The Future of Worldcoin

Future of Worldcoin

Author: Sandao Source: mirror

Worldcoin is doing something big. Even though Worldcoin emphasizes that the iris photos it collects will not be retained and will only be converted into a hash and stored in a database using zero-knowledge proofs, it is difficult to gain recognition from most governments in the world. It’s simple: if I ask you to collect the iris of the citizens, you don’t benefit from it. However, once you have a backdoor or this machine injects viruses or tamper with things in the real world, it becomes a trouble of privacy leakage for the government. The future of Worldcoin is extremely uncertain, both in terms of the project itself and the token price. Currently, the $60 reward for those willing to upload their iris photos is not paid from the official promotion fee, but by the buyers of the WLD tokens in the market.

There are several unavoidable problems for the future development of Worldcoin:

(1) Lack of trust from governments around the globe

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This problem is unquestionable. In the eyes of governments around the world, Worldcoin is nothing more than a domestic private company in the United States. As a foreign private company, it is difficult for me to support you unobstructed when there are obvious disadvantages but possibly no benefits. Either strict scrutiny is imposed or numerous external conditions are attached, or it is directly prohibited. The Worldcoin project team needs to negotiate and do public relations with each government to advance. I think this difficulty is too great, just like how Binance is currently striving for compliance in various countries. The compliance cost is very high.

(2) High maintenance and management costs of hardware

Internet companies can develop so rapidly and quickly form networks mainly because they have overcome physical limitations. However, Worldcoin currently relies entirely on the Orb iris collection hardware for the collection of all information. I think it’s really difficult. It has to find placement locations in different places with different customs and prevent theft. If it breaks, it needs to be repaired. And it must always be guarded against being infected or having other things installed secretly. The maintenance and management costs are extremely high.

(3) Authenticity of samples

Currently, each person who uploads their iris is rewarded with approximately $60. Once the reward increases, arbitrageurs will appear. If the reward is too small, people will lose motivation to upload their iris. Therefore, the collection of iris by Worldcoin cannot be carried out without issuing tokens or providing incentive rewards through market orders. However, if the reward is too high, organizations will exploit it. I think it is most disadvantageous to buy tokens of such projects in the early stage because in order to increase the user base, the early-stage project team may deliberately maintain the token price within a certain range.

How to break the ice?

I actually came up with a solution for it, which is to transform itself into a bottom-layer platform like Ethereum, allowing people from all over the world to freely build projects on it and utilize the platform’s iris recognition technology for commercial applications, sharing all the data with the world. This way, in the eyes of governments around the world, it will no longer be seen as a private company from the United States, but rather, like Ethereum, a permissionless public platform. With the promotion of incentive mechanisms, the Worldcoin project team no longer needs to worry about hardware management and maintenance, nor compliance issues in different countries. Because each country will have its own entrepreneurs who treat this iris collector as a bitcoin mining machine, they will purchase it and find a way to obtain user iris data and share it on Worldcoin to make profits through a business model.

In summary, there are three main points:

(1) Transform itself into a bottom-layer platform, share all the data globally, and gain the trust of regulators from different countries.

(2) Transform itself into a blockchain, use incentive mechanisms to allow entrepreneurs to profit from these data through business models without violating privacy.

(3) Allow people from all over the world to purchase iris collectors and treat them like mining machines, thereby solving the problem of placement, maintenance, and management of iris collectors.

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