February 20, 2024
By Sharan Kaur Phillora
Worldcoin, the cryptocurrency project co-founded by OpenAI CEO Sam Altman, has witnessed a staggering surge of over 140% in the past week, coinciding with its wallet app, World App, reaching a milestone of 1 million daily users. This remarkable growth trajectory, from just 100,000 daily users in November, underscores the project’s rapidly expanding footprint in the digital currency landscape.
Here’s what we know:
Launched in July 2023 by Altman and Alex Blania, Worldcoin aims to revolutionize digital identity verification through a “privacy-preserving” approach, rewarding users with its native WLD token in exchange for iris scans. The project’s vision extends to implementing a global Universal Basic Income (UBI) by distributing WLD tokens to verify individuals’ identities on a global scale.
Despite its innovative approach, Worldcoin has encountered its share of controversies, particularly concerning privacy issues related to its iris-scanning Orbs. These concerns have led to regulatory scrutiny in various jurisdictions, including an investigation by Hong Kong’s Office of the Privacy Commissioner for Personal Data (PCPD) into Worldcoin’s operations, citing significant privacy risks.
The regulatory challenges have not deterred the crypto project’s momentum, with the WLD token experiencing a significant rally, buoyed by a broader uptick in the cryptocurrency market. This surge in value is particularly noteworthy amidst a series of major developments from OpenAI, including the launch of the text-to-video generator Sora and Sam Altman’s ambitious plan to raise $7 trillion for semiconductor chip development.
As Worldcoin navigates the complexities of regulatory landscapes and privacy concerns, its significant user growth and token value surge highlight the project’s potential to redefine digital identity and UBI globally. With its innovative approach and the backing of influential figures like Sam Altman, Worldcoin remains a project to watch in the evolving world of cryptocurrency and digital identity verification.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.
