June 16, 2024

What Now With Worldcoin After Sam Altman’s Departure From OpenAI?

What Now With Worldcoin After Sam Altman's Departure From OpenAI?

What Now With Worldcoin After Sam Altman's Departure From OpenAI?

The tech world was recently shaken by the news of Sam Altman’s departure as the CEO of OpenAI, a leading AI research organization. The decision, described as not related to any malfeasance or issues with OpenAI’s practices, appears to stem from a breakdown in communication between Altman and the board​​​​. But of course, we are a bit more concerned about the future of Worldcoin.

Compounding the intrigue is the news that Altman has been discussing the launch of a new venture, with former OpenAI president Brockman potentially joining him.

Limited day-to-day Involvement in Worldcoin

The Worldcoin project aims to combine cryptocurrency with biometric verification for a unique digital identity. The value of Worldcoin’s token, WLD, experienced a sharp decline of more than 13%, reflecting the market’s reaction to the news of Altman’s departure from OpenAI.

Altman’s limited day-to-day involvement in Worldcoin might mitigate some immediate operational impacts. However, his departure from OpenAI has undoubtedly cast a shadow over the project, with investors and the market closely watching for any further developments​​.

Nevertheless, the future of Worldcoin might be seen as less insecure despite Altman’s departure from OpenAI. Afterall, Worldcoin has a team of co-founders and a diversified leadership that can steer the project beyond Altman’s involvement.

Worldcoin operates independently from OpenAI, and its operations and strategic decisions may not be directly impacted by changes at OpenAI. Add to this that Worldcoin has significant backing from investors, which might continue to provide stability and confidence in the project’s future. With an established community and user base, the project may continue to grow organically based on its own merits and user adoption.

Worldcoin Adopts an Agressive Growth Strategy

Despite the recent developments, Worldcoin remains an active project with a significant user base. As of the beginning of November, the Worldcoin application had over four million downloads, and the platform had more than 2.4 million unique human users. The user engagement is indicated by the creation of about 53,800 new accounts and over 59,000 daily wallet transactions in a recent seven-day period.

Worldcoin is pursuing an aggressive expansion and adoption strategy, leveraging its unique biometric verification system via the Orb devices. These Orbs are managed by independent entrepreneurs, known as Orb Operators, who distribute them globally – in remote villages, metro stations, and university campuses. Users are encouraged to sign up for Worldcoin by undergoing an eye scan, which is used to create a unique identifier called IrisHash.

This World ID plays a pivotal role in the distribution of Worldcoin’s cryptocurrency, ensuring fair and equitable access while minimizing the potential for fraud or duplication of accounts. The system also ensures each person is human and hasn’t collected Worldcoin before. Despite privacy concerns raised by experts, Alex Blania, a co-founder, asserts that the Orb’s design is privacy-preserving, claiming that retina photos aren’t stored and zero-knowledge proofs are used for privacy and security​​.

Worldcoin has announced plans to significantly increase Orb production starting in November. They aim to produce a 4,000 Orbs per month, partnering with a major international manufacturer for production. This ramp-up is part of their strategy to match Orbs with operators worldwide, potentially increasing the reach and adoption of Worldcoin​​.

USDC Stablecoin Replaced by Worldcoin’s Native Token, WLD

Recently, Worldcoin revealed plans to change its compensation method for Orb Operators. Previously compensated with the USDC stablecoin, starting from November 2023, these operators will be paid in Worldcoin’s native token, WLD. This move signifies a transition following Worldcoin’s mainnet launch in July 2023. The change aims to increase the utility and circulation of WLD, aligning with Worldcoin’s broader objectives​​.

About 130,000 people globally have already interacted with the Orb, a twist on the concept of Universal Basic Income (UBI) in the crypto realm. The amount of Worldcoin received by each person depends on how early they participated in the project. The value ranges between $10 and $200, distributed over two years with 10% accessible immediately through a wallet app generated by the Orb. Worldcoin, built as a layer 2 system on the Ethereum network, plans to distribute 8 billion out of a total cap of 10 billion Worldcoins globally, aiming to reach every human on Earth. The remaining 2 billion coins are reserved for the Worldcoin Foundation and investors​​.

Privacy and Ethical Concerns

Worldcoin’s operations have sparked privacy and ethical concerns. Critics have expressed worries about the collection of personal information, including gender, ethnicity, and medical conditions, which could compromise individual privacy.