In a much-anticipated move, Worldcoin has finally unleashed its WLD tokens on the OP Mainnet after a series of delays.
The controversial crypto project, co-founded by Sam Altman, aims to enable individuals to validate their identities online through credentials verified by iris-scanning orbs.
As of writing, over two million people, mainly from the Global South, have already been verified.
Despite the excitement surrounding the launch, Worldcoin faces a precarious situation with regulators in the United States clamping down on crypto issuers.
The team is quick to assure that the tokens will not be available in the U.S., but skepticism remains about the project's overall vision.
Tiago Sada, head of product, engineering, and design at Worldcoin's main developer, Tools For Humanity, expressed optimism about the rollout of orbs in various cities worldwide.
However, the sporadic nature of the project's progress, marked by multiple delays, has raised eyebrows within the crypto community.
Worldcoin has pledged to expedite sign-ups by deploying orbs in more than 35 cities across 20 countries.
The controversial devices manufactured by Jabil will see their numbers swell to approximately 1,500 by the end of the year.
Individuals verified by an orb will receive an initial allocation of 25 WLD tokens, along with periodic grants.
To cater to those unable to visit an orb, the World App allows token reservations until their in-person verification.
The token launch announcement reveals a total supply of 10 billion WLD tokens, with 80% earmarked for users, operators, and the ecosystem, and the remaining 20% allocated to the Worldcoin team and its backers.
However, the precise distribution of the tokens has been a subject of skepticism in the crypto community.
Worldcoin's claim of being an "antidote" to AI tools like ChatGPT, owing to its co-founder Sam Altman's simultaneous role as the CEO of OpenAI, comes under scrutiny.
The project's urgency in light of AI advancements raises questions about its true intentions and potential pitfalls.
The project envisions an extensive range of use cases for its verified credentials, including uncollateralized lending programs, universal basic income models, and even applications within the metaverse.
However, the implementation and scalability of such ambitions remain uncertain.
As Worldcoin completes its migration to the OP Mainnet, a Layer 2 scaling solution, the project's efficacy and impact on the broader blockchain landscape remain a subject of skeptical inquiry.
Privacy concerns and doubts about decentralization and inclusivity persist in light of the age of AI and the pressing need for privacy-first solutions.
While Worldcoin's WLD token launch holds promises of innovation, its controversial nature and the skepticism surrounding its ambitious claims warrant careful observation as it unfolds in the blockchain arena.
Weatherly
