Worldcoin Faces Global Regulatory Hurdles Amid Expansion Recent developments around
Worldcoin have reignited discussions on data privacy and the ethical implications of personal identification. The project's audacious goal to grant everyone
on Earth a biometrically verified digital ID has captured attention globally—and not always in a good way.
With its rapid ascent,
the platform faces significant challenges, as governments and experts scrutinize
its methods and intentions.
Worldcoin launched on July 24 of this year, issuing its
WLD cryptocurrency token. Initially given to beta program participants, Worldcoin offered an airdrop
of 25 WLD (worth around $2.21 USD each at the time of launch) to people willing to undergo an iris scan.
The company states
its mission is to create a global system where anyone can verify their humanity online. To achieve this, they introduced the
World ID, a unique identifier generated through an iris scan.
This IrisCode acts as a one-time mark to ensure authenticity,
and once issued, the ID is stored on the Worldcoin blockchain, ostensibly safeguarding user privacy. Simultaneously, the
World App stores user credentials and doubles as a cryptocurrency wallet, facilitating transactions with WLD.
As of August 11,
over 2.2 million people have registered on the platform. But this rapid expansion hasn't been without its share of controversy.
