CryptoQuant CEO Ki Young Ju says “Worldcoin is a scam”
CryptoQuant CEO Ki Young Ju publicly criticized the cryptocurrency project Worldcoin, founded by OpenAI CEO Sam Altman, labeling it as a potential scam. Ki Young Ju’s accusation comes in response to Worldcoin’s ambitious “World ID” concept, which aims to offer a unique digital passport to verify users as real humans rather than AI bots. The core of this identification process involves an in-person iris scan using Worldcoin’s ‘orb’, a silver ball the size of a bowling ball.
Worldcoin has recently launched after its beta period, attracting over 2 million users. The project now plans to expand its iris scanning operations, orbing, to 35 cities in 20 countries. To incentivize adoption, the company offers its cryptocurrency token, WLD, to users who sign up in select countries.
In his tweet on the 25th, Ki Young Ju raised concerns over Worldcoin’s exclusion of U.S. citizens from the iris scanning process, suggesting possible legal implications. He also questioned the necessity of creating a new digital currency to replace Bitcoin and criticized Worldcoin’s unclear tokenomics, expressing doubts about its utility and branding it a potential scam.
If the token is just for incentives to attract more users and zero utility(= unclear tokenomics), it’s a scam. Correct me if I’m wrong.
— Ki Young Ju (@ki_young_ju) July 24, 2023
In response, Worldcoin defended its “World ID” initiative, asserting that the iris scan is essential to verify unique human identities and prevent bot and fake account infiltration, ensuring a secure ecosystem. The company clarified that the iris information collected is not used for managing digital wallets or transactions, addressing privacy and data security concerns.
Interestingly, the situation took an unexpected turn when Ji-young queried Sam Altman about tokenizing ChatGPT, an OpenAI language model. Altman has yet to respond, leaving room for potential developments in the AI and cryptocurrency realms.
As the debate continues, the launch of Worldcoin’s “World ID” presents an intriguing concept for a more secure cryptocurrency ecosystem. However, the accusations of scam call for increased transparency and clearer tokenomics to build trust among users and the crypto community. The future of Worldcoin and its potential impact on the digital currency landscape remain uncertain, awaiting responses from the involved parties.
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