The Controversial Worldcoin Project and its Impact on Ethereum
The Worldcoin digital identification project, running on Ethereum, has raised concerns about its potential impact on the Ethereum network. Observers predict that if the project gains traction, it could significantly increase the demand for Ethereum.
Key Points:
- The Worldcoin authority has already spent $500,000 in gas fees over the past 40 days, indicating a potential annual gas fee of $4.5 million.
- Companies may need to accumulate ETH similar to essential commodities, as Ethereum blockspace becomes a valuable asset in the digital age.
- The Worldcoin orb verifies users’ unique human identities and generates zero-knowledge proofs for identity verification.
- Developer “@DCbuild3r” explains that insertion costs are the primary expense, but using storage proofs can reduce costs by half.
- Worldcoin has faced controversy due to privacy concerns and questionable tokenomics.
Hot Take: While the Worldcoin project has generated controversy, it highlights the increasing demand for Ethereum as a valuable asset. However, the impact on Ethereum’s price has yet to be reflected, as it has remained stagnant for several months.
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