On Wednesday, Kenya’s interior ministry made a major announcement, suspending the cryptocurrency project Worldcoin until further notice. The choice got here as a precautionary measure to make sure public safety, and the suspension will remain in effect until relevant agencies can thoroughly assess the project to make sure it’s devoid of risk.
Prior to the suspension, Kenya boasted numerous venues, roughly 18, where individuals could visit “Orb” stations to confirm their World IDs using the corporate’s spherical and mirrored iris-scanners.
Nonetheless, attributable to overwhelming demand, the Orb operators moved their stations to the Kenyatta International Convention Centre (KICC) to accommodate the big number of individuals in search of verification.
Worldcoin: Privacy Concerns And Watchdog Scrutiny
Worldcoin, co-founded by OpenAI’s CEO Sam Altman, has been facing extensive scrutiny from privacy watchdogs attributable to its unique approach. The project involves scanning human irises to offer individuals with a digital passport generally known as World IDs.
The corporate argues that these digital identities will play a vital role in a future dominated by artificial intelligence, enabling humans to prove their authenticity and differentiate themselves from robots.
WLD trades at $2.4 on every day chart - TradingView.com
Nonetheless, the legality of collecting such sensitive biometric data has raised concerns, particularly regarding the storage and handling of this information. Privacy advocates have been particularly vocal of their reservations in regards to the data collection process, which only began nine days ago.
Consequently, European regulators, including those from France, Germany, and the UK, have launched investigations into the controversial crypto project.
The UK’s Information Commissioner’s Office (ICO) has emphasized that organizations must conduct a Data Protection Impact Assessment before processing high-risk data.
Source: Karsten Moran for Fortune
Over 2 Million Sign-Ups Worldwide
Despite these ongoing investigations and concerns, Worldcoin’s iris-scanning orbs remain operational in several countries, including the UK, France, and Germany. Worldwide, there are 366 lively orbs, with a complete of two,000 units ready for deployment.
Addressing the privacy concerns, Worldcoin’s website claims full compliance with all laws and regulations governing biometric data collection and transfer, including Europe’s General Data Protection Regulation (GDPR).
Worldcoin’s popularity has surged, largely attributable to the inducement offered to volunteers who join for the project. Individuals receive 25 WLD tokens in exchange for an image of their irises, leading to over 2,164,000 people from 120 different nationalities across 34 countries already having signed up.
Recently listed on major exchanges, the WLD token’s price fluctuated from $2.39 to a peak of $7.50. With one person getting verified every eight seconds, Worldcoin has ambitious plans to extend the variety of orbs in major cities, expanding the capability for sign-ups significantly in the approaching months.
Featured image from Medium