Ex-Ethereum Developer Warns About Open AI Founder's Worldcoin, Says It Lacks Transparency

A former Ethereum developer has raised the alarm on the upcoming crypto asset Worldcoin, as he observed that the plans for the coin are "unrealistic and scary" and its tokenomics is "suspicious."

Hudson Jameson, who currently works at the software and creative services provider Polygon Labs, shared his opinion on Worldcoin, the upcoming cryptocurrency pioneered by Sam Altman, the American entrepreneur and programmer who is also the CEO of the hit artificial intelligence (AI) bot ChatGPT.

ChatGPT took the world by storm when it was launched last November and any businessman knows that the other profitable thing to do with a popular product is to piggyback on its fame.

Capitalizing on ChatGPT and the emerging industry of cryptocurrency, it was announced a few days ago that Altman's Worldcoin crypto project is nearing $100 million in funding.

Worldcoin, the iris-scanning technology Altman tapped to create a secure global cryptocurrency, is currently in talks to raise fresh funding. It is planned to launch in the next few weeks.

But while many are excited about the launch of this new cryptocurrency, some industry watchers and high-profile personalities are not exactly thrilled.

One of them is Jameson who expressed his uncertainty about Worldcoin's ambitious plans to onboard millions of users by 2025, as well as the project's transparency.

"Beyond the tech. and orb, Worldcoin's team's plans are unrealistic and scary. I am less worried about the cutting-edge zk tech. being built, but am skeptical about the rollout since I've heard some team members talk about onboarding 10s of millions of people post-launch by 2025," the former Ethereum core developer said.

Raising concerns about the transparency of the project, Jamesson said, "Last I checked, I've seen 0 indications they have publicly accessible plans to deal with the huge socio-economic issues that are going to vary [from] region to region. There also isn't a working group where they are inviting experts on this. If there is, there is 0 advertising of it."

The developer also questioned the project's tokenomics and called it suspicious.

"Worldcoin's tokenomics are also suspicious since only 80% of the coins are going to the public, with 10% going to investors and 10% to the team. How is that going to create a fair worldwide currency? Is there any analysis from them on preventing wealth gaps in certain areas," he further said.

"WorldCoin seems like a VC invention to solve a global problem while being ignorant of the factors to solving that problem besides building cool tech. They nerd snipe & hire amazing engineers who are also acting as their PR on Twitter. I don't see success for WorldCoin," Jameson added.