Building on the success of OpenAI’s ChatGPT, founder Sam Altman is reportedly close to raising $100 million in funding for his Worldcoin crypto project. The project had already raised $100 million at a $3 billion valuation last year from prominent investors, including Andreessen Horowitz and Coinbase’s venture capital arm.
But former Ethereum lead developer Hudson Jameson, who currently works with Polygon Labs, thinks Worldcoin’s plans are “unrealistic and scary.”
The cryptographic project uses a device called an orb that scans people’s irises to determine if they are human. People who participate and register by scanning their irises are rewarded with Worldcoin. The idea is to use iris scanning technology to create a global identification system that provides access to its global currency, Worldcoin.
Jameson said he is not sure about the launch of Worldcoin as the project ambitiously plans to onboard tens of millions of users by 2025. Jameson also raised concerns about the transparency of the project.
in a twitter threadHe noticed:
“Last time I checked, I didn’t see any indication that they had public access plans to address the huge socio-economic issues that will vary from region to region. Nor is there a working group where they invite experts on this. If there is, there is no publicity for that.”
Jameson went on to question the tokenomics of the project, calling it “suspicious.” According to Jameson, 80% of the Worldcoin supply is intended for the public, while investors and the team will each own 10% of the supply. He added:
“How is that going to create a fair world currency? Is there any analysis from them on preventing wealth gaps in certain areas?
Furthermore, Jameson said the project is trying to solve a global problem “while ignoring the factors to solve that problem in addition to building cool technology.” On a somber note, he concluded that he does not foresee the success of Worldcoin.
However, a research engineer at Worldcoin, saying that the project’s token distribution is “pretty good” compared to other popular tokens.
Jameson is far from the only one questioning the future of Worldcoin. Ethereum core developer Tim Beiko also voiced your doubts, saying “cheap + open access FaceID” could make Worldcoin “obsolete”.
Ex-Ethereum Developer Post Calls Open AI Founder’s Worldcoin Project “Unrealistic And Scary” Appeared First On CryptoSlate.