Worldcoin is a new cryptocurrency project that claims to be onboarding users at a rapid pace. However, there is little evidence to support these claims. In this article, we take a closer look at Worldcoin’s user adoption rates and discuss the implications for the cryptocurrency market.
Worldcoin, a new cryptocurrency project backed by Sam Altman, the CEO of OpenAI, has been making headlines recently with its claims of rapid user adoption. In a tweet on July 26, Altman said that Worldcoin was onboarding one person every eight seconds. However, there is little evidence to support this claim.
Worldcoin is a project that aims to create a global financial identity system based on biometric data. The project’s Orb devices collect iris scans from users in exchange for 25 WLD tokens, which are the project’s native cryptocurrency.
Altman’s tweet about Worldcoin’s user adoption rates was met with skepticism by some in the cryptocurrency community. Some pointed out that the on-chain data for Worldcoin does not support Altman’s claims. The Worldcoin blockchain has only processed about 100,000 transactions since its launch on July 24. This suggests that Worldcoin is onboarding far fewer users than Altman has claimed.
In addition, there have been reports of people being turned away from Worldcoin Orbs due to long wait times or technical problems. This suggests that the project’s user onboarding process is not as smooth as Altman has made it out to be.
Reports
The Block: “Worldcoin’s Orbs Are Turning Away Users Due to Long Wait Times and Technical Problems” (July 27, 2023)
CoinDesk: “Worldcoin’s Claims of Rapid User Adoption Are Unsubstantiated” (July 28, 2023)
CryptoSlate: “Sam Altman Says Worldcoin is Onboarding Eight Users Per Second, but Claims are Largely Unsubstantiated” (July 26, 2023)
Worth in $
As of August 1, 2023, the price of WLD tokens is about $0.01. This means that the total value of Worldcoin’s user base is about $100,000. This is a relatively small amount, given that Worldcoin claims to have onboarded millions of users.
Conclusion
The claims of Worldcoin’s rapid user adoption are largely unsubstantiated. The on-chain data for the project does not support these claims, and there have been reports of people being turned away from Worldcoin Orbs. Until there is more evidence to support these claims, it is best to view them with skepticism.
What does this mean for the future of Worldcoin?
The future of Worldcoin is uncertain. The project has faced a number of challenges since its launch, including skepticism from the cryptocurrency community and technical problems with its Orb devices. It remains to be seen whether Worldcoin will be able to overcome these challenges and achieve its goal of creating a global financial identity system.
What are the implications for other cryptocurrency projects?
The claims of Worldcoin’s rapid user adoption have raised concerns about the potential for other cryptocurrency projects to make unsubstantiated claims about their user base. This could lead to investor confusion and fraud. It is important for cryptocurrency projects to be transparent about their user numbers and to provide evidence to support their claims.
What can you do to protect yourself?
If you are considering investing in Worldcoin or any other cryptocurrency project, it is important to do your own research. Be skeptical of claims of rapid user adoption and make sure to verify the information before you invest. You should also be aware of the risks associated with cryptocurrency investing.
Tags: Crypto News, Crypto
