The native token of Worldcoin, where OpenAI’s CEO, Sam Altman, happens to be a co-founder, has rocketed by over 140% in the past week, as its daily users soared past the one million mark.
Related: You Spin My World Right Round: Worldcoin Explained
In X post dated February 17th, Worldcoin announced that its crypto wallet app, named the “World App,” has attracted over a million users, marking a staggering surge from a mere 100,000 active users per day back in November 2023.
Project’s Inspiration
Worldcoin, introduced in July 2023 by Sam Altman and Alex Blania, presents itself as a project focused on digital identity verification with an emphasis on privacy. It compensates users with its native cryptocurrency in return for iris scans.
The stated goal of Worldcoin is to attempt to introduce a universal basic income worldwide, issuing a small amount of its own token, WLD, to every inhabitant of the planet in exchange for confirming their identity.
However, Worldcoin’s goal of providing universal basic income alongside a system of biometric identification has generated its fair share of controversy, primarily focused on privacy issues regarding its eye-scanning metal devices dubbed “Orbs.”
On the Worldcoin website, it’s stated that verification spots are available in 11 countries, including the USA. Identity verification began in 2021, and by the official launch in July 2023, over two million people had registered. According to Worldcoin, at the time of publication, there are over 189 scanning points available worldwide. The number of people worldwide who have undergone scanning already totals about 3.5 million.
In a blog post dated December 27th, Worldcoin announced that iris-scanning orbs as part of the project are available to individuals in Singapore at five locations. While the platform claimed its services are “steadily growing in countries,” the announcement in Singapore followed a temporary halt in scanning for residents of India.
Worldcoin Troubles
On January 31st, the Office of the Privacy Commissioner for Personal Data (PCPD) in Hong Kong launched an investigation into Worldcoin’s local operations, citing “serious risks to personal data privacy.” The PCPD stated they executed warrants and raided six premises controlled by Worldcoin in Hong Kong as part of the investigation.
Outside of Hong Kong, the project has attracted regulatory attention in multiple jurisdictions due to privacy concerns: its services were fully suspended in Kenya, and iris scanning was suspended in India.
Despite regulatory concerns, the native token WLD saw a surge of over 141% in the past week, aided by a broader rally in the crypto sector.
The future is already creeping up on us, or should I say, staring us right in the iris. It’s unclear why Sam Altman felt the need to collect such intimate biometric data about people – maybe he’s plotting to enslave humanity, or perhaps just to have ChatGPT greet you with a personalized “hello” based on your eye pattern.
Read more: What the Heck is Worldcoin? OpenAI Crypto Project Explained
We’ll be keeping our eyes tightly shut. But hey, would you dare to gaze into the “Orb’s” eye for a couple of tokens in your wallet?
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