On Day 3, Sam Altman expressed joy regarding the strong enthusiasm for Worldcoin. Industry players caution users about IRIS scanning.
It has been three days since OpenAI director Sam Altman announced the WLD project. Worldcoin is a one-of-a-kind cryptocurrency initiative that uses an “orb” device to detect people’s eyes to generate their digital identities. This procedure creates a unique “world ID” or “proof of personhood” for each individual.
Sam Altman tweeted on July 26 that the World initiative has received a massive response and that long lines of enthusiasts are waiting to receive their digital identities.
day 3 of @worldcoin launch, crazy lines around the world. one person getting verified every 8 seconds now. pic.twitter.com/vHRu1sWMT3
— Sam Altman (@sama) July 26, 2023Nonetheless, Worldcoin has been involved in controversies, and numerous industry participants have criticized the project. Many believe that the project employs deceptive methods to collect more user information.
Several crypto industry advocates have deemed this endeavor antithetical to the decentralized ethos. Wednesday, in response to Sam Altman’s remark, Twitter co-founder Jack Dorsey expressed displeasure at the development.
— jack (@jack) July 26, 2023
Crypto Players Criticize the Worldcoin Project
This week, Ethereum co-founder Vitalik Buterin expressed concern regarding the potential for system abuse and the associated privacy risks. Additionally, others have raised concerns regarding the prospect of user data exploitation.
ZachXBT, a prominent crypto influencer, remarked, “Most alarming to me is how the WorldCoin team has boasted about how many users they have. When in reality they have been exploiting people in developing countries”.”
Tuesday, the United Kingdom’s data watchdog expressed concern and announced it would launch an investigation into the Worldcoin initiative . According to a spokesperson for the UK Information Commissioner’s Office, where they rely on consent, it must be freely given and revocable without consequence.
“We note the launch of WorldCoin in the UK and will be making further enquiries. Organizations also need to have a clear lawful basis to process personal data. Where they are relying on consent, this needs to be freely given and capable of being withdrawn without detriment,”
On the day of its debut, the price of Worldcoin’s native cryptocurrency, WLD, surged. The cost of Worldcoin (WLD) has since retraced and is currently trading 9% lower at $2.32.