Worldcoin: Between success and controversies, where does the crypto project stand?

The Worldcoin (WLD) crypto project is hardly in need of introduction, given its highly unconventional concept. Led by Sam Altman, the founder of OpenAI which created ChatGPT, the Worldcoin crypto initiative is built on a simple premise: to distribute WLD cryptocurrency to every person in exchange for an iris scan. This transaction, currently controversial for evident reasons, has since its official launch in July 2023 continued to attract adherents. Millions of users from around the world have joined this crypto program and had their irises scanned. After nearly 6 months of operation, what has been the journey of the WLD? That’s what we will explore in the following lines.

A Look Back at the Foundations of the Worldcoin (WLD) Crypto Project

As a crypto program, the Worldcoin (WLD) initiative is quite exceptional. To say the least, it is touted by its promoter as a revolutionary crypto project based on an also unprecedented concept: proof of humanity. This requires the pursuit of WLD crypto through an uncommon procedure: an iris scan.

This process actually generates a unique digital fingerprint that is then securely recorded on the blockchain. The ambition behind all this is to create a digital currency accessible to all, without any form of discrimination. The project’s foundations also revolve around promoting financial inclusion and equal opportunities for individuals to access opportunities. This is somewhat a bold vision of the future of digital transactions.

Presented this way, the project was bound to please. In many countries around the world, Worldcoin (WLD) has continued to gain adherents. This is seen in several African countries, including Kenya and Uganda. The same is true for Latin America with Argentina. It is somewhat less the case in Europe.

Deployment Has Progressed Despite the Critiques

Currently, Worldcoin is in the global deployment phase. The crypto initiative has made significant strides since its launch. This includes a successful introduction in about twenty countries such as Ghana, Nigeria, India, and Argentina. In each of these countries, the program seems to be gradually taking root within various cultural and economic contexts.

However, this is not enough to support its nuanced reception. Indeed, several countries have welcomed this crypto initiative, hailing its potentially revolutionary implications. Despite this, it has faced criticisms, raising questions and concerns about its approach to crypto.

In terms of reception, notable facts that have hit the headlines include the case of Kenya. A few days following the project’s launch, the African country, through its Ministry of the Interior, announced the suspension of activities involving Worldcoin in its territory. The official reason for this suspension: assessing risks to public safety. Even though talks of Worldcoin’s operations resuming in the country have recently surfaced, this decision is a strong signal. In Europe, particularly in France, as well as the UK, there hasn’t been a ban. However, each of these two European countries has initiated an investigation, seeking to understand why Worldcoin collects biometric data in exchange for cryptos and promises to provide secure solutions to distinguish humans from AI.

Worldcoin (WLD), a Crypto Project That Is Increasingly Worrisome!

Fundamentally, the Worldcoin project doesn’t escape controversy. The issues at stake involve privacy protection implications. Experts agree that collecting biometric data on the blockchain raises major privacy concerns for users.

These concerns are further exacerbated by the fact that users’ true motivation to agree to an iris scan remains financial. This is particularly evident in a country like Argentina, where iris scanning stations have multiplied to accommodate entire crowds.

“We are here to get a cash bonus; they scan our irises and give us coins. They don’t pay everyone the same way, it’s a new currency,” explains Walter from San Fernando, as reported by local Argentine media. “We are increasingly in dire straits, we are here out of necessity, because of the money,” adds his friend anonymously.

What Is the Outlook for the Worldcoin Crypto Project Today?

The development of the Worldcoin project is currently at a crucial stage. It still has to make significant progress to become a tangible reality. The question remains how the project will overcome the criticisms addressed to it and assert itself in the competitive crypto market.

It must be acknowledged that the project stands out for its innovative concept, high ambition, and substantial growth potential. These elements make Worldcoin an intriguing player on the global crypto scene, capable of garnering considerable interest.

Nonetheless, it also presents non-negligible challenges. There are concerns related to privacy protection that are raising alarms. This is not to mention the project’s lack of transparency.

Conclusion

It’s important to note that the Worldcoin (WLD) crypto project is at a critical crossroads in its evolution. Its novel approach to proof of humanity, based on iris scanning, has sparked intense global interest, drawing millions of users from various countries. However, its deployment has not been without difficulties, with mixed reactions and criticisms, particularly regarding privacy protection. Moreover, the suspension of Worldcoin activities in Kenya and ongoing investigations in the UK and France underscore growing concerns about the collection of biometric data and the project’s transparency. Despite these challenges, the project remains intriguing with significant growth potential. Its future will depend on its ability to address raised concerns, strengthen trust, and demonstrate its positive impact on financial inclusion. As of now, this has not been the case.