Worldcoin’s Native Token Surges Over 140% as “World App” Hits One Million Users
The native token of Worldcoin, a project co-founded by OpenAI CEO Sam Altman, has experienced a remarkable surge of over 140% in the past week. This spike coincides with the project’s “World App” reaching over a million users despite ongoing privacy concerns.
What Happened: Worldcoin’s native cryptocurrency has seen a significant upturn in value, reaching a 140% increase in the past week, reported Coin Telegraph on Sunday. This growth aligns with the “World App” reaching a milestone of over one million users, a substantial increase from 100,000 daily active users in November 2023.
Worldcoin, established in July 2023 by Altman and Alex Blania, is a project that focuses on “privacy-preserving” digital identity verification. Users are rewarded in the project’s native cryptocurrency for scanning their irises. The project’s ultimate aim is to introduce a global Universal Basic Income by providing a small amount of its native WLD token to every individual in exchange for identity verification.
Despite its ambitious goal, the project has faced significant controversy, particularly regarding privacy concerns over its “Orbs,” metallic eye-scanning devices. This has led to regulatory scrutiny, with operations suspended in Kenya and iris scans paused in India. The Hong Kong Office of the Privacy Commissioner for Personal Data (PCPD) has also initiated an investigation into Worldcoin’s local operations.
However, these regulatory challenges have not hindered the remarkable growth of Worldcoin’s native token. The surge in value has occurred amid significant updates from OpenAI, including the introduction of a new text-to-video generator called Sora and Altman’s announcement of a $7 trillion funding plan for the firm’s semiconductor chip development.
Why It Matters: Worldcoin’s recent surge followed a period of uncertainty in 2023 when Altman was removed from his CEO position at OpenAI due to governance issues. However, the project made a comeback with a 25% gain after reports suggested that Altman was considering a return to OpenAI under certain conditions.
Despite the privacy concerns, Worldcoin is making strides to address the issue. In January 2024, the project announced plans to give its controversial “Orb” device an Apple-like makeover, with a more user-friendly design. This move was seen as an attempt to assuage the privacy concerns surrounding the device.
In conclusion, Worldcoin’s native token surge and the growth of its “World App” to over a million users demonstrate the project’s resilience and potential for widespread adoption. Despite facing regulatory challenges and privacy concerns, the project continues to innovate and evolve, aiming to revolutionize digital identity verification and introduce a global Universal Basic Income.
