저자: MichaelSikand · 외국인
요약 보기
Worldcoin(World) 생체인증 네트워크를 소개하며, 이를 보안·신원인증 기업으로 평가. Dan Ives가 설립한 ACO(Treasury 기업)의 Worldcoin 보유 전략을 소개하고 Palantir와 비교. 프라이버시 우려와 정부 신원 프로그램 확장 가능성을 언급하며, 발표자는 ACO를 장기 소액 탐색 포지션으로 보유 중이라고 밝힘. 본 영상은 유튜브 자막 기반이며 특정 가격 방향 예측은 명시적으로 많지 않음.
다듬은 글
On September 9th, a bankrupt e-commerce stock called suddenly exploded. It skyrocketed over 3,000% in one day, creating tens of billions of value in seconds. The reason why? One of the biggest media personalities on Wall Street, Dan Ies, announced he was turning 8O into a crypto treasury company. But it wouldn't be buying Bitcoin like Michael Sailor's Micro Strategy.
It was going to stockpile Worldcoin, the cryptocurrency linked to the identity startup Sam Alman started to verify humans by scanning their eyes. Sam Alman launched Worldcoin back in 2019 because he was already anticipating one of AI's most negative effects on society. He predicted that proving you are a human would get nearly impossible as bots and humanoids took over.
And now his company has built hundreds of orb devices that have scanned biometrics on over 17 million people across the globe. So, in today's video, I'm going to try and figure out if this company could be the next Palunteer. First, I'll explain what Worldcoin even is. Then, I'll visit the company's flagship store in SF to interview Dan Ies.
And at the end, I'll explain what I really think of this company and how I'm playing it as an investor. In 2019, Sam Alman left Y Combinator. While there, he'd backed some of the most successful companies in history, but now he was ready to go allin on creating the AI future. Sam knew what was coming with open AI and he saw identity as such a major problem in the future he started another company around it.
Tools for humanity was founded by Sam and his co-founders Alex Bla and Max Novin. They envisioned elections being manipulated by fake voters. Social media platforms drowning in synthetic content and government benefits like universal basic income drained by bot farms. Traditional ID protocols like captas could be easily bypassed by AI while documents like passports couldn't follow you around the internet.
There needed to be a more secure way to prove humanity. So after raising hundreds of millions from top venture capital firms like Andre and Harowitz, Sam and his co-founders went to work. And it wasn't until 2023 that they came out of stealth and announced Worldcoin. Their plan was to create a new biometric identity standard.
People would scan their iris via Worldcoin's proprietary orb devices. Then they'd receive a digital credential on their phone they could use across sites and services that partner with Worldcoin for authentication. Once people joined this network, they would instantly receive an aotment of World Coins worth at any given time tens of dollars in cash.
In 2024, Worldcoin rebranded to be just called World. And it can get kind of confusing to understand the difference between Worldcoin, World, and the parent company behind it. Tools for Humanity is the for-profit company owned by Sam Alman and various venture capital firms. World is the consumer-facing brand of the company, and Worldcoin is the cryptocurrency that's powering it.
WorldCoin is not equity and tools for humanity. It's more a derivative of its success. So, let me explain the idea behind the Worldcoin cryptocurrency. For one, it incentivizes people who scan their eye with a stake in the project. They can either sell their tokens for cash, hold them as an investment, or potentially use them on the world app.
It's designed so as more humans join the World Network. Demand for the Worldcoin token is designed to rise, increasing the price. There's a fixed supply of 10 billion Worldcoin tokens, and developers building apps on top of the World ID protocol will need tokens to do so. The idea is that the more humans that get scanned, the more valuable each World coin becomes.
So why is scanning the method that world is using to identify people? CEO Alex Bla argues traditional ID systems like passports or driver's licenses weren't built for the internet age. They prove who you are, but not that you're human. In a world flooded with AI generated accounts, fake identities, and deep fakes, governments and companies will need a better solution.
