The core developers of Ethereum and Polygon pointed out the problems with the OpenAI CEO’s altcoin project. Although the project claims to be revolutionary, its “plans are unrealistic and scary,” according to the developers.
Ethereum core developer Tim Beiko expresses concern about Worldcoin
Beiko suggested on May 16 that Worldcoin would be overshadowed by competing technologies. The Ethereum developer thinks that “more affordable + open access FaceID” projects will make Worldcoin obsolete.
According to Beiko, “Doing PoH (Proof of Humanity) on every interaction seems much better than verifying it once and then relying only on the crypto signature.” The Ethereum core developer here specifically says that Worldcoin’s mechanism is inefficient.
Beiko later mentioned that Worldcoin has not found a complete solution to the two use cases. “Proving that content was created by humans is very different from submitting a UBI. Multiple accounts per person are perfectly fine for the former. Second, it should not be tied to a single identity scheme,” he said.
According to Worldcoin executives, the aim of the project is to “solve two problems” posed by the increasing complexity of artificial intelligence. Meanwhile, Worldcoin is preparing to launch its Blockchain protocol and record transactions in the “next six weeks” after it runs in beta.
“His plans are unrealistic and scary,” said Hudson Jameson of Polygon Labs.
According to Jameson, Worldcoin’s promises go beyond technology and orbit. On May 15, he tweeted, “The WorldCoin team’s plans are unrealistic and scary. I’m less worried about cutting edge zk technology. “But I’m skeptical about rollout as I’ve heard some team members talk about hiring 10 million people after launch by 2025.”
Unlike Beiko, Jameson also finds the Worldcoin team’s roadmap unrealistic. “Last time I checked, I saw 0 indication that they have public plans to deal with the huge socio-economic issues that will vary from region to region. There is no working group on this subject to which they invite experts. There are 0 ads if any.” said.
Jameson is also skeptical of Worldcoin’s tokenomics as a blockchain project. According to himself, “Worldcoin’s tokenomics is also questionable because only 80% of the coins go to the public. 10% goes to the investors and 10% goes to the team. How will that be?”.
Jameson finally said that WorldCoin “seems to be a VC invention that solves a global problem. cryptocoin.com As I have reported, WorldCoin started negotiations for a financing of 100 million dollars on May 15. The project also boasts a Series A funding round led by a16z with investors including Digital Currency Group and Coinbase Ventures, as well as former FTX CEO Sam Bankman-Fried and LinkedIn co-founder Reid Hoffman.
“Unaware of the factors in solving this problem”
At this point, Jameson said, “While WorldCoin seems like a VC invention to solve a global problem, it is unaware of the factors in solving this problem besides developing great technology. They hire nerds and great engineers who also act as PRs on Twitter. I don’t see success for WorldCoin,” he says.
Will Worldcoin be as successful as ChatGPT?
Crypto users are less keen on using AI-based tools due to security concerns. Elon Musk continues his criticism by focusing on the disadvantages of artificial intelligence. Along with that, Worldcoin announced World ID and World App crypto wallets. World App offers secure and simple experience with SAFE wallet agreements and ENS Domains usernames. Worldcoin Orb, on the other hand, aims to verify “proof of humanity” with eye scanning.
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