Amid the elevated regulatory crackdowns around the world, Worldcoin keeps on slumping. The crypto token has plunged from its all-time high value of up to $3.58 in July’s mid. At present, the token is trading at around $1.15. Worldcoin’s current price reflects a drop of up to 54% in its value. Worldcoin’s launch took place on the 24th of July.
Worldcoin Witnesses a 50% Dip in Its Price with a Rise in Concerns Dealing with Worldwide Data Privacy
The platform operates as a digital identification forum. It claims to verify personhood by ensuring that a person is not a robot. For this purpose, it scans the eyes of the consumers. This is done with a device called an Orb. In addition to this, the platform also issues a worldwide identity protocol named a World ID. On completing the respective process, the firm also gives WLD coins to the users.
As a result of that, they can also hold the respective tokens or even sell them. Since its commencement, the project has kept on growing extensively. Open AI’s chief executive officer Sam Altman is the founder of Worldcoin which has touched 2.3M world ID sign-ups. Nevertheless, despite increasing sign-ups, it has gone through several challenges.
The Project Faces Legal Challenges in Several Jurisdictions
In this respect, many governments raised concerns dealing with the project’s method to collect user data. In August this year, the Kenyan high court released orders restricting Worldcoin from collecting data from residents. Apart from that, the project further received orders to secure the data it gathered from the clients.
A few days back, the parliament of the country started probing into Worldcoin. Some regulatory bodies in European regions have additionally begun inquiries against the project. Germany is also included among such jurisdictions. Moreover, France has also questioned the project’s way of the collection and storage of data.
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