Unlike a driver's license or passport, your iris can't be stolen, forged, or easily replicated. And unlike facial recognition, it doesn't rely on data that can change over time like your appearance. But the idea of people giving away their biometric data to a private company has made world an extremely controversial topic.
Iris scans are permanent and unlike a passport, they can't ever be changed. Critics argue they could be used for mass surveillance or abuse. Countries like Spain, Kenya, and Hong Kong have all either investigated or banned WorldCoin from operating over these concerns. To counter them, WorldCoin emphasizes that their technology is engineered to protect each individual's privacy using cryptography.
When your eye is scanned, the photo is held inside the device for 20 seconds. Data like your name and date of birth aren't attached. The company's orbs convert your iris image into a numerical code called a hash. This is also known as a zero knowledge proof, which is widely accepted as a secure identity protocol.
Now, it's designed so this code lives in your world ID app on your phone only. When you want to prove you're human to an app or service, you don't share your Iris data or even your world ID directly. Instead, the system uses the blockchain to prove you're in the database of verified humans without revealing which specific human you are.
Long story short, World says its system doesn't care who you are. It only cares if you're a human being. But this is what the company says. Tools for Humanity is a private business that could change their policies at any time. We've seen this happen in the past. For example, when 23 andme began selling genetic data to big pharma or when Cambridge Analytica figured out how to use Facebook's data sets to build voter profiles and violate the terms of service.
So, how big is this world thing today and how is it being used? Today, World App has over 30 million downloads and more than 17 million people have had their Iris scanned globally. Over 500 applications have now been built on World's platform, ranging from DeFi protocols to social networks and gaming platforms.
World got started in emerging markets like Kenya, Argentina, Indonesia, and the Philippines, enticing signups through World Coins people could redeem for cash. Only recently did the company just enter the United States, opening retail locations in a few major cities. Now, while the user base of World has scaled exponentially, the price of Worldcoin has been pretty volatile.
At the time I'm making this video, it's trading at a price per token of just under a dollar with a market cap of around $2 billion. On the partnership side, World is already promoting a few major use cases. The company has partnered with Tinder to protect against catfishing by allowing verified people to display a special badge.
Gaming company Razer has also integrated with World to create humanonly matches to stop bots from outperforming real video game players. Governments are also interested in World's technology as well. Malaysia signed an MLOU with World to integrate their tech into the country's digital ID infrastructure.
Overall, World should be viewed as less a cryptocurrency project, as many people think, and more like a security company. The success of it will hinge on the company's ability to land partnerships with governments and big companies. As we've seen with businesses like Clear that help you get through airport security faster, people are willing to trade their biometrics for convenience.
And of course, governments can force their citizens to get scammed if they partner with the world for their own programs. Big companies could do the same for their employees if it is a mandate for internal security. Now, this is all part of Dan Ies thesis around this Worldcoin Treasury company he just launched.
If you follow stocks, you know Dan Ies. He's a frequent commentator on CNBC known for his flamboyant suits and bullish calls. Dan became a legend for his early calls on stocks like Nvidia, Palunteer, and Tesla before they went parabolic. And now Dan is calling world coins upside similar to those companies back in 2022.
And that's why he started this new world coin treasury company, Ako, raising 270 million from Wall Street investors. The idea is that by stockpiling Worldcoin with a public company, Dan can give stock market investors, including Wall Street institutions, exposure to world's upside. So, I'm about to get up and go to San Francisco to interview Dan in person.
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So, just head to the link in my description or scan this QR code on screen to join me and tens of millions of traders using Mumu. All right, you guys. We are headed right now to the World Store in San Francisco. A few months ago, I had zero YouTube subscribers. Time this video, we're like 31, 32. Whatever you do, just absolutely take the risk.
Just go all in. I'm about to interview one of the biggest names in finance media just a few months into my channel. So, I'm excited. All right, guys. We are right outside the world flagship store here in San Francisco, Union Square. So, we're going to check out these orbs. I might get my eyes scanned, get into the system, and just see what happens.
