In this article, Ecliks share insights on the recent surge in a controversial cryptocurrency initiated by Sam Altman, the founder of ChatGPT. Known as Worldcoin, this crypto token, WLD, has garnered attention and mixed reactions from market commentators, who alternately view it as “outlandish” and “revolutionary.”
Worldcoin’s unique approach involves offering individuals a free share of WLD in exchange for their biometric data. Over 2 million people have already signed up through an iris-scanning orb deployed in 35 cities across 20 countries. The collected biometric data serves two purposes: verifying an individual’s identity to prevent duplicate sign-ups and distinguishing humans from AI bots, which Worldcoin highlights as a key feature of their technology.
— Sam Altman (@sama) July 26, 2023
Despite regulatory and legal challenges in some markets, Worldcoin reported rapid sign-ups, with one person joining every eight seconds following the launch. To meet demand, 1,500 orbs are being distributed globally, including major cities like London, New York, and Paris.
Market analysts observed a significant 50% price surge in the WLD token on the day of its launch, indicating substantial interest and demand, despite concerns surrounding the project’s rollout. Worldcoin aims to establish a global digital identification system that connects users’ World ID to websites and apps, replacing traditional logins with private identity verification, without sharing personal data like names and emails.
This innovative digital ID concept is hailed as revolutionary, especially in the development of AI, as it helps differentiate humans from AI bots online. However, it has sparked controversy, with critics referring to the exchange of biometric data for crypto tokens as an “outlandish bribe.”
After the initial surge, the WLD token experienced some fluctuations but has recently shown resilience, trading above $2.30 on Tuesday, bucking broader market trends. As a cryptocurrency expert, it’s clear that Worldcoin’s ambitious vision and unique approach have captured the attention and interest of the crypto community. However, its long-term impact and acceptance will depend on how well it addresses regulatory concerns and user privacy issues.