The highly anticipated launch of Worldcoin Token (WLD), which promises to revolutionize the world of cryptocurrencies and identity management, is finally happening. Created by the brainchild of OpenAI CEO Sam Altman, Worldcoin has made significant noise since its inception with its ambitious goal of creating a global cryptocurrency accessible to anyone, regardless of identity and geographic location. However, as the launch date approached, the project received its share of criticism and controversy. Here are the details…
Worldcoin launches today: There are some criticisms
Worldcoin’s official Twitter page hinted at the launch with a simple yet powerful graphic that reads “It’s time”. Reports from Semaphore indicated that the launch of the token is imminent. He confirmed that the distribution mechanics of Worldcoin tokens will be announced shortly after launch. One of the main features that distinguishes Worldcoin from other cryptocurrencies is that it relies on iris scanning biometrics for identification purposes. This unique approach has both fascinated and alarmed the crypto community. Critics have expressed concerns about the security of personal information and privacy breaches associated with iris scanning.
It's time. 24.7.23 pic.twitter.com/9oHW4DIMJX
— Worldcoin (@worldcoin) July 23, 2023
cryptocoin.com As we reported, in May 2023 TechCrunch reported that hackers managed to steal login credentials from several operators, raising further doubts about the security of the project. Despite the controversy, Worldcoin has garnered a lot of attention with over 2 million registrations for its digital identity service. The growth of the project has sparked controversy over privacy. Also, some reports have suggested that Worldcoin contractors may exploit individuals in economically disadvantaged areas.
Raised $115 million
Meanwhile, the project has raised $115 million in recent months from investors including Andreessen Horowitz, a16z, Bain Capital and Distributed Global. So Worldcoin’s funding journey has been nothing short of impressive. Sam Altman’s background in the tech industry, combined with support from leading investors, undoubtedly fueled interest in the project. But not everyone is convinced of Worldcoin’s potential. Popular names in the crypto space, including Edward Snowden, have criticized the project, sharing their concerns about privacy and the consequences of categorizing individuals’ biometric data. Some crypto analysts even went so far as to describe Worldcoin as “a disaster waiting to happen.”
Sam Altman and his team have repeatedly defended Worldcoin, emphasizing that the project is decentralized and privacy-focused. They argue that biometric identification can serve as a robust tool for identity assurance management against censorship. As Worldcoin’s token (WLD) is released, the crypto community is eagerly awaiting the announcement of the project’s “token economy”. This important aspect will shed light on how the WLD token will be used within the network and its potential economic impact. One area of concern for potential investors is the project’s regulatory uncertainties. Worldcoin will not be operational in the US due to the current regulatory environment surrounding cryptocurrencies. The project has made it clear that the WLD token will not be available to users in the US.
Worldcoin prospect raises Optimism trades
Meanwhile, anticipation for the Worldcoin token led to an increase in Optimism trading volume. Because Worldcoin previously announced that it moved World ID and World App to Optimism Mainnet. This move means the network will soon have its own ZKP layers, similar to developments in Polygon and ZKSync.