And then we're going to interview Dan and talk about whether his World Treasury is really the next micro strategy. So, let's go check it out. Dan Ies, how we doing? Yeah, great to see you live from the the world flagship store in San Francisco. an amazing story here that they have in San Francisco. I look, I think this this just shows what I think Orb and Alton World are going to become.
Must have been a crazy past month for you. Stock went up, you know, 3,000%. It was unbelievable. BMR came in with a $20 million investment in the private placement. I just actually saw you in an interview and you said world is like Palunteer in 2022. You called a lot of those names, Nvidia, Palanteer, Tesla early.
Why is the market not pricing world correctly right now? Well, first of all, it just came to the US in the spring, right? And I think, you know, if you look at the ramp, I mean, what about 17 million over 17 million humans that have already been verified, you know, by the orbs. But I think look similar to Tesla going back you know I say 2012 2013 Nvidia early days palunteer early a lot of times like the technologies are there but investors don't recognize the role that it's going to play in the future and I think when you look at what you know Alex and Sam have done I believe the single sign on an AI future it's going to be world is going to be at the centerpiece of that.
I mean, the goal is really like for us throwing 8% of all world coin, 800 million tokens. Look, it's our view that this is going to be at a minimum a $10 coin and ultimately could argue 20 or $30 as the monetization of the network. So, when I view it, the value that's being assigned to world is massively underestimating where we see the future.
When you think about the future of AI, you don't get there without true authentication, humanproof authentication. Well, let's talk about other big tech companies coming into this space. So, a member of my private community, his name's Seymour Butts. He wanted me to ask you this question. Meta, Google want to enter this authentication space.
You know, they're building smart glasses. Maybe that's a a route into the iris. How does uh how does WorldCin compete if a huge player with billions of users of distribution hops in? Well, my my view there is that as other tech players hop in, they're going to like I I continue to believe this will be the de facto.
The reason is is because what they've built when it comes to like their proprietary technology, you already have 17 million on the on the network, you know, in terms of where they are, added 2 million over the last 3 weeks. other tech players could go down the path but the reality is is that from an actual tech nothing can match what they've built you know in terms of their verification software I mean to me that's why
it's it's the privacy it's the algorithm and ultimately it's the scale so when I view other tech platforms I believe ultimately this will be a de facto single sign on for other big tech platforms as it plays out. That's why my view is like when we talk about like if our you know if our market cap is two billion or what I just continue view like when you look at the trillions of dollars spent on LM's data center use cases
without authentication I don't believe you reach the height of AI. I mean, I'm just like through my YouTube videos, I'm constantly deleting mock comments and all different comments now. They're so it's almost like it's so sophisticated like the kind of fraud and scams that we might see as well with bad people using AI.
One thing about the future with autonomous robotics, social media, bots are becoming just that much scarier in terms of what that can do. But to me, it's really about the future. look out 3, five, 7, 10 years, you in terms of humanoids and robot. That's why, you know, and I spent some time in DC a few weeks ago with with Sour and Tom.
The view is is that like this is going to be a huge pain point. It's not just consumers, enterprises, governments. And I think ultimately what they've built, I believe the secret sauce. I think they've built something that's very unique because the privacy is probably one of the more unique parts about what they built.
So the photo of my eye stays on there for 20 seconds and it's gone since the it's deleted and then it goes into your if it goes into your world app, right? I mean that's and ultimately that data disappears. It's now and you're at it's basically protected when you think about from a crypto perspective it's it's the most protected data there is and ultimately the view is like we think that rams to 100 million humans in next year and then goes to billions over the coming years because of the privacy and ultimately it's because of the network effect that's going to be driven the amount of apps being built on the chain the amount if you look at the activity that's happening right Now I think this is one because just got back you know just in the US if you go back to like you know call it in the spring that's a big reason why it's not as well known as maybe so many other coins but I'd also say this is a utility
at the end of the day. I mean that is the difference with this 100%. So, I mean, look, I don't think people have that big of a deal exchanging biometrics for convenience, right? We've seen Clear proliferate across all the US airports. I use Clear. I see, you know, I use Clear. Yep. Cuz you want to skip the line.
