The Worldcoin (WLD) token, a cryptocurrency project co-founded by OpenAI CEO Sam Altman, has experienced a remarkable surge in value, climbing more than 140% over the past week. This surge coincides with a significant milestone for the project, as its daily users surpassed the 1 million mark, demonstrating accelerating adoption and interest in the platform.
In an announcement made on Feb. 18 via social media platform X, Worldcoin revealed that its crypto wallet application, known as the “World App,” had exceeded 1 million users. This milestone marks a substantial increase from just 100,000 daily active users reported in November of the previous year, underscoring the rapid growth trajectory of the project.
Launched in July 2023 by Sam Altman and Alex Blania, Worldcoin aims to revolutionize digital identity verification by offering a “privacy-preserving” solution that rewards users with its native cryptocurrency in exchange for scanning their irises. The project’s overarching objective is to introduce Universal Basic Income (UBI) on a global scale by issuing a small amount of its native WLD token to every individual in exchange for verifying their identity.
However, Worldcoin’s ambitious goal of implementing UBI alongside its biometric identity system has not been without controversy. The project has faced significant scrutiny, particularly regarding privacy concerns surrounding its metallic eye-scanning devices, known as “Orbs.”
On Jan. 31, the Office of the Privacy Commissioner for Personal Data (PCPD) in Hong Kong initiated an investigation into Worldcoin’s local operations, citing “serious risks to personal data privacy.” This investigation included the execution of warrants and inspections of six premises controlled by Worldcoin in Hong Kong.
Moreover, regulatory scrutiny has extended beyond Hong Kong, with authorities in various jurisdictions expressing concerns over privacy issues. This has led to the suspension of Worldcoin’s services in Kenya and the temporary halting of iris scans in India.
Despite these regulatory challenges, the native Worldcoin token has experienced significant gains, surging by over 141% in the past week, buoyed by a broader rally across the cryptocurrency sector.
As Worldcoin continues to navigate regulatory hurdles and privacy concerns, its recent milestone of surpassing 1 million daily users underscores the growing interest and adoption of its platform. With the project’s ambitious goals and innovative approach to digital identity verification, it remains a focal point within the cryptocurrency community, albeit amidst ongoing regulatory scrutiny and privacy debates. Read Similar Story
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