World currency investment research
Hello everyone, I am 08 who continues to output useful information. Welcome to my investment research series.
Today’s focus is on the world currency – Worldcoin.
one. basic situation
Worldcoin is a Crypto project founded by Sam Altman in 2020. Let me first introduce Sam Altman, who single-handedly created the most popular chatgpt. It can be said that he is currently the most popular technology CEO in Silicon Valley after Musk.
What is Worldcoin? Worldcoin is building the world's largest identity and financial network as a utility that empowers ownership by everyone. (08 Translation for everyone: It is to create a global financial network and the largest identification system. As for ownership, it certainly cannot belong to everyone)
And how to achieve it, there are three key parts.
World ID: An identity system that proves whether a user is a real and unique person while protecting privacy.
Worldcoin: A token that is airdropped to users for free around the world.
World App: A wallet that uses Worldcoin tokens, digital assets and traditional currencies to enable global payments, purchases and transfers (it is a decentralized wallet, similar to the little fox matemask).
2. Detailed explanation of the project
08 Share how to achieve these three points:
1. World ID: An identity system that proves whether a user is a real and unique person while protecting privacy.
Worldcoin achieves identity authentication by scanning the iris of every person's eyeball on the planet, and has already scanned the eyeballs of millions of people. Scanning people's iris as each person's identity authentication ID sounds crazy. Maybe most people's first reaction is that it is crazy. But if you think about it carefully, the biggest obstacle to this is actually the legal restrictions in various countries. It is not too difficult to overthrow them, because in the Internet world, as long as you give them enough benefits, most people will still participate in masturbating. The same applies in the Web3 world.
This actually solves the problem of identity authentication in the Web3 world and prevents the problem of witch attacks (witch attacks: a person controls multiple addresses to complete profitable behavior, commonly known as hair-raising).
The core function is still the identity system that proves whether the user is real and unique. This project is a very large function. Worldcoin has custom-developed a biometric device Orb for this purpose, which verifies a person's uniqueness by scanning the iris, while ensuring the privacy of the person being verified through zero-knowledge proof.
Therefore, this function limits the obstacles to its development. Many countries attach great importance to the privacy of citizen information. As far as the country is concerned, it is impossible to achieve it. Therefore, if you want to participate in such a project, you can only ask a country that allows registration, a country that is not restricted, to help you register for KYC.
At present, the number of registered people has reached 171 million. It can be seen that the main concentrated areas are Africa, India, South America, Southeast Asia, and some European countries. In terms of development speed, 2021 is the lowest. Worldcoin announced that it will launch the main network in 2022 and plans to cover 1 billion users by 2023. In the case that the scale of encryption users itself is not large, Worldcoin’s ambition was once questioned. Moon Landing".
The development of Worldcoin is indeed far from the original goal. Worldcoin’s mainnet launch plan has been postponed to the first half of 2023, and the number of covered users is currently only about 1.4 million users. But one million users is still considerable for an encryption project, especially compared to the 130,000 users in 2021, which is a 10-fold increase in two years.
2. Worldcoin: Tokens airdropped to users for free around the world.
1. New users will receive 10U when they register, and they can receive one World Coin every week, and money will be distributed to everyone every week. Because it is iris authentication, its reliability is very high in terms of authenticity.
Worldcoin uses the operator's push service to collect user information, and the operator will be rewarded with tokens. It's not like the original Meituan, etc., which used the form of local promotion to shout out that when you sign up, you will get XXX yuan, and you will be given a voucher every week. You can use the voucher to make purchases in Web3.
Therefore, when the currency price of Worldcoin rises and the ecology slowly picks up, the number of Worldcoin development registrations will increase exponentially.
3. World App: A wallet that uses Worldcoin tokens, digital assets and traditional currencies to achieve global payments, purchases and transfers (it is a decentralized wallet, similar to the little fox matemask).
08’s understanding: It is similar to the Little Fox wallet, but the only difference is that the authenticity of each wallet is very high, unlike the Little Fox wallet where you can create wallet addresses unlimitedly.
