- Worldcoin (WLD) launches an authentication reservation feature to enable users to set aside tokens without strictly going through verification.
- Worldcoin seeks to establish the biggest financial and identity community in the world, but is, however, going through regulatory challenges.
Worldcoin, a crypto project co-founder by Open AI’s Sam Altman, has introduced an authentication reservation feature as part of the plans to onboard more users. This new feature would enable users to reserve Worldcoin (WLD) tokens without the need for verification.
In other words, users can set aside tokens before obtaining their World ID verification. According to the report, users will be able to claim their tokens after the reservation remains active for a year. In this case, they would access the iris scanning tool called Orb to redeem the asset. Having debuted last month, the project demands that users exchange their iris scan for Digital ID and cryptos.
According to reports, Worldcoin is built on three important components which are the WLD token, Worldcoin app, and Worldcoin ID. The objective is to build a unique human database to identify genuine users from automated bots. The team seeks to make World ID the standard identification system that enables humans to assess various online services.
According to Worldcoin, 2.2 million users have so far signed up. This number was largely recorded during the trial period in the last two years. The campaign is fast advancing across the globe as users rush to participate. However, a huge concern has been raised concerning data privacy and the potential use of the collected biometric data.
Data Collection Approach of Worldcoin Scrutinized
One of the countries where participants are getting involved in the program is Mexico. In an interview with Reuters, one Worldcoin user identified as Diego Romero narrated his concerns.
I’m feeling a bit nervous because I don’t know for certain what they will do with my biometrics and my personal information. But at the same time, I’m excited about being part of something very different that I think will be part of a change in the economy.
Interestingly, another participant identified as Jose Incera claims to be not worried about these privacy concerns.
This [privacy]is something that doesn’t worry me too much. I think in the digital era we’re living it is unavoidable to start sharing your information; from having an iPhone or any social media, you’re already sharing a lot of information. Then, the difference with the World ID is not that big but I think it’s even more secure.
In Kenya, the project was halted due to concerns regarding the data collection approach. It has also faced regulatory concerns in both Argentina and the UK.
According to the general manager for Europe at Tools For Humanity, Ricardo Macieira, their mission is to build the biggest financial and identity community. For now, they are trying to expand operations to more countries in Europe, Latin America, Africa, and anywhere in the world that accept the project.
According to Altman and co-founder of the project Alex Blania, they plan to go beyond the world of cryptos. On its official website, Worldcoin is said to potentially increase economic activities drastically, while enabling a global democratic process and indicating a potential path to AI-funded universal minimum income.
As of press time, WLD was trading at $1.80 after falling by 12 percent in the last seven days.
