Worldcoin founder Sam Altman is claiming high adoption rates for the project but lacks on-chain data to back it up. On July 26, Altman took to Twitter to boast that the project was witnessing an adoption rate of “one person getting verified every 8 seconds now.”
Altman described “crazy lines around the world” and shared video footage of individuals queuing to use the project’s eye-scanning technology.
Despite the claims, Altman provided no additional evidence beyond his cell phone video to substantiate the reported adoption rate.
Limited data, limited adoption observed for Worldcoin
Worldcoin founder Sam Altman claimed the project verifies one person every eight seconds but did not disclose the total number of participants. Previous reports from July 13 indicated that Worldcoin had over 2 million registrants before its launch.
The project operates multiple offices worldwide for user verification, making Altman’s video selective. Some users reported no lines at certain sign-up locations, like one in Dubai.
On-chain data also indicate limited adoption, with just over 3,650 individuals holding the WLD token and 13,766 transfers recorded on Etherscan.
Despite an initial surge that pushed WLD’s price above $2.60 on July 24, the token’s value has dropped to $2.09. Nevertheless, it ranks among the top 150 cryptocurrencies by market cap, with a capitalization of $232 million.
Worldcoin’s ID program and cryptocurrency launched on July 24, intending to create digital “World IDs” based on eye-scanning technology, differentiating between humans and AI agents. Users participating in the program receive cryptocurrency rewards, with the current sign-up reward being 25 WLD, worth $52.50.
The project has faced controversy due to its reliance on user identification, contradicting the principles of decentralization advocated by some cryptocurrency enthusiasts, aiming for uncensorable and pseudonymous access to digital money. Ethereum founder Vitalik Buterin and U.K. regulators have criticized aspects of the project since its launch.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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