There is a lot of room for imagination. At present, the test interaction work of many projects is implemented in wallets, and many participants will conduct witch attacks (witch attacks: that is, one person controls multiple addresses to complete the profit-making behavior, commonly known as Lu Mao) If the size of the World App further increases, it is possible that the interaction completed in the world will be more realistic. The idea is really crazy.
3. Project development
The "Worldcoin" project was made public for the first time in June 2021 and announced the completion of US$25 million in financing. It has received support from a16z, Coinbase Ventures, LinkedIn founder Reid Hoffman, Day One Ventures and many other well-known investors. The valuation has reached 3 billion US dollars, and the current size has only reached a user base of 1.7 million. As the number of users increases, the valuation of the project will definitely rise. When the number of users reaches 17 million, the project valuation will be greater than 30 billion US dollars, and the project valuation of this kind of authentic data will be even higher.
Of course, the development process is not about the amount of investment or money, but about the privacy rights of various countries and regions. As you can see in the two screenshots I took, the number of participants is different. In one hour Registration certificates of 537 individuals added within the period. As far as the current situation is concerned, countries that do not have a displayed registration area basically protect the privacy of their own citizens and do not allow its implementation.
Explained here: The way Worldcoin collects iris: Orb is a spherical hardware device. After scanning the iris image of the human eye, it will generate an IrisHash value locally through a one-way function as a unique identifier, which is in the form of a short The digital code is then retrieved in the database, so that it can be checked whether the person has registered. If not, the registration will be completed and the airdrop will be received for free. Each person can receive 25 Tokens. This process does not require the storage and uploading of the original image, and does not require other personal information, so the privacy of users will be strictly protected. The total supply of Worldcoin is 10 billion, 80% will be provided to users and operators. In order to incentivize early contributors, the number of Tokens received by users and operators for each registration will decrease over time. The total number of Tokens will be reduced over time. Less than 20% of the supply will be used to fund Orb's early core developers, and 3% will be allocated to ongoing ecological construction.
4. Competition and risks
Worldcoin is a wallet-based product. Its competitors include wallets such as Little Fox and TP. The current valuation of Worldcoin has reached 3 billion, and it is impossible to see how much has been released. The high entry threshold of Worldcoin requires iris confirmation to receive money, while the convenience of wallets such as Little Fox and TP forms a sharp contrast. Can this kind of marketing method of throwing money support the formation of the ecosystem? From the current number of users, Little Fox, as the first application of blockchain, has 30 million users. At present, Worldcoin has more than 1.7 million users. The difference is nearly 15 times.
Risks: 1. Although the currency has been issued, there is no trading platform. To put it bluntly, it is a blank check. You cannot realize it. You can only wait. How long you have to wait to get on the platform is an unknown number.
2. Legal risks, because it involves citizens’ privacy rights, many countries will definitely prohibit this behavior.
5. How we participate
First of all, we need to do some calculations when participating. The total supply of Worldcoin is 10 billion. According to the current valuation of 3 billion U.S. dollars, the price of each token should still be 0.3U, but this is all issued Completed, the tokens are 100% circulating. The number of participants continues to rise, and the valuation of the project will also rise. If the number of participants reaches 17 million, the valuation of the project will reach 30 billion US dollars, and the price of each corresponding token will be 3U, plus market sentiment , the price may be higher than this.
The core of our investment research projects is to make money. How do we participate?
Worldcoin's token is called "WLD". Officially, it will not conduct an ICO (public sale), and the tokens can only be received through the secondary market and airdrops.
1. Become an operator: you can get reward tokens by promoting Worldcoin
2. Register for World App and you can receive tokens every week, which is equivalent to receiving minimum living allowance. If the project goes online, you will get the premium part.
3. Obtain tokens through donations.
08 believes that what we can best participate in is to participate in product interaction and register for World App. Of course, if you are in an area where registration is prohibited, you cannot participate.
The above are personal opinions and do not constitute investment advice. Everyone should be responsible for their own funds.
If you have any questions about the bi circle, you can ask in the group and 08 will write a dedicated article to answer them.