I mean, when I want to get my TSA pre-check, I'm rushing to one of those verification centers in some, you know, office building. So, what is really going to get people to come in and really want to scan their eyes? Like, what partnership, what use case is really going to make people flood into this store?
it's going to be the tech platforms. So in other words, like my view, if we can map this out 6 12 months from now, big tech platforms will start to ultimately go down the path with world and ultimately orbs for users to get verified. And I think ultimately there's going to be, you know, I think a huge influx where one does it and the dominars start to play in.
This is another question from somebody in my community. His name's uh Pickle. He asked uh if Sam Alman were to uh integrate world into chat GPT I mean or OpenAI in general that's a huge that that could be huge. I mean there's already what billions hundreds of millions people using this a month that and obviously like Sam being a big believer in world we're not here if it's not for Sam and Alex and what they built to me if 10% of the things that we think are going to happen go right then this is going to be massively successful.
So I view it as like sometimes and I've seen from a tech perspective companies it's all betting on this and if if that doesn't happen okay then then ultimately it's a huge disappointment here many fires in the oven of what ultimately could happen here for success and and obviously that's one of them
yeah and another one of them is UBI right like I feel like even beyond you know the benefits of like getting extra access to a website or verify yourself. Um, the ability to provision uh tokens to only humans on the network like airdropping it to only humans is huge. Is this a big part of your thesis as well beyond the kind of authentication use case?
That would almost be like what I view as like a second third derivative thesis, you know, as that takes hold. But I mean to me it's just like we're still early days. I mean, we're very early as this is playing out and and I ultimately believe like if we did this this treasure strategy 6 months later, I think we'd miss it.
I want to get into like the mechanics of Ako as a business. Um, so we've seen strategies use kind of a range of strategies to to to raise money and, you know, acquire the underlying asset, whether it's ATM, whether it's uh convertible uh notes, debt, um private placements. How is uh Ako going to go out and raise capital?
Yeah, I mean we did our pipe the 270 million. We, you know, we were very quick in terms of doing the ATM strategy, but this is going to be brick by brick. Like my goal here, it's not taking a stock from X to Y in 3 months. Like in other words, like this is building it the right way for investors, building it the right way for the business.
Because I I don't view us as that. I view this as like, okay, we're gonna be raising capital and that's what we're going to be buying. We're much more of a tech platform. It's also playing a role in the evangelism of this. It's playing a role in terms of spreading, you know, what I believe is going to be the tech among consumers and enterprises.
So, I think this is going to have a multiaceted approach in terms of how I see everything. And what I'd say is like look the investor feedback has been you know extremely strong but a lot of that is like an education it's trying to educate like hey don't just paint us as a treasury that if you want that there's many out there
we're different we're we are a tech AI platform that ultimately is you know going down this path as a treasury but it's an actual utility for sure. So, you guys haven't disclosed how much World you've bought or holding. Uh, how do you guys intend to disclose your holdings to investors? Y um when are we expected to hear about your guys' first purchase?
How much world coin one you got? So like once every quarter we're probably going to be you know we're going to be releasing that because to me it's one where like we're very happy about our progress on the on the world in terms of like what we've acquired but we're from a cadence perspective it's probably going to be you know closer to once a quarter it could be more but I believe this is also one where we're laying out the strategy not just in terms of what we're buying but in terms of just like the chairman message that we released today.
It's showing the kind of infrastructure buildout that we're planning to do 100%. I want to talk about uh like BMR investment in you guys cuz you look at uh ecosystem play. Are you guys also going to make uh investments into other like worlds coin projects that a lot of value? So yeah, so that's a great question.
