Every person deserves dignity in the digital age. Achieving that is going to require balancing solutions that differentiate humans from machines with commitments to protect our privacy, says mikejcasey. Opinion for the 'Money Reimagined' newsletter
, Morris acknowledged the potential benefits of Worldcoin’s universal basic income ambitions but added that Altman and his cofounders “have hit on a way to make this appealing premise seem utterly dystopian.” He warned of the dangers of a centralized entity gathering retina prints and noted that the $5000 cost per orb – along with logistics challenges of distributing it worldwide – make a mockery of any plans for a “universal” rollout.
On the other side are backers like Jake Brukhman, a partner at Coinfund, which invested in Worldcoin in 2021., Brukhman predicted the project would onboard billions of people into cryptocurrency, with the financial inclusion benefits that come with it.
My concern is with the corporate centrality of it all and with the misaligned incentives it will foster. Why is UBI even the responsibility of a private company? Doesn’t that create uneasy dependency among its poorer recipients? And what exactly is the token for? Worldcoin seems to be hoping it will form the basis of an ecosystem of decentralized AI applications as it promotes its software development toolkit for developers.
But, for now, it feels like the project is designed to bootstrap participation via speculative fervor, which is in turn fueled by the buzz around a high-profile project and founder, which creates a juicy exit for early token holders and sets post-launch investors up for losses. With many taking issue with the tokenomics of the Worldcoin rollout, which severely limits total circulating supply, the whole thing looks to many like a hyped-up money grab.
Still, there’s at least one positive that could arise out of the Worldcoin project. It is drawing attention to the need for some kind of proof of humanity, which could give oomph to the many interesting projects seeking to give people greater control over their identities in the Web3/AI age.
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