Worldcoin, a cutting-edge cryptocurrency initiative backed by Sam Altman, is attracting the attention of data protection regulators in the UK following its global debut on Monday.
The Information Commissioner’s Office, responsible for safeguarding information rights and data privacy in the UK, has announced that they will be conducting further inquiries into Worldcoin’s operations.
“We are aware of Worldcoin’s launch in the UK and will be making further enquiries.”
The distinguishing feature of Worldcoin is its innovative ‘orb stations,’ which are orb-shaped cameras capable of capturing iris images to differentiate between humans and AI entities online.
The company assures its users that this biometric process is conducted with utmost privacy. As an incentive for providing their biometric data, users receive a unique ‘WorldID’ and the native Worldcoin cryptocurrency free of charge.
Worldcoin has already made its market debut on prominent crypto platforms like Binance, Huobi, and OKX, experiencing a surge to $3.30 on its launch day. However, the initial excitement was short-lived as the token’s value plummeted by over 35%, settling at $2.10 the next day.
Interestingly, while Worldcoin launched in 35 cities across 20 countries, it deliberately avoided the US due to regulatory uncertainties and concerns about potential cryptocurrency misuse.
In response to the issue, Worldcoin expressed hope that more people can benefit from their digital ID and cryptocurrency if measures are taken to clarify regulations in regions like the US. “We hope that in regions with unclear regulations, like the US, measures will be taken so more people can benefit.”
Co-founder Alex Blania revealed that certain details about the token’s distribution remain undisclosed due to potential legal challenges in the US, stating that “regulatory uncertainty” in the country prevents open discussions.
Worldcoin’s overarching vision is to address the need for a reliable method of verifying human identity online without compromising user privacy. This necessity has arisen from concerns about the rapid advancements in AI technology, which may lead to job displacement and blur the line between humans and AI bots on the internet.
Under the leadership of Sam Altman and Alex Blania, who have been nurturing the project for over three years, Worldcoin introduces the concept of a World ID, a unique digital proof of personhood. Users obtain their World ID through an innovative biometric verification device called the Orb, which scans their irises to confirm their human identity.
