The Worldcoin (WLD) token experienced a fantastic price surge, breaking through 140% in the past week. This increase was accompanied by the achievement of 1 million daily users of their crypto wallet application, World App.
Worldcoin, the cryptocurrency project founded by OpenAI CEO Sam Altman, launches in July 2023. Their mission is to build a digital identity verification system that "preserves privacy" and provides WLD tokens to users in exchange for scanning their irises.
Worldcoin's main goal is to introduce Universal Basic Income (UBI) worldwide. They want to give WLD tokens to every person on the planet in exchange for verification of their identity.
However, the project has been controversial, particularly related to privacy concerns. The use of "Orbs", marble-eye scanning devices, is feared to jeopardize the privacy of user data.
Privacy Concerns
On January 31, the Office of the Hong Kong Personal Data Protection Commissioner (PCPD) began an investigation into Worldcoin. The PCPD found "serious risks to personal data privacy" and made seizures at six premises controlled by Worldcoin in Hong Kong.
Privacy concerns have also arisen in other jurisdictions. Worldcoin services were completely suspended in Kenya and iris scanning in India was temporarily suspended.
Despite the controversy, the WLD token experienced a significant price increase. The 141% gain in the past week was driven by a rally in the cryptocurrency sector as a whole.
Other Developments of OpenAI
The WLD price increase coincides with some major updates from OpenAI, the company led by Sam Altman. On February 16, OpenAI launched Sora, a text video maker that allows users to generate video clips and scenes from text.
On Feb. 9, Altman announced a $7 trillion fundraising plan to develop OpenAI semiconductor chips.
History of Worldcoin (WLD)
Worldcoin (WLD) is a crypto project that aims to provide Universal Basic Income (UBI) to everyone in the world in a unique and controversial way. The project was founded by Sam Altman, CEO of OpenAI, a company engaged in artificial intelligence (AI).
Worldcoin launches in July 2023 with a mission to build a privacy-preserving global identity and financial network. To join the Worldcoin network, users must scan their iris with special devices called Orbs. In this way, Worldcoin can verify the uniqueness and humanity of each user.
Once verified by Orbs, users can claim WLD tokens for free and use them for various purposes, such as governance, payments, or signals. Worldcoin hopes to distribute WLD tokens to every person on the planet as a form of UBI.
However, Worldcoin has also caused controversy, especially related to the privacy and security of user data. Many people worry that iris scanning could leak personal information or be used for unauthorized purposes. Some countries, such as Hong Kong, Kenya, and India, have taken legal action or discontinued Worldcoin services for privacy reasons.
Conclusion
Worldcoin is experiencing rapid growth and a significant increase in token price. However, the project has been dogged by controversy over data privacy. Amid regulatory investigations and public concerns, Worldcoin's future remains uncertain.
Worldcoin is an ambitious and innovative crypto project, but it is also risky and controversial. The project faces major challenges from regulators, competitors, and the public. Will Worldcoin be able to realize its vision of delivering UBI through crypto, or will it fail due to privacy and ethical concerns? Only time will tell.
How to Buy Worldcoin (WLD) on Bittime
You can buy and sell WLD tokens in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti. WLD is available on Bittime with WLD ID pairing.
To be able to buy WLD/IDR tokens on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum purchase of Bittime assets is IDR 10,000. After that, then you can make WLD purchases in the application. Complete Guide on How to Buy WLD on Bittime.
Monitor the price chart movements of Worldcoin (WLD), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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