- Worldcoin’s creators haven’t provided any details about audits, advertising, or a working group
- Just 80% of the coins are intended for members of the public
OpenAI CEO Sam Altman announced he and his partners are close to securing funding of $100 million to launch Worldcoin, an open-source protocol, before July this year. OpenAI is behind the highly publicized ChatGPT.
However, leading Polygon and Ethereum developers expressed skepticism toward its potential use cases.
No details on audits, advertising, or working group
Hudson Jameson of Polygon, previously a core developer of the Ethereum Foundation, calls the project “unrealistic and scary.” He alarms that Worldcoin’s creators haven’t provided any details about audits, there is no advertising, no working group to hold talks with experts, and no publicly accessible plans for the socio-economic implications of the project.
Moreover, he finds the fact that just 80% of the coins are intended for members of the public suspicious. 10% are going to the team, and the remaining 10% to investors. Jameson tweeted:
Beyond the tech and orb, Worldcoin's team's plans are unrealistic and scary. I am less worried about the cutting edge zk-tech being built, but am skeptical about the rollout, since I've heard some team members talk about onboarding tens of millions of people post-launch by 2025.
“Venture capital invention”
According to Jameson, the project looks like a VC invention to solve global issues while ignoring the factors behind any possible solution. He questions the privacy, safety, and security of Worldcoin.
Tim Beiko, a current Ethereum core developer, is also alarmed by the hot new crypto project. Coingape reports that he finds proof of humanity (POH) at every interaction preferable to one-time verification and mere reliance on a crypto signature.
An ambitious project
Worldcoin was announced as a project to distinguish humans from artificial intelligence and to launch a collectively owned cryptocurrency. The funds to develop it will be sourced from existing and new investors, as Bankless Times reported recently. The potential funding of $100 million is sizeable considering the prolonged crypto bear market.
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