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Worldcoin's price increases 2.5 times in a week

20 Feb, 2024
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Sam Altman, the CEO of OpenAI responsible for the emergence of ChatGTP, is actively applying AI developments to the crypto industry. His global currency project, Worldcoin, continues to gain momentum, and the WLD coin that launched in mid-2023 is reaching new heights.

Image source: StormGain Cryptocurrency Exchange

The startup's primary goal is to sort the wheat from the chaff, i.e., to be able to reliably identify a user in an era in which spam bots and scammers dominate. This problem also concerns artificial intelligence, which, with each new year, gets better at copying human behaviours, writing thesis papers, drawing and even generating copies of documents.

Worldcoin proposes to link a unique ID to a specific user once and for all by scanning his or her retina. Verification via World ID on web resources would mean that a real person is behind specific actions. After undergoing a subsequent Know Your Customer identity verification procedure, a platform would definitively link an account to a specific individual.

To reduce the risk of leaking retina scans, the company uses zero-knowledge proof, which, roughly speaking, means keeping a hash function of the scan. The scan itself is destroyed, while the access codes are stored on the user's phone in the World App. If a user needs to be linked to World ID again, he or she undergoes another retina scan.

Image source: whitepaper.worldcoin.org

Worldcoin has implemented a payment of 25 WLD (about $165 at current prices) to motivate users to join the community. In certain countries, this gift has caused real excitement and queues at offices to undergo the scan.

As a result of heightened interest in the project, the number of daily active users has skyrocketed from 100,000 in November to 1 million last week.

Image source: twitter.com/worldcoin

However, the governments of a host of countries have already raised the alarm and prohibited Worldcoin due to the collection of biometric data and the risk of leaking confidential data. The news that other peoples' accounts are being bought in China (where it's forbidden to collect biometric data) added fuel to the fire. The black market is rife with offers from Kenya and Cambodia, and the company has confirmed the sale of several hundred World IDs.

Such incidents seriously undermine the project's reputation, and the prohibition on collecting biometric data could become widespread. Investors and traders should exercise extreme caution when assessing Worldcoin's prospects.


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