Worldcoin, the cryptocurrency project that launched its native token WLD on July 24, 2023, is now aiming to broaden its operations to allow governments and businesses to utilize its iris-scanning and identity-verification technology. The move comes in an effort to attract more users and build a larger financial and identity community.

The company behind Worldcoin, Tools For Humanity, intends to open-source the technology that powers the iris-scanning orbs, which will facilitate broader use of Worldcoin’s products. Despite recent reports of difficulties attracting users after its launch, co-founder Sam Altman has refuted these allegations with evidence of people waiting in line for iris scans.

Additionally, Worldcoin plans to implement a paid system for companies and governments to utilize its digital identity system, allowing them to implement localized systems without having to collect personal data. However, it remains unclear how Worldcoin will navigate the regulatory frameworks surrounding data collection, as its methods have already faced scrutiny from regulators in countries such as France, Germany, and the UK. The project has also been suspended in Kenya due to security concerns raised by the government.

FAQs

What is Worldcoin?

Worldcoin is a cryptocurrency project that aims to build a large financial and identity community. It utilizes iris-scanning and identity-verification technology.

What is the purpose of opening sourcing the technology?

Opening sourcing the technology allows for broader use of Worldcoin’s products and helps to attract more users.

How does Worldcoin’s digital identity system work?

Worldcoin’s digital identity system allows companies and governments to implement localized systems without gathering personal data. They will pay to use the system.

Why has Worldcoin faced regulatory scrutiny?

Worldcoin has faced regulatory scrutiny due to concerns surrounding its data collection methods. Regulators in France, Germany, and the UK have expressed concerns, and the project has been suspended in Kenya due to security concerns.

When was Worldcoin’s native token launched?

Worldcoin launched its native token, WLD, on July 24, 2023.

Summary

Worldcoin is expanding its operations to allow governments and businesses to utilize its iris-scanning and identity-verification technology. The company plans to open-source the technology to facilitate broader use of its products. Despite facing regulatory scrutiny and allegations of difficulties attracting users, Worldcoin remains committed to building a large financial and identity community.