Benzinga - Worldcoin, a cryptocurrency initiative known for its iris-scanning feature, introduced a new option allowing unverified users to reserve their Worldcoin (CRYPTO: WLD) tokens.
What Happened: On Aug. 11, Worldcoin revealed that its World App incorporated a reservation function, enabling users to set aside WLD tokens prior to obtaining their World ID verification.
This reservation remains active for a year, after which users can claim their tokens by accessing the iris-scanning tool, known as the Orb.
The Worldcoin initiative is built on three primary components: the Worldcoin ID, the Worldcoin App and the WLD token. Individuals who opt to have their iris scanned, thereby establishing a biometrically-based ID, are compensated with WLD tokens.
The project wants to establish a unique human database to distinguish genuine users from automated bots in the forthcoming digital era.
The underlying premise is the anticipated rise of artificial intelligence (AI), which might blur the lines between humans and bots online.
Worldcoin envisions its World ID becoming a standard identification system, granting humans access to various online services.
Also Read: EXCLUSIVE: Blockchain Expert David Tse Predicts DeFi To Reshape Traditional Finance In 5 Years
Why It Matters: Despite its futuristic vision, which has drawn parallels to science fiction narratives like "Black Mirror," Worldcoin has encountered regulatory challenges.
Initial concerns arose in Kenya, where the project was halted due to its data collection approach, particularly the gathering of sensitive iris data in return for a digital ID.
Beyond Kenya, Worldcoin has also faced regulatory scrutiny in Argentina and the U.K.
After a three-year development phase, Worldcoin launched on July 24. Although the project managed to attract over 2 million users before its official debut, post-launch user engagement appeared to be tepid.
While the exact number of users who secured their WLD tokens remains undisclosed, the project's founders expressed optimism, citing enthusiastic responses and extensive waitlists.
Read Next: Bittrex Agrees To Pay $24M Penalty To SEC Due To Unregistered Securities Allegations
Photo: Shutterstock
Join Benzinga's Future of Digital Assets in NYC on Nov. 14, 2023 to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.