Unverified Users Can Now Reserve Worldcoin Tokens

13. August 2023 By admin Off

• Worldcoin recently launched an iris-scanning crypto project to establish a global database for human identification.
• The project is now allowing unverified users to reserve their Worldcoin (WLD) tokens.
• Despite regulatory challenges, the Worldcoin team maintains that post-launch response from users has been positive.

Worldcoin: Establishing a Global Database for Human Identification

The controversial iris-scanning crypto project Worldcoin is now allowing unverified users to reserve their Worldcoin (WLD) tokens. Launched on July 24, the project aims to establish a comprehensive global database for human identification. On August 11, the Worldcoin team revealed that their World App offers a reservations feature, which simplifies the token reservation process for a wider user base and allows individuals to secure their WLD tokens without verifying their World ID immediately. Reservations are set to remain valid for 12 months.

What is Worldcoin?

Comprising three fundamental components—the Worldcoin ID, the Worldcoin App, and the WLD token—the project incentivizes users to generate a biometrically-based ID system by rewarding them with native WLD tokens in return. Additionally, it addresses a futuristic concern of distinguishing real humans from AI-powered bots in an increasingly AI-dominated online landscape by providing a potential default identification mechanism granting humans access to diverse services and opportunities.

Regulatory Pushback

Unfortunately, the initiative has encountered regulatory obstacles and investigations that have cast a shadow over its aspirations. In particular, Kenya suspended the project due to concerns regarding its data collection methods including iris scans in exchange for digital IDs. Regulatory actions have also been initiated against it in other countries such as Argentina and UK.

Post Launch Response

Despite garnering over 2 million customers prior to its public launch, the post-launch response from users has been subdued. While specific figures on the number of users claiming their WLD tokens have not been disclosed by the creators yet, they maintain that it has been positive citing encouraging queues as proof of this claim.

Conclusion

WorldCoin’s ambitious endeavor of establishing an all-encompassing digital ID system faces several regulatory challenges but nevertheless continues striving towards achieving its goal of creating an efficient global network for authentication purposes while incentivizing participation with rewards in form of its native token – WLD