Key Takeaways
- Worldcoin noted that the Worldcoin tokens are currently not available to people living in the United States
- Worldcoin has been the subject of criticism from privacy advocates due to its data collection practices.
Worldcoin, a crypto venture co-founded by Sam Altman, the CEO of OpenAI, is set to alter its payment method for Orb Operators, individuals responsible for iris scanning, by shifting from USD Coin (USDC) to its in-house cryptocurrency, Worldcoin (WLD). This change, scheduled for implementation in November, comes amidst increased scrutiny from various governments regarding the project’s data collection practices.
At present, data from Worldcoin’s official Dune Analytics dashboard shows a notable increase in the supply of WLD tokens, surging from approximately 100 million tokens during the project’s launch to about 134 million tokens at the time of this report.
In an update from September, nearly 2.3 million individuals globally have enrolled to have their irises scanned via Worldcoin’s “orb” devices in return for a digital ID and free cryptocurrency.
It’s crucial to note that Worldcoin tokens are currently not available for residents in the United States and certain other restricted regions.
The decision to remunerate Orb Operators exclusively in WLD tokens is described as a “transitional phase” following the official launch of the project on July 24. On October 10, the Worldcoin Foundation initiated a pilot program to remunerate select operators with WLD tokens. The project anticipates that by November 2023, the transition will be fully implemented, ensuring that all Operators receive WLD tokens as compensation for their services.
Worldcoin has faced criticism from privacy advocates due to its data collection practices. The project has consistently emphasized its commitment to working with regulators and ensuring the secure management of biometric data, either through encryption or deletion. Addressing privacy concerns, Worldcoin’s website reinstates that the project is “completely private,” with biometric data either deleted or encrypted upon user preference. Nonetheless, regulators and privacy advocates have raised questions about the data collection and handling processes.
Sam Altman, the co-founder of Worldcoin, has highlighted the significance of the digital ID provided by the project. He claims it will enable users to confirm their humanity online, especially in a future increasingly dominated by artificial intelligence.
Worldcoin has disclosed that five market-making entities originally received 100 million WLD loans, which were originally set to expire on October 24, 2023. However, the project has extended the loan expiration date to December 15, reducing the amount to 75 million WLD. According to the project’s announcement, market makers are expected to either return or acquire a portion or all of the remaining 25 million WLD tokens as part of this agreement.
