Worldcoin project has remained controversial right from its announcement and is currently facing regulatory trouble in multiple jurisdictions where it has launched. The iris-scanning crypto project Worldcoin has now made it possible for even unverified customers to reserve their Worldcoin (WLD) tokens. In an announcement on Aug. 11, the Worldcoin project noted that the World App now offers a reservations feature to make it easier for everyone to reserve their WLD tokens before verifying their World ID. The reservation will be valid for 12 months and users can redeem their reserved world tokens by visiting the iris-scanning device called the Orb.
The Worldcoin project consists of three key elements: the Worldcoin ID, the Worldcoin App and the Worldcoin token (WLD). Users willing to scan their iris to create a biometric data-based ID system are rewarded with native WLD tokens.
Worldcoin launched on July 24 after three years of development. The project promises to create a global database for humans to differentiate it from the bots in the future. The project’s claim is based on the fact that in the future, artificial intelligence (AI) will become so prominent that it will become difficult to differentiate real humans from bots on the internet, with World ID becoming a default ID system for humans to get access to various services.
The project has made some bold claims and proposes to solve a utopian problem, resulting in a comparison with sci-fi shows such as Black Mirror. However, the project is already facing multiple investigations and regulatory troubles for its operations. The project was first suspended in Kenya over its data collection methodology. The government of Kenya is specifically concerned with Worldcoin collecting crucial identification information like iris scans in exchange for a digital ID.
Apart from suspension in Kenya, the project is also facing regulatory action in Argentina and the United Kingdom. While the project on-boarded over 2 million customers before its public launch, the response from customers after the launch has been lacklustre. The creators didn’t reveal the actual number of users who have claimed their WLD tokens while claiming that the response has been very encouraging with long queues.