Worldcoin is back. Worldcoin is a controversial crypto project. Co-founded by OpenAI CEO Sam Altman, the project aims to create a decentralized identity system, as well as a currency: WLD. Three years after its creation, the project has just announced the launch of the WLD token.
Worldcoin cryptocurrency released
Launched in October 2021, the Worldcoin has faced many controversies. Indeed, the launch of its token has suffered several delays. These followed the US regulators’ hardening stance towards cryptocurrencies.
Nevertheless, this Monday, July 24, the project has announced the launch of its WLD token. Obviously, this token is not available in the United States, due to regulatory pressures.
Thus, more than two million people around the world have been free WLD tokens. As a reminder, token allocation requires the creation of a decentralized Worldcoin identity. To ensure the uniqueness of participants, the Worldcoin team has developed a device called « Orb ». This scans the iris of participants to ensure their identity.
Launched around 10 a.m. French time, the token initially traded for $1.66. Its price subsequently rose to $3.3, before finally dropping to $2.61 at the time of writing.
People who had already taken part in the identity check were assigned 25 WLDworth between $40 and $82, depending on prices observed to date.
From now on, the project aims to accelerate enrolment in its program by deploying Orbs in over 35 cities in 20 additional countries. The aim is to increase the number of Orbs deployed from 200 to around 1,500 by the end of the year.
In parallel, the project has also announced its migration to OP Mainnet, Optimism’s main channel.
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Worldcoin at the heart of many controversies
As we discussed in the introduction, the Worldcoin project has had to deal with numerous controversies since its launch.
Indeed, the project has been criticized for confidentiality issues due to the use of its iris scanning technology.
For example, the whistleblower Edward Snowden sounded the alarm as early as October 2021. He pointed to the risk of leaks of highly sensitive personal biometric data recovered by the Orbs.
So, although the project plans to use zk-proofs to manage data, these will only be deployed in phase 2 of the project.
What’s more, this system is far from perfect. As crypto-investor ZachXBT pointed out in response to Worldcoin, a black market in Worldcoin identities is already well established on Telegram.
Finally, all these fears fail to take into account the project’s shaky tokenomics and the heavy weight of venture capital in it.
By last May, the project had raised $100 million.. The fund-raising was led by Sam Altman, co-founder of OpenAI, the company behind ChatGPT.
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