According to Jake Brukhman, founder and CEO of CoinFund, the venture capital firm supporting the project, Worldcoin (WLD), the identity system formally introduced this week by Sam Altman of OpenAI, could spread cryptocurrency more broadly than bitcoin.
“One of the core propositions of Worldcoin is to build a system that can create a distribution of a cryptocurrency that’s even wider around the world than bitcoin is today,” Brukhman said.
According to a blog post this week by Austin Barack, a partner at CoinFund, Worldcoin could bring “billions of users” to the cryptocurrency markets.According to a Dune analytics dashboard on the project, 941,000 World App wallets have been generated as of the time of writing. Worldcoin had just over two million confirmed users globally prior to the launch.Worldcoin is fundamentally an identification protocol that uses iris scans, AI, and zero-knowledge proofs to confirm that users are distinct and human.The network began on Monday, raising concerns about its tokenomics and privacy policies.
Despite this, enrollment has continued.On Wednesday, Altman asserted on Twitter that one individual registers every eight seconds worldwide.Users have been requested to upgrade their apps so they may build Optimism wallets and move their beta tokens to the new blockchain since the protocol is switching from Polygon to Optimism, a Layer 2 ethereum scaling solution, at launch.According to Crunchbase, CoinFund joined industry titans like a16z and Multicoin Capital in investing in Worldcoin at its series A round in February 2021.
“What attracted CoinFund to Worldcoin is its large global vision and Web 3-focused technology,” Brukhman said Thursday.
The CEO stated that he is not concerned that the token is currently unavailable in the United States owing to regulatory issues and that WLD would soon be made available domestically.