Worldcoin, a biometric identification project previously known as Worldcoin, has officially launched in six cities across the United States, including Atlanta, Austin, Los Angeles, Miami, Nashville, and San Francisco. Users can now participate by having their irises scanned via the Orb device to receive World ID and WLD tokens through airdrops using the World App.
The initiative comes at a challenging time, as Worldcoin grapples with significant regulatory scrutiny regarding privacy and data security. Countries such as Spain, Portugal, and Hong Kong have either suspended or are investigating the project due to concerns surrounding the handling of biometric data. Despite these challenges, Worldcoin boasts an impressive user base with over 26 million sign-ups and 12 million verified through the Orb, although the WLD token’s value has drastically decreased from a peak of US$11.74 in March 2024 to approximately US$1 at present.
### Launch Details
Worldcoin’s expansion into the U.S. comes amid a more favourable regulatory environment spurred by changes in administration. The project enables American users to verify their identities in key urban innovation hubs, access the full features of the World App, and engage with the airdrop of WLD tokens.
### Regulatory Concerns
The project has faced criticism since its inception, largely due to the Orb technology developed by Tools for Humanity. The Orb is a sophisticated device equipped with NVIDIA chips that scans an individual’s iris to create a unique biometric identity linked to a blockchain. While the technology aims to confirm human identity in an increasingly digital world, authorities worldwide regard it with suspicion.
Notable backlash has emerged, with jurisdictions worldwide expressing privacy concerns. Hong Kong officials have stated that Worldcoin’s activities contravene privacy regulations, while investigations have been launched in Singapore and Vietnam. Operations were halted in Spain and Portugal last year, as regulators reacted to fears that the Orb might serve as a tool for data extraction rather than a genuine innovation.
### Market Performance
Despite its growing user count, Worldcoin’s market performance has been disappointing. The WLD token peaked at US$11.74 (AU$17.4) in March 2024, yet has plummeted over 90% since then, currently trading at around US$1 (AU$1.57). This drastic decline in value raises questions about the long-term viability of the project amidst mounting regulatory pressures and market uncertainties.
In summary, while Worldcoin has made significant strides in establishing itself in the U.S. market, its progress is overshadowed by privacy concerns and a volatile token value. Whether it can navigate these challenges and continue to attract users remains to be seen.
