to suppress its price once the hype has faded"
Pending
If WLD utility is not established within a year, sales by other token recipients could cause a price crash.
"if utility isn't introduced in a year's time selling by other wld recipients could crash it"
Pending
Worldcoin's roadmap focuses on open-sourcing all aspects of the project as quickly as possible, without specific dates.
"the closest thing that worldcoin has to a roadmap is its quote open source roadmap which has no specific dates but the Milestones are straightforward open source everything as soon as possible"
Pending
A primary goal for Worldcoin is to achieve complete decentralization.
"worldcoin wants to decentralize everything"
Pending
Orb production faced challenges due to pandemic-related chip shortages, the European energy crisis, and geopolitical tensions, which may continue to impede production.
"Alex mentioned in many interviews that they were having issues with producing orbs during the pandemic due to the chip shortage the energy crisis in Europe which hit Germany hard and ongoing geopolitical tensions between China Russia and the West could continue to impede orb production"
Pending
World ID is not truly decentralized due to centralized control of smart contracts by the Worldcoin Foundation and the centralized nature of Layer 2 solutions like Optimism.
"aside from the fact that the world coin Foundation controls all of world coin smart contracts with that four of six multi-sig wallet optimism is also controlled by a multi-sig we couldn't find how many signers there are but it doesn't change the fact that world ID is not that decentralized layer twos are centralized"
Pending
The distribution of WLD and the location of Orbs suggest Worldcoin is primarily targeting developing countries, contradicting claims otherwise.
"this claim is inconsistent with the distribution of wld and the location of most of worldcoin's orbs both seem to be concentrated in developing countries"
Pending
The rollout of Worldcoin is predicted to be a significant event for governments, comparable to Facebook's Libra project.
"the rollout of worldcoin will be the Libra moment for governments around the world"
Pending
Governments prioritize maintaining control over citizen identity, deeming it as important as controlling currency, for purposes like taxation and monitoring.
"governments also want to maintain control of the identity of their citizens this is as much if not more important than maintaining control of a currency they need to know who their citizens are and have some idea of what they're doing and where they are"
Pending
There is a possibility that governments will adopt Worldcoin's technology.
"world coins technology will be adopted by our governments"
Pending
Worldcoin's mission has shifted from focusing on UBI to combating deepfakes, with its current objectives and execution unclear.
"worldcoin's mission seems to have shifted over time when it began it was all about Ubi now it seems to have shifted its focus to fighting deep fakes and the like even then it's unclear what worldcoin's mission currently is nor how it plans on achieving it"
Pending
Making AI open-source and accessible to individuals could prevent the predicted concentration of wealth.
"if AI is made open source and available to the average person then this concentration of wealth probably won't occur"
Pending
There is a critical need for a truly decentralized digital identification system.
"we desperately need a truly decentralized digital ID"
Pending
Even if not the perfect solution, Worldcoin is considered a step in the right direction by stimulating public discussion about digital identity.
"so while worldcoin may not be the technology we need it could nonetheless be a step in the right direction at the very least it has everyone talking about what to do about digital ID and this counts as a step forward in our book"
Pending
The hardware used in identity decentralization systems is a critical factor.
"if anything we've learned about decentralizing identity it's that the hardware matters a lot"
Pending