Worldcoin's UBI Grants Reach 12 Million Users, Valued at $595 Million

Worldcoin, a blockchain platform, has been making waves with its unique approach to universal basic income (UBI) through its native token, Worldcoin (WLD). The platform's grants program, which distributes WLD to verified users, has seen significant participation, with over 12 million individual users receiving grants. The total value of these grants, when valued at the current price of WLD, amounts to approximately $595 million. However, the price of WLD has fluctuated, reaching as high as nearly $12, which would value the grants at around $1.61 billion if distributed at that price.

Despite the potential value of the grants, the average user receives around 50 WLD, worth about $50 at current prices but closer to $600 at its peak. This amount is significantly lower than the $1,000 per month paid out in a previous real-world UBI trial conducted by Sam Altman, co-founder of Worldcoin. The effectiveness of Worldcoin's quasi-UBI scheme is therefore questionable, as the grants may not provide sufficient financial support to address challenges such as chronic health conditions, lack of childcare, or the high cost of living.

However, Worldcoin's grants program may still be considered its closest thing to a killer app at the consumer level. The program's integration with various platforms and businesses could potentially expand its reach and impact. Additionally, the platform's use of biometric scanners, known as the Orb, aims to human-proof the internet from AI overlords, adding a unique layer of security and exclusivity to the platform.

Altman's vision for UBI is central to Worldcoin's mission, and the platform's grants program is a step towards realizing this vision. However, the success of Worldcoin's UBI scheme hinges on the price of WLD and the effectiveness of the grants in providing meaningful financial support to users. As the platform continues to evolve, it will be interesting to see how it addresses these challenges and expands its impact on the global community.