, written by Frank Chen](https://www.theverge.com/2021/6/7/22501895/worldcoin-sam-altman-openai-iriscanning-cryptocurrency-bitcoin)
As the early hype around Worldcoin, the dystopian iris-canning project by the OpenAI founder Sam Altman, seems to be fading out, it may be time to look back on why this may actually be one of the worst Crypto projects out there, even worse than some literal shitcoins. While some legit shitcoins are only bad because they don’t have any real utility, Worldcoin is substantially worse as it goes against the very ethos of Crypto itself. With WLD, you’re basically giving away all your information in return for money, while Crypto was supposed to be the currency that empowered you to have your own money, independent of third parties.
Take for example the infamous video of the Worldcoin University from late 2021, where they attempted to compare WLD to BTC, saying that BTC is only handled by a few rich people who own a ton of it (watch it here: ). This is wrong, as anyone can own Bitcoin, and it goes against the very idea of decentralization that Crypto stands for.
In addition, a recent article written by Frank Chen for The Verge pointed out that “Worldcoin has been criticized for not being truly decentralized, since it requires users to give up a great deal of personal information, including their iris scan and government ID, in order to use it. The project has also been accused of being a money-laundering tool, since it is not subject to the same regulations as other cryptocurrencies.”
All of this is to say that Worldcoin is a major misstep in the Crypto world. While it does provide some interesting use cases, like iris scanning, it goes against the very idea of decentralization that Crypto stands for. The project has also been criticized for its lack of true decentralization and for its potential for money laundering. So, while Worldcoin may still have its fans, it’s important to remember that it is one of the worst Crypto projects out there.