Worldcoin News: This Week’s Highlights
Prices of the major digital assets experienced significant downward pressure. Toward the end of the week, however, there was a change in direction and the sector began a rebound that is still ongoing.
Worldcoin is one of the most promising social innovations of blockchain technology. Its inclination towards such a neuralgic area as digital identity creates great expectations among investors and users around the world. Nevertheless, the protocol faces a huge challenge in the face of zealous regulators in different jurisdictions.
As a result, pressure from various regulators has caused the project to stall. As a result of the latter, the protocol’s native token, WLD, has suffered a sharp decline for several months now. The latter translates into a plunge of 84.18% from the highs of March 2024.
In the midst of this storm, the project keeps its proposal on track and continues to make progress in terms of development. Here are the highlights of the last week regarding the movements of this project led by the popular Sam Altman.
This Week’s Most Important Worldcoin News
Despite the bad timing for the Worldcoin token (WLD) this week, there is some positive news about the project. Worldcoin’s long-awaited proprietary blockchain, based on Ethereum, is paving the way for its launch later this year. In this regard, World Chain recently called on developers to install their protocols on this future network.
Currently, many developers are working on the preliminary test version of the network. This week it was announced that the project has opened access to developers to work on digital identity integrations. This testing initiative provides essential information to optimize World Chain before its public launch later this summer.
“We are thrilled to have Worldcoin, one of the largest projects in our space, build the World Chain using Optimism’s OP stack, join the Superchain, and work with other core development groups to advance the OP stack while contributing sequencer revenue to the Optimism Collective,” said Ryan Wyatt, Chief Growth Officer, Optimism Unlimited.
This progress towards the launch of Worldcoin’s own blockchain follows the recent announcement of the project’s partnership with Alchemy. This joint work will allow the network to reach an optimal level.
Other news about Worldcoin this week is less positive and has to do with the almost certain failure to meet a key goal. The company recently announced the addition of 6 million users since its launch in 2023. This number falls far short of the expected 1 billion users by the end of the year.
In this regard, Worldcoin posted on X that “The Worldcoin community has grown to 6 million verified humans & the Worldcoin Foundation has announced an additional year to redeem reservations.”
The lack of orbs is likely to be the company’s biggest problem. According to Semafor, Worldcoin only has between 300 and 500 of the devices. With this lack of Orbs, the project will not be able to reach a large number of people in the near future.
Alex Blania, CEO of Tools for Humanity, the startup behind Worldcoin, told Semafor in an interview that the company has ramped up production of the silver orbs to meet high demand.
Blania originally expected the orbs to travel around the world and capture irises. Instead, people have traveled to the orbs and lined up for the chance to have their eyes scanned in exchange for an initial payment of 10 Worldcoins. After that, they receive three Worldcoins every two weeks.
By Audy Castaneda