UK data regulator, the Information Commissioner Office (ICO), has laid out intentions to probe the newly launched crypto project Worldcoin.\u00a0<\/p>\n
According to a report by Reuters<\/a> on July 25, the ICO has taken notice of WorldCoin\u2019s launch in the UK and will now proceed to \u201cmaking further inquiries.\u201d<\/p>\n Launched on Monday, Worldcoin is an Ethereum-based project founded by the CEO of OpenAI, Sam Altman. On the protocol\u2019s official website, it states that Worldcoin aims to be \u201cthe world\u2019s largest identity and financial public network.\u201d<\/p>\n To achieve its aim, the network utilizes a digital identification system known as \u201cWorld ID,\u201d designed to differentiate humans from artificial intelligence online.\u00a0<\/p>\n Interested Worldcoin users are required to undergo a physical iris scan process at one of the project\u2019s \u201cOrb\u201d locations before being granted a WorldID, prompting much concern over the user\u2019s privacy.<\/p>\n Currently, there are three Worldcoin Orb locations in the UK, all of which are based in London. Globally, the crypto project has already managed to establish 125 orbs locations in 20 countries across 5 continents.\u00a0<\/p>\n Related Reading: Binance Announces Listing Of Sam Altman\u2019s Worldcoin, Opens Deposits<\/a><\/p>\n Although the launch of Worldcoin was greeted with much anticipation and goodwill, the project has also received heavy criticism, especially in relation to its World ID system, which requires users to undergo an in-person iris scan procedure.\u00a0<\/p>\n Popular crypto lawyer John Deaton, along with many others, believes<\/a> the process is a threat to users\u2019 freedom and privacy, terming it as \u201cOrwellian.\u201d\u00a0<\/p>\n In addition, Ethereum Founder Vitalik Buterin also highlighted concerns about the World ID system. In a recent blog post<\/a>, he stated that an iris scan is likely to reveal more information about users than originally designed.\u00a0<\/p>\n WLD Declines By 17% A Day After Launch\u00a0<\/p>\n Following the launch of Worldcoin on Monday, its native token, WLD, had an impressive debut in the market, rising by 88% and hitting a peak price of $3.31. However, the WLD token has since then recorded an overall negative price movement.<\/p>\n Based on data from CoinMarketCap<\/a>, WLD is currently down by 16.76% in the last 24 hours, trading as low as $1.92 within this period.\u00a0<\/p>\n According to Worldcoin\u2019s whitepaper<\/a>, WLD is primarily designed as a utility token for network governance. However, the token also serves as a payment medium for specific services in the World App or other crypto wallets.\u00a0<\/p>\n Related Reading: Countdown To FOMC: What Bitcoin And Crypto Traders Must Brace For<\/a><\/p>\n At the time of writing, WLD is exchanging hands at $2.13, with a 0.57% gain in the last hour. The token\u2019s 24-hour trading volume is also up by 34.56% and is valued at $403.35 million. With a market cap of $231.09 million, WLD ranks as the 124th largest cryptocurrency in the market.\u00a0<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n UK data regulator, the Information Commissioner Office (ICO), has laid out intentions to probe the newly launched crypto project Worldcoin.\u00a0<\/p>\n According to a report by Reuters<\/a> on July 25, the ICO has taken notice of WorldCoin\u2019s launch in the UK and will now proceed to \u201cmaking further inquiries.\u201d<\/p>\n Launched on Monday, Worldcoin is an Ethereum-based project founded by the CEO of OpenAI, Sam Altman. On the protocol\u2019s official website, it states that Worldcoin aims to be \u201cthe world\u2019s largest identity and financial public network.\u201d<\/p>\n To achieve its aim, the network utilizes a digital identification system known as \u201cWorld ID,\u201d designed to differentiate humans from artificial intelligence online.\u00a0<\/p>\n Interested Worldcoin users are required to undergo a physical iris scan process at one of the project\u2019s \u201cOrb\u201d locations before being granted a WorldID, prompting much concern over the user\u2019s privacy.<\/p>\n Currently, there are three Worldcoin Orb locations in the UK, all of which are based in London. Globally, the crypto project has already managed to establish 125 orbs locations in 20 countries across 5 continents.\u00a0<\/p>\n Related Reading: Binance Announces Listing Of Sam Altman\u2019s Worldcoin, Opens Deposits<\/a><\/p>\n Although the launch of Worldcoin was greeted with much anticipation and goodwill, the project has also received heavy criticism, especially in relation to its World ID system, which requires users to undergo an in-person iris scan procedure.\u00a0<\/p>\n Popular crypto lawyer John Deaton, along with many others, believes<\/a> the process is a threat to users\u2019 freedom and privacy, terming it as \u201cOrwellian.\u201d\u00a0<\/p>\n In addition, Ethereum Founder Vitalik Buterin also highlighted concerns about the World ID system. In a recent blog post<\/a>, he stated that an iris scan is likely to reveal more information about users than originally designed.\u00a0<\/p>\n WLD Declines By 17% A Day After Launch\u00a0<\/p>\n Following the launch of Worldcoin on Monday, its native token, WLD, had an impressive debut in the market, rising by 88% and hitting a peak price of $3.31. However, the WLD token has since then recorded an overall negative price movement.<\/p>\n Based on data from CoinMarketCap<\/a>, WLD is currently down by 16.76% in the last 24 hours, trading as low as $1.92 within this period.\u00a0<\/p>\nWorldcoin Under Criticism Over Privacy Concerns.<\/h2>\n
Worldcoin Under Criticism Over Privacy Concerns.<\/h2>\n