- Worldcoin is a crypto started by Sam Altman, the founder of ChatGPT.
- It is aiming to provide faster and cheaper payment solutions.
- We explain the better alternative between Worldcoin, Bitcoin, and Pi Coin.
Sam Altman, the founder of Open AI, is also building a crypto project that he believes will be a better alternative to Bitcoin and other projects like Solana, Ethereum, and Cardano. Worldcoin, his project, has seen the number of active users jump to over 1.77 million, a remarkable feat since it was launched just last week.
Bitcoin vs Worldcoin vs Pi Coin
Bitcoin was started to disrupt the payment industry using the distributed ledger technology. Today, BTC has grown to become the biggest cryptocurrency in the world, with a market cap of over $500 billion.
However, Bitcoin has not lived to its initial expectations in the payment industry. Its transactions are often substantially slower than other payment solutions. On average, transactions are completed within a hour. Similarly, transaction costs are usually high, with the average cost being $31.
Therefore, with these metrics, Bitcoin is not a viable payment solution since fiat currencies like the US dollar and the euro are stable, cheap, and faster.
The other alternative to BTC is Pi Coin, a cryptocurrency that is being built by Pi Network. Pi is one of the most popular players in the industry with over 30 million users globally. It was established by a team of ex-Stanford University students in 2018.
Pi Coin is mined by any person who has an Android or iOS application by just visiting the app. This is unlike Bitcoin, which requires sophisticated hardware to mine. Further, the developers are overseeing several developers who are building on top of its infrastructure.
As I wrote in this article, the biggest challenge for Pi Coin is that it is not possible to cash out since it is in an enclosed mainnet. Therefore, there is an elevated risk that the coin’s price will retreat when - and if - it is unveiled in key exchanges.
Is Worldcoin the solution?
Therefore, both Bitcoin and Pi Coin have their challenges, which Worldcoin can capitalize on. For one, the coin was established by Sam Altman, who has changed the world using artificial intelligence. As such, there is a likelihood that it will gain critical mass as evidenced by the large number of users.
Data shows that it has over 1.77 million users and is available in 29 country. The World app has implemented over 791k trades.
Further, Worldcoin will have cheaper transaction costs than Bitcoin. Its transactions will be much faster and secure because of its World ID feature. Most importantly, it is working with e-commerce and other retailers, who will be able to accept the coin.
Worldcoin will also be faster and cheaper since it is built on top of Optimism’s blockchain. Optimism is a layer-2 network known for faster speed and low transaction costs.
The biggest challenge for Worldcoin is the fact that it is a centralized payment solution. Last week, the developers raised over $115 million from investors like Sequoia and Bain Capital.
Therefore, in a battle between Worldcoin, Pi Coin, and Bitcoin, I believe that Worldcoin will be a better cryptocurrency for payment solutions.
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