Black_background_logo_BitcoinWorld-removebg-preview
Blockchain News Latest News

Surging World ID Verifications Post Worldcoin’s Beta Launch: A New Era Unveils

Worldcoin, the identity protocol aiming to become the world’s most prominent identity and financial public network, reported a significant growth in World ID verifications following its launch out of beta. According to the official blog, the week following the beta launch saw World ID sign-ups increase by 2x, indicating a substantial surge in demand for the standalone product.

This latest growth in World ID verifications comes after an already notable milestone earlier in the year, where sign-ups doubled between January and July, reaching two million within a shorter timeframe than the initial one million. The recent 2x increase demonstrates sustained global demand for World ID.

Coinciding with the rise in World ID verifications, the World App, a network wallet built by Tools for Humanity, experienced a three-fold increase in weekly active users. Furthermore, weekly account creations surged more than ten-fold during the same period.

Despite the impressive growth, Worldcoin has faced criticism and scrutiny since its recent launch. Some crypto community members expressed discontent with how the project distributed its token, with approximately 95% of the circulating supply allocated to market makers. Concerns were also raised about the decentralization of Worldcoin’s iris-scanning orbs, as the mining-type incentivization could potentially lead to the proliferation of illegitimate devices and pose security risks.

Regulatory attention has also followed Worldcoin’s launch. Kenya’s Ministry of the Interior suspended Worldcoin activities to assess associated risks, while regulators in Germany, France, and the UK are investigating the protocol’s handling of sensitive biometric data.

Despite the challenges and scrutiny, Worldcoin’s growth in World ID sign-ups and overall user engagement signifies a strong demand for decentralized identity solutions. As the project navigates regulatory landscapes and addresses concerns, it aims to consolidate its position as a leading identity and financial public network in the global market.

 

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.