The Worldcoin project, which employs iris-scanning technology for cryptocurrency authentication, has introduced a new feature allowing unverified users to secure their WLD tokens. The project’s World App now includes a reservations function, streamlining the token reservation procedure for individuals who want to secure WLD tokens before undergoing World ID verification.
As of August 11, the Worldcoin website is inviting users to reserve their WLD tokens, regardless of whether their World ID verification is complete. The initiative stipulates that by simply visiting an Orb, a device that scans a person’s iris for identification, users can later redeem these tokens within the next year.
The Worldcoin ecosystem consists of three core elements: the Worldcoin ID, the Worldcoin App, and the WLD token. Individuals who use iris scanning to establish a biometric data-centered identification system are rewarded with native WLD tokens.
Unveiled on July 24 after three years of development, the Worldcoin project aims to create a global database that distinguishes between humans and bots. This project’s central proposition is based on the idea that the growing role of artificial intelligence (AI) will make it challenging to differentiate genuine human interactions from AI-generated ones online. The World ID system seeks to be the default identification solution for individuals to access a range of services in an AI-dominated digital landscape.
As of the time of writing, Arkham Intelligence reported that the Worldcoin team and the investor address 0x0D4…CcE7 allocated 90 million WLD tokens across eight new addresses. Over the past five days, this address has distributed approximately 248 million WLDs to 26 investor addresses, with a significant distribution of 75 million WLDs to the 3AC address (0xC7…3741) on August 6. Currently, the 0x0D4…CcE7 address holds a balance of 1.252 billion WLDs.
This approach has generated various opinions globally. On August 7, a government information agency in Argentina announced an investigation into the Worldcoin Foundation, accompanied by unspecified corrective actions. This investigation followed the suspension of Worldcoin usage in Kenya on August 3.
Aside from countries restricting adoption, the project has faced mixed public reception. Despite amassing over 2 million customers prior to its public launch, the post-launch response has been somewhat subdued. Although the exact number of users redeeming their WLD tokens remains undisclosed, the creators maintain that the reaction has been largely positive, evident from substantial queues.
The introduction of a collection process for nonverified users implies that Worldcoin might be encountering challenges in gaining widespread adoption, highlighting the need for a more streamlined onboarding process if they intend to achieve extensive usage in the future.