The cryptocurrency space is witnessing an exciting development as the co-founders of decentralized finance (DeFi) juggernaut Lido are preparing to launch a competitor to Sam Altman’s World Network. The new project, called Y, aims to provide a blockchain-based identity platform that skips World’s controversial eyeball-scanning technology.
According to an internal planning document obtained by CoinDesk, Y will use a “social-graph-based” approach to verify users’ identities, aggregating data from existing social media and blockchain activity. This approach is designed to address some of WorldCoin’s shortcomings, such as eliminating risks related to biometric data leaks and minimizing opportunities for fraud.
Y’s creators plan to market the project as a “direct competitor to WorldCoin,” focusing on World Network’s controversies, including privacy concerns and accusations of exploitative user recruitment practices. The project’s vision is to build a “Crypto SuperApp that allows users to privately build and earn from their digital identity,” similar to World Network’s product suite.
As a crypto expert, I believe that Y has the potential to gain significant traction in the market. The project’s approach to identity verification is more nuanced and less invasive than World’s biometric data collection. Additionally, Y’s connection to Lido, one of the largest DeFi apps on Ethereum, could provide a significant boost to its user base.
However, it’s worth noting that World Network has already onboarded over 15 million users, with 7 million authenticated by its Orb. Y will need to work hard to catch up with World’s user numbers and establish itself as a credible alternative.
Predictions:
* Y will gain significant traction in the market within the next 6-12 months, with a user base of at least 1 million users.
* World Network will respond to Y’s launch by improving its own identity verification processes and addressing some of the controversies surrounding its biometric data collection.
* The competition between Y and World Network will drive innovation in the blockchain identity space, leading to better solutions for users and more widespread adoption of decentralized identity platforms.
Overall, the launch of Y is an exciting development in the cryptocurrency space, and I believe it has the potential to shake up the blockchain identity market. As the project progresses, it will be interesting to see how it evolves and how it compares to World Network.
