Worldcoin Launch Meets Enthusiastic Reception, but Privacy Concerns Persist: Here’s Why

Worldcoin (WLD), cofounded by OpenAI CEO Sam Altman, has finally gone live. However, the launch has split the crypto community.

Sam Altman staring at space whilst a big eyeball planet scans his eyes, and another scans Earth.
Created by Gabor Kovacs from DailyCoin
  • Worldcoin (WLD) is live, sparking mixed reactions in the crypto community.
  • The eye-scanning technology of Worldcoin raises privacy concerns.
  • Despite the controversy, Worldcoin has successfully attracted significant investment.

After successfully taking on AI with its ChatGPT software, OpenAI CEO Sam Altman is moving into crypto. Worldcoin, a company Altman co-founded, finally launched its WLD token, stirring a whirlwind of reactions within the crypto community. 

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While some view it as a revolutionary step forward, others express concerns over privacy issues.

Worldcoin’s Launch and the Ensuing Reactions

On Monday, July 24, Worldcoin (WLD) token went live, marking a significant milestone in crypto. After its official launch, WLD appeared on multiple crypto exchanges, including Binance. The project aims to scan the irises of everyone on the planet. 

According to its white paper, the Worldcoin app would serve as proof of personhood in an increasingly AI-dominated world. The project also points out that most tokens will be given away to people for free if they hand over identifying biometric data. However, others point to more controversial aspects of the project. 

Some crypto community members have expressed concerns over the technology used by Worldcoin, citing potential privacy issues. “What can go wrong?” one user asked in irony. Another individual simply stated, “How about no.” 

This is exactly what has sparked concerns among crypto users. The eye-scanning technology, while innovative, has raised questions about privacy and digital identity.  “How much does our Iris identity cost?” one user asked. 

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Another user, claiming to have experience in biometrics, cautioned against the project. “I worked in the biometric industry for years and can say with certainty —  do not do this,” they pleaded. 

“Many don’t realize how precious your biometric data is. It will become much more important in the future,” they added, cautioning users to “minimize who you share with,” especially not with Altman. 

Selling WorldCoin Identity for $0.5 Per Account

While Worldcoin is supposed to give users unique proof of personal identity, shady actors are already finding ways around it. For instance, crypto journalist ZachXBT pointed out alleged abuses in the Worldcoin system. 

He provided screenshots showing that people are already selling Worldcoin IDs, getting around its identity verification systems. 

It is unclear where these IDs come from and whether they are authentic. However, Worldcoin has been under fire for targeting people in developing countries for biometric data. 

Despite these concerns, Worldcoin has attracted significant investments, raising $100 million in capital as it prepared for launch.

On the Flipside

  • While concerns about Worldcoin linger, many crypto traders are jumping on the bandwagon. On the first day of launch, the token rose 54% to $2.56. 
  • Worldcoin (WLD) token is not available in the United States. However, the World App and its other features are. 

Why This Matters

The controversy surrounding the launch highlights the ongoing debate about privacy in the digital world, a critical issue for anyone involved in crypto. 

Read more about Worldcoin and its critics:

Sam Altman’s Worldcoin: UBI Dream or Privacy Nightmare?

Read more about the latest developments in the FTX case:

Unraveling FTX’s $1 Billion Lawsuit Against SBF and Associates

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
David Marsanic

David Marsanic is a journalist for DailyCoin who covers the intersection of crypto, traditional finance, and government. He focuses on institutionalized crypto entities like major cryptocurrency exchanges and Solana, breaking down complex topics into easy-to-understand writing. David's prior experience as a business journalist at various crypto and traditional news sites has enabled him to maintain a critical approach to news while adhering to high journalistic integrity standards.