Worldcoin (COIN: $WLD) is a project that has quickly gained fame due to its unique approach to digital identity and cryptocurrency. Founded by Sam Altman, CEO of OpenAI, and industrial engineer Alex Blania, Worldcoin aims to create a biometric network and digital identity system powered by the Ethereum-based WLD token.
Since its launch in 2021, Worldcoin’s vision has been to develop a way to identify real humans and distinguish them from bots or fake identities in the age of artificial intelligence (AI).
A Network Built on Iris Recognition
Worldcoin utilizes iris recognition technology to establish a secure and unique digital identity for each user. The project utilizes devices called Orbs, which scan an individual’s iris and convert it into a mathematical representation. It ensures that each identity is unique and cannot be replicated.
This biometric data is then linked to a World ID, a digital passport accessible through a mobile app. Worldcoin claims this iris-based system offers superior security to traditional methods like fingerprints or facial recognition.
Universal Basic Income through WLD Tokens
One of the most intriguing aspects of Worldcoin is its vision for a universal basic income (UBI). The project distributes WLD tokens to users as a form of basic income, with an initial sum provided upon registration and further distributions occurring through various activities or scheduled payments.
WLD tokens function as a digital currency within the Worldcoin ecosystem. They can be used for various purposes, including exchanging for other currencies, purchasing goods and services, and participating in governance decisions within the network.
Privacy Concerns and Regulatory Scrutiny
While Worldcoin promises to secure users’ biometric data by converting iris scans into mathematical representations or hashes, the project has faced intense scrutiny and regulatory backlash over privacy concerns. Allegations have surfaced that Worldcoin failed to adequately explain its operations to users in impoverished communities, portraying itself as an organization “that gives money” without clarifying the biometric data collection.
Several countries, including Kenya, Spain, Portugal, Argentina, and Chile, have launched investigations, imposed temporary bans, or requested additional information from Worldcoin due to concerns over data protection, unauthorized collection from minors, and lack of transparency regarding consent policies.
Worldcoin’s Privacy Measures: Progress Amid Challenges
In response to mounting criticism, Worldcoin has introduced measures to address privacy and regulatory concerns. In April 2024, the company announced the ability for users to “unverify” their World IDs, permanently deleting their iris codes after a six-month “cool-off” period. Additionally, Worldcoin implemented in-person age verification checks at all Orb locations to prevent minors from participating.
Despite these efforts, Worldcoin faces skepticism from governments and privacy advocates. The project remains banned in several countries, while others, like Mexico, have expressed concerns and called for investigations into its data protection practices.
Worldcoin Pursues Partnerships, Launching World Chain
Despite the regulatory challenges, Worldcoin remains steadfast in its mission and is actively seeking partnerships with major tech players like PayPal and OpenAI. These partnerships aim to bolster Worldcoin’s user base and establish trust within the industry, although the specifics of these collaborations remain undisclosed.
Furthermore, the company is preparing to launch its Layer-2 blockchain, World Chain, to enhance efficiency and scalability as it onboards new users and navigates regulatory complexities. Set for a summer debut, World Chain promises to leverage World ID’s Proof-of-Personhood (PoP) to facilitate everyday transactions and prioritize verified individuals’ access to block space.
Worldcoin (WLD) Price Update
Worldcoin experienced a significant surge on May 6th, with its price rising 17.47% to $6.32. This upward trend suggests the potential for further gains. Worldcoin holds the 67th position among the largest digital currencies, boasting a market capitalization of $1.29 billion. Additionally, the daily trading volume for Worldcoin witnessed a substantial increase of 115.08%, reaching 579.75 million.
Data from Santiment indicates a 21.5% growth in WLD’s total open interest over the past day, rising from $131.9 million to $160.3 million. Meanwhile, the exchange inflow of Worldcoin sits at 454,380 WLD, while the outflow stands at 542,360 WLD, resulting in a net outflow of 87,980 coins within 24 hours.
Worldcoin Price Analysis: Bullish Signal
An analysis of recent price movements indicates a short-term bullish sentiment for Worldcoin (WLD), suggesting a potential buying opportunity. The first major resistance level to overcome is $7.07. Closing above this level is crucial for further upward price movement. Conversely, a drop below $4.52 could signal a potential price decline.
The 14-day Relative Strength Index (RSI) of 59.79 suggests neutral market conditions, neither oversold nor overbought. It aligns with the bullish signal provided by the exponential moving averages on the daily chart, where the current price sits above the 10, 20, 50, 100, and 200-day EMAs.
Based on the analysis, the short-term price prediction for WLD within the next 10 days is $6.58. The long-term forecast suggests a potential rise to $15.11 by 2025 and $29.43 by 2030.
Should You Buy Worldcoin (WLD)?
Worldcoin’s ambitious vision to establish a universal basic income through its biometric-based digital identity system has garnered both intrigue and controversy. While the project aims to leverage cutting-edge technology to address real-world challenges, it faces intense scrutiny over privacy concerns and regulatory hurdles.
As Worldcoin navigates these complexities and seeks industry partnerships, its ability to balance innovation with robust data protection measures will be crucial for its long-term success and widespread adoption.
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