Worldcoin Sees Massive Response on Day 3, Crypto Players Warn

It’s been three days since OpenAI chief Sam Altman unveiled the Worldcoin project to the world. Worldcoin is a unique cryptocurrency initiative that utilizes an “orb” device to scan people’s eyeballs, creating their digital identities. This process generates a special “world ID” or “proof of personhood” for the individual.

In a tweet on Wednesday, July 26, Sam Altman shared that the World project has received a massive response and that there are huge lines by enthusiasts to get 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, 2023

However, Worldcoin has been in controversies and several industry players have criticized the project. Many believe that the project uses deceptive practices to collect more personal data from users. Several crypto industry proponents have called this project to be against the ethos of decentralization. Responding to Sam Altman’s tweet on Wednesday, Twitter founder Jack Dorsey showed displeasure over the development.

😞 https://t.co/554IzCcQ7N

— jack (@jack) July 26, 2023

Worldcoin Project Bashed By Crypto Players

Earlier this week, Ethereum co-founder Vitalik Buterin expressed concerns about the possible abuses of the system and the privacy risks involved. Also, others have raised concerns over the possibility of exploiting user data.

Popular crypto influencer ZachXBT noted: “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”.

On Tuesday, the UK data watchdog also expressed concerns and said that they would be launching an inquiry to investigate the Worldcoin project. “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 Where they are relying on consent, this needs to be freely given and capable of being withdrawn without detriment,” said a spokesperson of the UK Information Commissioner’s Office.

Worldcoin’s native crypto WLD swung into a strong rally on the day of the launch. The Worldcoin (WLD) price, however, has retraced since and is currently trading 9% down at $2.32.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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