As Sam Altman, CEO, OpenAI, launched the Worldcoin crypto project on July 24, 2023, crypto users lapped it up. With Worldcoins’ aim to create a global identity and financial network for everyone, experts believe that this could contribute to expanding the existing popularity of crypto assets. The project’s core offering is believed to be its World ID, which the organisation describes as a digital passport to prove that its holder is a real human, not an AI (Artificial Intelligence) bot, by scanning the eye of a user. This strategy might be able to reduce fraudulent transactions in the crypto world. “World IDs will also be able to provide the users with a blueprint for private data collection which is stored in the blockchain. Such structures can eventually help the government to enable mass adoption of digital-based assets. Furthermore, such initiatives will not only benefit the crypto-asset industry but will also be able to benefit the users,” Vikram Subburaj, CEO, Giottus, a crypto platform, told FE Blockchain.
Interestingly, the project had about two million users during Beta run and with the launch, Worldcoin is estimated to have initiated operations in 35 cities in 20 countries. Post-launch of the Worldcoin project, the rate of Worldcoin tokens (WLD) which are being given after getting access to the digital passport, rose during early trading hours on July 24, 2023(10:00 AM IST). It is expected that the value hit a peak of about $5.29(10:00 GMT) from a starting price of $0.15, having seen $25.1 million of trading volume, as per insights from Reuters.
Currently, the value of Worldcoin (at the time of filing this report) stands at $2.245203 per (WLD) with a current market capital of $248.32 million with a 24-hour trading volume of $196.28 million WLD, as per insights from Binance, a crypto exchange platform.“Worldcoin project is expected to address global financial disparities and promote biometric authentication. However, challenges like privacy, security, centralisation, regulatory issues, economic impact and technical difficulties might arise due to the use of biometric data and centralised distribution,” Om Malviya, president, Tezos India, a blockchain adoption entity, explained.
Industry experts believe that the integration of World IDs at the back of blockchain looks largely positive. This innovation is expected to hold the potential to effectively differentiate humans from humanoids AI bots, upgrading the realm of online security. “The Worldcoin project will be able to provide an authentication layer for diverse digital applications. However, it is imperative to exercise prudence in the approach due to the valid privacy concerns associated with the utilisation of eye scans for digital identities. So, achieving a balance between privacy and security will be instrumental in shaping the ultimate impact of Worldcoin on digital interactions,” Sumit Gupta, CEO,co-founder, CoinDCX, a crypto platform, concluded.