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Crypto Spotlight: Worldcoin, ChatGPT’s Creator, Gains Notice

Worldcoin Attracts 2.2M Users with Iris Scans for Digital IDs and Crypto Over 2.2 million individuals have registered for Worldcoin, offering their irises for scanning in return for digital identification and, in certain regions, free cryptocurrency.

Led by Sam Altman, the founder of ChatGPT, this innovative project aims to establish a blockchain-based “identity and financial network.”

Its native coin, WLD, has maintained a steady price range of $2 to $2.50 since its launch on July 24, avoiding the volatile “pump-and-dump” patterns frequently seen in new crypto tokens.

Worldcoin’s potential remains uncertain in the eyes of investors like Gordon Grant, co-head of trading at Genesis Trading, who commented, “There are people who hold both positive and negative views about this project.”

As outlined in Worldcoin’s white paper, the plan involves releasing a total of 10 billion tokens into the market over the next 15 years. The current circulating supply stands at 120 million tokens, approximately 1.2% of the projected total supply.

Certain tech players are intrigued by Worldcoin’s concept of offering a digital ID system founded on “proof of personhood.” The project boasts backing from investors such as Andreessen Horowitz. However, it’s important to exercise caution in the crypto sphere, as uncertainty regarding Worldcoin’s regulatory status may lead institutional players to approach the project with caution.

As Worldcoin’s vision aligns with the growing necessity to authenticate human identity online, particularly with the rise of AI bots, the project’s potential is significant. Nevertheless, regulatory scrutiny remains a challenge, as seen with data watchdog investigations in Germany and operational restrictions in Kenya due to safety concerns.

Riyad Carey, a research analyst at blockchain analytics firm Kaiko, summed it up: “Being investigated by regulators is never a positive sign for a token.”

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