Worldcoin’s Token Reservations Amid Regulatory Issues

The iris-scanning cryptocurrency project Worldcoin now allows even unverified consumers to reserve Worldcoin (WLD) tokens.

The Worldcoin project announced on August 11 that the World App now supports reservations, making it simpler for everyone to reserve WLD tokens before verifying their World ID.

The reservation is effective for one year, and users can redeem their reserved world tokens by visiting the Orb, an iris-scanning device.

World App with reservation feature. Source: Worldcoin

The Worldcoin project has three essential components: the Worldcoin ID, the Worldcoin App, and the Worldcoin token (WLD).

Users who scan their iris to establish a biometric data-based ID system receive native WLD tokens as compensation. Worldcoin was released on July 24, following three years of development.

The project intends to establish a global database to distinguish humans from robots in the future.

The project’s claim is founded on the premise that in the future, artificial intelligence (AI) will become so prevalent that it will be difficult to distinguish between real humans and bots on the internet, with World ID serving as the default ID system for humans to access various services.

The project’s audacious claims and proposal to address a utopian problem have led to comparisons to science fiction programs such as Black Mirror.

However, the project’s operations are already confronting multiple investigations and regulatory issues. The initiative was initially halted in Kenya due to its data collection strategy.

The Kenyan government is particularly concerned about Worldcoin’s collection of sensitive identification information, such as retinal scans, in exchange for a digital ID.

The project is also facing regulatory action in Argentina and the United Kingdom, in addition to its suspension in Kenya.

While over 2 million customers were onboarded before the project’s public debut, the response from customers following the launch has been lackluster.

The creators did not disclose the actual number of users who have claimed WLD tokens, despite claiming that the response has been overwhelmingly positive, as evidenced by the lengthy lines.