The controversial cryptocurrency project, Worldcoin, has made an audacious move by allowing unverified customers to reserve their Worldcoin tokens (WLD). This development, announced on August 11, has brought the operations of this high-tech yet controversial project to the fore.
The Worldcoin project, consisting of the Worldcoin ID, the Worldcoin App, and the Worldcoin token (WLD), is designed to reward users with native WLD tokens if they are willing to scan their irises to create a biometric data-based ID system. This flagship feature of the iris-based scanning device, dubbed the Orb, forms the focal core of the project’s operations. Launched on July 24, Worldcoin claims to create a global database for humans to separate them from bots in future, where distinguishing real humans from AI could become increasingly challenging.
Nonetheless, there is a valid sense of skepticism. Despite the project’s daring claims of a potential solution to a hypothetical problem, Worldcoin is currently entangled in regulatory scrutiny and legal troubles across multiple jurisdictions. The government of Kenya has valid concerns about the possible misuse of crucial identification data such as iris scans. Suspended there, the project is now facing regulatory action in Argentina and the UK.
Moreover, the claimed onboarding of over 2 million customers before its public launch hasn’t really met with stellar enthusiast response post-launch. The actual number of users who claimed their WLD tokens remains undisclosed. Despite statements of encouraging responses and long queues, the palpable lack of specifics raises doubt.
Just as we are faced with questions about Worldcoin’s operations, Visa is exploring an innovative solution that enables on-chain gas fees to be paid using a Visa card. If the trials on the Ethereum Goerli testnet are any indication, this concept could reduce friction for blockchain users by eliminating the need to hold ETH merely for paying fees. This solution could prove transformative for users, merchants, decentralized applications, and even wallet and Paymaster providers, as they may be able to introduce options for Visa card-based gas fee payments.
In the world of crypto and blockchain, there’s always an ebb and flow between innovative use-cases and necessary regulatory scrutiny. While the draw of uncharted territories and disruptive ideas are enticing, vigilance, transparency, and adherence to regulations are the lifelines in an expanding digital universe. It will be interesting to see how these high-risk, high-reward ventures unfold in the future, opening up new perspectives in the conversations about blockchain, cryptocurrencies, and decentralized digital identities.
Source: Cointelegraph
