World ID Verifications Surge After Worldcoin’s Beta Launch

According to the identity protocol’s official blog, weekly global World ID verifications increased by more than 100 percent in the week following Worldcoin’s launch out of beta, indicating a dramatic increase in demand.

“What’s noteworthy here is that the rate of World ID verifications had already doubled once in 2023,” Worldcoin notes, explaining: “Between January and July, World ID sign-ups went from one million to two million in less than half the time it took to achieve the first million.

The twofold increase in weekly World ID signups over the past week indicates a sustained rise in global demand for World ID as a standalone product.”

According to the initiative, the increase in World ID verifications was accompanied by a tripling of weekly active World App users and a tenfold increase in weekly account creations.

The World App is a wallet for the Worldcoin network developed by Tools for Humanity.

Worldcoin, which according to its official website, is “intended to be the world’s largest identity and financial public network,” has been subject to increased criticism and scrutiny since its inception approximately one week ago.

Some crypto veterans are dissatisfied with how Sam Altman’s project handled the release of its long-awaited token last week, with market makers receiving approximately 95% of the circulating supply.

Others are concerned that the production and operation of Worldcoin’s iris-scanning orbs could become decentralized, contending that Bitcoin-mining-style incentives could lead to the proliferation of fraudulent devices that pose a security risk.

Meanwhile, state regulators have taken notice of the endeavor.

The Kenyan Ministry of the Interior announced last week that Worldcoin activities have been suspended until the associated hazards can be assessed.

German, French, and British regulators are also investigating the protocol’s management of sensitive biometric data.