Cryptoproject Worldcoin (WLD) needs no introduction, its idea is completely atypical. Led by Sam Altman, the founder of ChatPGT, the crypto initiative Worldcoin was built on a simple principle: to offer WLD crypto to any individual in exchange for an iris scan. The transaction, which is currently controversial for obvious reasons, but has continued to attract members since its official launch in July 2023. Millions of users from all over the world have joined this crypto program and therefore had their irises scanned. How is the progress of WLD after almost 6 months of operation? What we will see in the following lines.
A look back at the foundations of the Worldcoin (WLD) crypto project.
As a crypto program, the Worldcoin (WLD) initiative is quite special. At the very least, it is presented by its promoter as a revolutionary crypto project based on a concept, also new: proof of humanity. The latter involves finding WLD crypto using an unusual procedure: iris scanning.
Through this process, it is actually a unique digital fingerprint that is generated and then securely recorded on the blockchain. The ambition of all this is to create a digital currency accessible to all, without any form of discrimination. The foundations of the project also revolve around promoting financial inclusion and equality of individuals in access to opportunities. Which is something of a bold vision of the future of digital transactions.
A project submitted in this way could only please. Anyway, in many countries around the world, Worldcoin (WLD) continued to gain members. This is the case in several African countries, notably Kenya and Uganda. It is the same in Latin America with Argentina. A little less in Europe.
A deployment that took place despite criticism
Currently, Worldcoin is in a global rollout phase. The cryptocurrency initiative has achieved significant milestones since its launch. This with a successful launch in around twenty countries including Ghana, Nigeria, India and Argentina. In each of these countries, the program seems to be gradually anchored in different cultural and economic contexts.
But not enough to support his income, which turns out to be nuanced. Certainly, several countries have opened their arms to this crypto initiative and welcomed its potentially revolutionary implications. However, others have criticized him, raising questions and reservations about his approach to cryptocurrencies.
In the matter of the reception, for example, we will note some fundamental facts that made it into the headlines. The first concerns Kenya. A few days after the launch of the project, the African country through its Ministry of Interior announced the suspension of activities related to Worldcoin on its territory. Official reason for this suspension: public safety risk assessment. Although it was recently learned that they would be talking about resuming Worldcoin operations in the country, this decision sends a strong signal. In Europe, especially in France and the UK, we didn’t get banned. But each of these two countries of the old continent has launched an investigation. The goal is to try to understand why Worldcoin collects biometric data against cryptocurrencies and promises to provide secure solutions to distinguish humans from AI.
Worldcoin (WLD), a crypto project that is causing more and more concern!
In principle, the Worldcoin project does not avoid controversy. These are its consequences in terms of privacy protection. Experts agree that the collection of biometric data on the blockchain raises major privacy concerns for users.
These concerns are compounded by the fact that the real motivation for users to agree to an iris scan remains financial. This observation is particularly evident in a country like Argentina, where iris scan points have multiplied to cover entire crowds.
“We’re here to get bonus money, scan our irises and give us coins. It’s not the same for everyone, it’s a new currency”explains Walter from San Fernando according to comments carried by the local Argentinian press. “It’s getting worse and worse, we’re here out of necessity, because of the money,” adds your friend anonymously.
What is the outlook for the Worldcoin crypto project today?
The development of the Worldcoin project is currently at a crucial stage. It has yet to complete a significant journey to become a tangible reality. The question remains how the project will overcome the criticism leveled at it and establish itself in the competitive crypto market.
It must be recognized that the project stands out for its innovative concept, high ambitions and considerable growth potential. The features that make Worldcoin an interesting player in the global crypto scene are likely to generate more interest.
However, they also present significant challenges. There are privacy concerns that raise concerns. And that regardless of the project’s lack of transparency.
Conclusion
It is worth recalling that the Worldcoin (WLD) crypto project is at a critical juncture in its development. Its innovative approach to proof of humanity, based on iris scanning, has attracted considerable global interest and attracted millions of users in different countries. However, its rollout has not been smooth, with mixed reactions and criticism, especially regarding privacy. In addition, the suspension of Worldcoin’s activities in Kenya and ongoing investigations in the UK and France highlight growing concerns. Especially when it comes to the collection of biometric data and the transparency of the project. Despite these challenges, the project is still interesting with considerable growth potential. Its future will depend on its ability to address concerns raised, build trust and demonstrate its positive impact on financial inclusion. Which is currently not the case.
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A graduate of Sciences Po Toulouse and holder of the blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I made a commitment to raise awareness and inform the general public about this ever-evolving ecosystem. My goal is to enable everyone to better understand blockchain and take advantage of the opportunities it offers. Every day I try to provide an objective analysis of current events, decipher market trends, convey the latest technological innovations and put into perspective the economic and social problems of this ongoing revolution.
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.