Worldcoin instead of Bitcoin
Worldcoin instead of Bitcoin: One investor considers this to be a realistic vision of the future. Why the newcomer should have more success than the pioneer and eternal front runner. Jake Brukhman believes that one billion people using WLD is within reach.
Worldcoin instead of Bitcoin: This is how WLD should dethrone the king
Worldcoin instead of Bitcoin – does that even make sense? According to investor Jake Brukhman, yes. Brukhman is the founder of the investment company CoinFund. CoinFund, in turn, has been a supporter and donor of Worldcoin since 2021.
According to Brukhman, Worldcoin will turn out to be profitable for the entire crypto industry. The background to this is above all the digital identity – the World ID. This is able to produce the necessary justice in Web3.
Many DAOs – decentralized organizations – are only decentralized on paper. In fact, power within DAOs is often in the hands of a few individuals who own most of the necessary governance tokens.
This is where WLD can start. Each person would then receive the exact same amount of governance tokens to achieve actual decentralization, according to Brukhman.
Furthermore, the same principle can be used to guarantee the distribution of a cryptocurrency to a large number of people. This could also create a coin that is divided much more decentrally than BTC – and thus practically exceed the value of Bitcoin.
This allows systems that are very democratic. You can create a cryptocurrency that is bigger and more valuable than Bitcoin, because Bitcoin draws its value from the decentralized distribution.
WLD is aiming for one billion users
Worldcoin aims for one billion users. Brukhman did not give an exact date for this goal, but “at some point” one could “reach this value”. Then, he explains, WLD would certainly be more broadly based than Bitcoin and could surpass the currently leading cryptocurrency itself. According to estimates, around 220 million people were using Bitcoin at the end of 2022. Worldcoin has 2.1 million registered users.
The usefulness of the crypto project is not yet foreseeable in the long term. According to Brukhman, many public goods will be created based on Worldcoin in the future. This gives new users a huge incentive to also create a World ID in order to participate in these public goods.
“A whole new kind of public good is emerging. These are then administered democratically via the blockchain, instead of by governments – that’s the really revolutionary element about it,” explains Brukhman.
WLD handles personal data very carefully. Criticisms that exist today in relation to privacy would therefore be able to be eliminated with increasing popularity of the service.
Already knew? Why Vitalik Buterin’s stance on Worldcoin (WLD) is ambiguous
Worldcoin cooperates with governments?
So far, the biggest criticism of the project is the uncertainty about how Worldcoin will handle the collected biometric data. Debates about this vulnerability only flared up again on Wednesday after an employee of the company commented.
Ricardo Macieira is the Regional Director for Europe at Tools For Humanity – the US company behind Worldcoin. He recently told Reuters :
I don’t think we will be the ones who will create a universal basic income. If we can create the infrastructure that would allow governments or other bodies to do that, we would be very happy.
The Problem: The central concern in dealing with Worldcoin is the possibility that states will use the data recorded by Worldcoin to expand surveillance. Governments may have the means and will to create totalitarian systems using biometric data.
The Tools For Humanity project is currently being investigated by several authorities for possible violations of data protection laws – by German, French and English authorities. In the meantime, WLD has been banned from all activities in Kenya . Other activities are punishable.
