Worldcoin Introduces Token Reservation Feature Amid Regulatory Scrutiny and Industry Reluctance

Worldcoin Introduces Token Reservation Feature Amid Regulatory Scrutiny and Industry Reluctance

Crypto News – On Friday, Sam Altman’s Worldcoin made an announcement regarding the introduction of a new feature. This feature permits unverified users to reserve Worldcoin (WLD) tokens. Despite Worldcoin’s ambitious goal of establishing the largest global identity and financial network, the project has come under intense scrutiny from regulatory bodies across the globe and has faced reluctance within the crypto industry due to concerns regarding privacy and security.

On August 11th, Worldcoin revealed that its World App has incorporated a reservation feature. This addition aims to streamline the acquisition of WLD tokens for individuals.

Even users who have not undergone the verification process for their World ID can now reserve WLD tokens. These reserved tokens can be redeemed by simply visiting an Orb within the next 12 months.

To secure their WLD reservations, users are required to download the World App. Subsequently, they can proceed to reserve WLD tokens as they become available. These reserved tokens can be redeemed after undergoing verification at an Orb.

As of now, the trading price of Worldcoin (WLD) stands at $1.70. Over the past 24 hours, it has experienced a 6% decline, and over the past week, it has seen a 25% decrease. This decrease in value comes in light of concerns voiced by experts. The daily trading range for the past 24 hours has fluctuated between $1.66 and $1.81.

The Worldcoin project has attracted the attention of various governmental agencies worldwide, leading to multiple investigations. These investigations are primarily rooted in concerns regarding privacy and safety. Following thorough examinations within Europe, Worldcoin has encountered setbacks within Africa, with Kenya being the starting point.

Even within the crypto industry, Worldcoin has failed to garner substantial support. Prominent experts, including Ethereum’s creator Vitalik Buterin, have expressed reservations concerning privacy and security. They have highlighted issues with the Orb’s design, as well as broader privacy and security concerns. Criticisms have also been directed towards certain business decisions made by the company.

This Friday saw the Public Information Access Agency of Argentina initiating an investigation into Sam Altman’s Worldcoin project. The investigation revolves around concerns regarding data privacy. Furthermore, the agency will delve into the storage practices and the manner in which the protocol handles personal data.