• Worldcoin launched its WLD token on its mainnet in July 2023.
• The company intends to open source the technology that powers the iris-scanning orbs.
• Governments and businesses can pay to use Worldcoin’s digital identity system, but regulatory issues are a potential hurdle.
Worldcoin Launches Its Native Token
Worldcoin launched its native token WLD on its mainnet on July 24, 2023. The crypto project has faced serious criticism from several quarters for fears of data privacy.
To enable broader use of Worldcoin’s products, the company intends to open source the technology that powers the iris-scanning orbs. This will be a huge step towards countering difficulties in attracting users. However, although reports about Worldcoin’s difficulty attracting users after its launch have recently gone around, Sam Altman, a co-founder of the project has refuted those allegations in posts on X that include videos of people waiting in line for iris scans.
Digital Identity System
Ricardo Macieira, general manager for Europe at Tools For Humanity, which is the company that created Worldcoin stated that they are „building the biggest financial and identity community“ possible and anyone can build their own orb and use it to benefit their community in future. To this end, they intend for companies and governments to pay to use their digital identity system which allows them to implement some sort of localized system without having to gather personal data.
Regulatory Framework Around The World
It is not clear how Worldcoin intends to circumvent regulatory framework around the world as data collection methods have already come under scrutiny from regulators around the world. France’s privacy watchdog said it finds these methods intrusive and illegal when used by third parties without user consent or authorization from local authorities.
Suspension In Kenya
The latest development is the Worldcoin suspension in Kenya because of what government says are security concerns..