HomeBlockchainCoinFund: Worldcoin could add billions of users to the crypto economy

CoinFund: Worldcoin could add billions of users to the crypto economy


In a recent CoinFund blog post, the investment firm detailed its thesis for investing in Worldcoin, a project that aims to solve the identity problem in the crypto economy. The post, written by Austin Barack and Jake Brukhman, was published on July 23, 2023 and offers an in-depth look at Worldcoin’s potential.

Worldcoin’s mission is to demonstrate human uniqueness in a digital context while maintaining anonymity and privacy. The project has developed a state-of-the-art hardware device, the Worldcoin Orb, which uses iris biometrics to determine human uniqueness. The Orb creates a unique hash from a user’s iris pattern, which is then used to prevent duplicate records. Importantly, raw biometric data is permanently deleted after the hash is created, ensuring privacy.

The ability to prove a user’s uniqueness without requiring personally identifiable information has significant implications for digital interactions. For example, you can enable one person, one vote systems in Decentralized Autonomous Organizations (DAOs), prevent the creation of unwanted social media accounts, and facilitate fair airdrops on crypto networks.

Worldcoin’s approach also allows for the fair distribution of a network asset on a global scale. With Worldcoin Orb and World ID, each user can receive roughly equal amounts of Worldcoin Native Token (WLD), regardless of when they sign up. This approach is intended to incentivize user participation and could potentially attract billions of users to the crypto economy.

As of July 23, 2023, Worldcoin has registered more than two million users (2,060,888 to be exact). CoinFund, an early backer of Worldcoin, believes that Worldcoin’s unique approach to demonstrating personality and distributing network assets could be transformative for global digital coordination and financial inclusion.

However, it is important to note that CoinFund’s views are not representative of all investors, and potential investors should conduct their own due diligence. The future of Worldcoin, like all crypto projects, is subject to various risks and uncertainties.

In conclusion, Worldcoin’s innovative approach to solving the identity problem in the crypto economy could potentially bring billions of users into the crypto economy. Its unique personality test and fair distribution of network assets are key innovations that could transform digital interactions and global financial inclusion.

Image Source: Shutterstock


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