Like that's something we definitely would be willing to do for the right projects because yeah, very similar as Bit Miner invested in us. We would have a similar philosophy for the right deals and the right projects on the on the world token and on the chain. So you guys are trading at $2 billion right now.
Um your private placement was for$ 270 million. Yep. How can you uh I mean most of these treasuries they're traded in MNAV of like 1.5 maybe two. How do you justify a potentially double digit? We're not going to trade on MNAT. I mean the reality is like most of the investors that I talk to they're tech they're f in other words like they're strategic investors that are viewing us yeah there's an MNAV and there's what we own but they're viewing us much more of a tech play
in the AI revolution than just an MNAV multiple play and I think that's that's a that's a huge part there if you look at our investors and you look at a lot of the meetings that we've had investors are viewing has much more in that tech stack than a traditional DAT. And I think that's why, you know, I think what you'll see in the stock is that my hope is that we get more and more tech investors looking to play the authentication piece.
Just like there's there's the LM piece, the data center piece, the cyber security piece. We're going to be the human proof authentication. Got it. And if someone said, "Well, why wouldn't I just buy World Coin?" What would you say? I'd say institutionally speaking most investors this is how they would buy it you know through like a vehicle like us and also our view is like it's scale like ACO is not just a treasury holding company I mean we plan you know we're going to play um I think a very big role um whether it's on the consumer on the enterprise in terms of what we're doing as a company ourselves I think that will be reflected in ultimately you know investors in the multiple.
Okay guys, so this weekend I spent a lot of time researching Worldcoin and as I was formulating my thesis, something popped up on my feed. It was a new story that JP Morgan will now be requiring biometric signin from employees at its offices and it actually made me think back to a viral tweet I made a few years ago.
I said that the airport security company Clear might have its Nvidia moment one day because of how valuable its biometric data and hardware devices are. And that didn't happen with the stock price, at least not yet. But my conviction remains stronger than ever in biometric security as an investment trend.
One of the big reasons why I believe this is the explosive rise of government digital ID programs. The UK is now rolling out its one login for government, a unified digital identity that uses facial recognition to verify citizens across tax, healthcare, and benefits platforms. The EU is building out the EES or entry exit system, and it's also based on biometrics.
Countries like Ethiopia, Kenya, and Nigeria are all investigating biometric identity programs. My bet actually goes against some of the things world is saying it's trying to do. I think it's going to become a huge government contractor in the same way Palunteer did. I already mentioned the company has signed anou with the Malaysian government to integrate biometrics into the country's national digital identity infrastructure.
And I think world's biggest advantage is the hardware it's already distributed in places around the world. The company has already manufactured thousands of its orb devices. And I think it would be more efficient for governments or companies to partner with world to leverage their widespread hardware for their own digital ID programs, especially if millions of their citizens have already been scanned in.
Now, I just want to emphasize I'm not making this video to explore the ethics and morals of government ID technology. Malaysia in particular that world is going to partner with has a questionable human rights record from restricting free speech to widespread government surveillance. I make my videos through the perspective of an investor and I think security technology is going to be one of the biggest tech trends over the next decade.
Now, as for my thoughts, I'm still a bit hesitant about Worldcoin as a direct trade on the success of the parent company, Tools for Humanity. My thesis is more built on government partnerships, not the development of the crypto ecosystem around world. That being said, I still think there's asymmetric upside, and I want some exposure to this trend.
That's why I've added ACO as a small exploratory position in my long game portfolio on autopilot where I have a list of companies that I have 7 to 10 year belief in. Autopilot is a platform where people can view and copy the stocks that I have high conviction in. If you want to check out my portfolio, you can do so at the link in my description, but this story has a lot to it.
I didn't get to every part of it. I want to know what you guys think of World in the comments. There's so many different ways to think about this. And if you like my videos, you may like this one I made on and which is also part of the growing security and defense trend.
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