In a recent blog post by CoinFund, the investment firm detailed its thesis for investing in Worldcoin, a project aiming to solve the identity problem in the crypto economy. The post, authored by Austin Barack and Jake Brukhman, was published on July 23, 2023, and provides an in-depth look at the potential of Worldcoin.
Worldcoin’s mission is to prove 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 sign-ups. Importantly, the 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 instance, it can enable one-person-one-vote systems in Decentralized Autonomous Organizations (DAOs), prevent the creation of spam social media accounts, and facilitate equitable airdrops in crypto networks.
Worldcoin’s approach also allows for the fair distribution of a network asset on a global scale. With the Worldcoin Orb and World ID, each user can receive approximately equivalent amounts of Worldcoin’s native token (WLD), regardless of when they sign up. This approach aims to incentivize user participation and could potentially bring billions of users to the crypto economy.
As of July 23, 2023, Worldcoin has signed up more than two million users (2,060,888 to be exact). CoinFund, one of Worldcoin’s earliest backers, believes that Worldcoin’s unique approach to proving personhood and distributing network assets could be transformative for global digital coordination and financial inclusion.
However, it’s 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 onboard billions of users to the crypto economy. Its unique proof of personhood and fair distribution of network assets are key innovations that could transform digital interactions and global financial inclusion.
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