The Information Commissioner’s Office (ICO) in the UK has announced its intentions to probe the newly launched crypto project, Worldcoin. Launched by Sam Altman, the CEO of OpenAI, Worldcoin aims to become the world’s largest identity and financial public network by utilizing a digital identification system known as “World ID.” However, this system, which requires users to undergo a physical iris scan process, has raised significant privacy concerns and has been criticized by prominent figures in the crypto space. Despite a promising debut, the native token of the project, WLD, has experienced a decline in price, prompting further scrutiny. Let’s delve deeper into the developments surrounding Worldcoin and the implications for its future.
ICO’s Investigation and Privacy Concerns:
The ICO in the UK has taken notice of Worldcoin’s launch and has announced its intentions to conduct an investigation by making further inquiries. The World ID system, which requires users to undergo an in-person iris scan, has sparked privacy concerns and criticism from various quarters. Prominent crypto lawyer John Deaton has termed the process as “Orwellian,” raising concerns about users’ freedom and privacy. Even Ethereum Founder Vitalik Buterin has highlighted potential issues, suggesting that an iris scan may reveal more information than originally intended.
Worldcoin’s Aims and Global Expansion:
Worldcoin, an Ethereum-based project, seeks to differentiate humans from artificial intelligence online through its World ID system. While the project’s launch generated anticipation and goodwill, the privacy concerns surrounding the World ID system have also garnered significant attention. As of now, there are three Worldcoin Orb locations in the UK, all situated in London. Globally, the project has established 125 Orb locations in 20 countries across five continents, indicating its ambition for worldwide expansion.
WLD Token Price Movement:
Upon its launch, Worldcoin’s native token, WLD, experienced an impressive debut, surging by 88% and reaching a peak price of $3.31. However, the token’s overall price movement has been negative since then. CoinMarketCap data shows WLD down by 16.76% in the last 24 hours, trading as low as $1.92 within this period. The token is primarily designed for network governance but also serves as a payment medium for specific services in the World App and other crypto wallets. Presently, WLD is trading at $2.13, with a 0.57% gain in the last hour, and boasts a 24-hour trading volume of $403.35 million. With a market cap of $231.09 million, WLD ranks as the 124th largest cryptocurrency in the market.
The launch of Worldcoin has drawn both anticipation and concern from the crypto community. The project’s ambitious goal to become the world’s largest identity and financial public network through the World ID system has sparked an ICO investigation in the UK. Privacy concerns and criticism, including remarks from prominent figures like John Deaton and Vitalik Buterin, have intensified scrutiny on the project. While the native token, WLD, saw an impressive initial surge, its subsequent decline in price indicates market uncertainty. As the investigation unfolds, the future of Worldcoin and its World ID system remain under close watch by the crypto community.