Worldcoin launches tool that allows unverified users to receive tokens By CriptoFácil

2023-08-11 19:10:10

© Reuters Worldcoin Launches Tool That Allows Unverified Users To Receive Tokens

CriptoFácil – Worldcoin, a controversial project by the creator of ChatGPT, announced this Friday (11) the launch of a new feature to expand its user base. In that sense, the new feature will allow even unverified users to reserve WLD tokens.

Since launch, the user had to register their identity in order to receive tokens. This includes eye registration in Orb, an iris reading tool created by the company. But with the new feature, people will be able to pre-order tokens even without registering.

Worldcoin’s goal is to build the world’s largest financial identity and network. However, the project has drawn scrutiny from regulators around the world and reluctance from the cryptocurrency industry due to privacy and security concerns. In fact, several governments have already placed Worldcoin under investigation because of its practices.

pre-booking feature

Worldcoin has stated that its World App app now offers a token reserve feature. According to the project, the objective is to facilitate the purchase of WLD tokens and reduce access barriers.

This service works as a term purchase of tokens. Users can reserve WLD tokens even without verification of their World ID. The purchase guarantees the reserve of the tokens, but users will not initially receive them nor be able to trade these tokens on the market.

Then, to activate the tokens, users need to visit the nearest city where there is an Orb and, then, validate their identity. With the process complete, the user can receive their WLD and use them as they prefer. However, whoever makes this reservation will have to validate the tokens in the Orb within 12 months.

To reserve Worldcoin tokens, users need to download the World App. Then reserve tokens as soon as they become available and redeem tokens after verification into an Orb.

The price of WLD currently trades at $1.70, down 6% over the past 24 hours and 25% over the past seven days amid various concerns raised by experts.

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Regulatory pressure on Worldcoin

Several government agencies around the world have opened investigations into Worldcoin due to privacy and security concerns. After investigations across Europe, Worldcoin was also targeted by African authorities – Kenya was the first country on the continent to act in this regard.

Interestingly, Worldcoin stated that it did not intend to expand its activities to the United States due to the unfriendly regulatory environment. But the project has begun to face resistance even in countries that already have cryptocurrency regulations.

The main resistance to the project has to do with data security issues and the protection of users’ privacy. The creator of , Vitalik Buterin, raised concerns about privacy and security, highlighting problems with Worldcoin. Then, several experts also issued warnings about the project.

This discussion even reached South America. This Friday, Argentina’s Agency for Access to Public Information opened an investigation into Worldcoin and data privacy risks. The agency will also review storage and how the protocol uses personal data collected from users.

Also read: Check out the top 5 projects on Base, the blockchain by Coinbase (NASDAQ:)

By CriptoFacil