Worldcoin, a cryptocurrencycurrency initiative, said last week that more than one million people use its wallet app, World App, every day. The milestone was reached less than a year after the company’s founding and contributed to the previous week’s 141% increase in Worldcoin’s native WLD token.
However, concerns over privacy have not stopped many from opposing Worldcoin’s divisive iris-scanning identity verification method. Users receive WLD tokens in return for a scan of their iris, thanks to a mechanism that Worldcoin claims protects privacy through encryption.
Because Worldcoin collects biometric data, certain governments are taking strong action against the company. Because of concerns that the project would make it possible to track down residents, Hong Kong opened an investigation into it in January. Kenya has officially outlawed Worldcoin, and India has put an end to iris scanning.
CEO and head of OpenAI’s artificial intelligence lab Sam Altman founded Worldcoin in 2023. The ultimate goal is to achieve universal basic income through cryptocurrencycurrency revenues that are linked to identification verification.
Worldcoin has grown quickly from having only 100,000 daily users in November of last year. A recent market rise probably helped with increased use of cryptocurrencycurrencies. Additionally, earlier in February, OpenAI unveiled Sora, a highly anticipated text-to-video generator.
Worldcoin is unfazed by governmental pressure as it pursues its plans to expand globally. Nonetheless, persistent disputes prompt inquiries on the morality of biometric monitoring and whether users are sufficiently alerted to the privacy hazards prior to providing personal information.
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