The Worldcoin (WLD) project, founded by Sam Altman, the founder and CEO of OpenAI, has garnered attention and sparked discussions within the cryptocurrency community. The latest tweet from Altman’s personal Twitter account has reignited the debates.
People Queue Up to Scan Their Irises with the Orb
As known, Worldcoin aims to create unique digital identities, called Worldcoin IDs or Proof of Personhood, for individuals by using a device called Orb to scan people’s irises. In return for their scanned irises, people are rewarded with WLD coins.
Altman’s tweet sharing the long queues formed by curious individuals who want to obtain their digital identities has received significant backlash from industry players.
One of the main concerns raised by critics is the project’s data collection practices, which some perceive as deceptive and contrary to the principles of decentralization. Jack Dorsey, the founder of Twitter, expressed his dissatisfaction with this development, and Vitalik Buterin, the co-founder of Ethereum, voiced concerns about potential vulnerabilities and privacy risks associated with the system. Crypto researcher known as ZachXBT on Twitter raised alarm by highlighting the potential exploitation of individuals in developing countries by the Worldcoin team.
Just a day after the project’s launch on July 24th, the UK Information Commissioner’s Office (ICO) announced an investigation into Worldcoin, the crypto project of Altman, the founder of ChatGPT, to examine its data collection, processing, and retention practices.
Declining Value of WLD Coin
Despite the initial excitement and the surge in value on the launch day, the local asset of the project, WLD coin, has since retraced and is currently trading at around $2.21, representing a 7% decrease.
As the Worldcoin project continues to attract attention and criticism, the future of the project and its local asset remains uncertain. The concerns raised by industry players and data observers highlight the importance of responsible data practices and transparency in the development of cryptocurrency projects.
