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The recent launch of Worldcoin (WLD) has caught the eye of UK regulators amid community concerns over its privacy issues.
Reuters reported a spokesperson for the Information Commissioner’s Office (ICO) acknowledged the launch of the project, adding that the regulator would learn more about its operations.
ICO has not yet responded to by CryptoSlate request for comment at time of writing.
Worldcoin, the Sam Altman-backed digital identity project, launched on July 24 after more than three years in development. The project team said it was created to create a new identity and a new financial network for everyone.
However, members of the crypto community have heavily criticized its reliance on biometric data to verify identities. Worldcoin requires an individual to scan their iris through one of their orbs to confirm they are human.
Critics are pouring in for Worldcoin.
One of Worldcoin’s critics was Ethereum co-founder Vitalik Buterin, who wrote that the large database of biometric information collected on Orbs poses a significant security risk.
According to Buterin, Worldcoin has four major issues, which include privacy, accessibility, centralization, and security issues.
Chris Blec, an advocate of decentralization, writing that the crypto project was taking advantage of people’s inability “to think critically about why they shouldn’t trade their retina scan for a few dollars of absolute sh*tcoin.”
An American real estate investor, Chris Gammon, also shares this view, saying “cherished biometric data is the product”.
Meanwhile, chain detective ZachXBT declared that a black market has emerged for Worldcoin accounts, with people trading for as little as $1.
WLD price crashes
Worldcoin’s WLD token crashed more than 25% in the past 24 hours to $2.19, according to by CryptoSlate data, after the hype surrounding it began to fade.
Community members have interrogates its tokenomics as most of its 10 billion WLD tokens will be unlocked within the next 15 years. The DeFi Investor said:
“Worldcoin is another VC-backed project with Predator tokenomics.”
A commentator describe Worldcoin as a scam project with sketchy tokenomics and backdoor deals.
ZachXBT further underline that insider allocations were increased to 25% from 20% after its launch.
The Worldcoin post is under regulatory scrutiny amid backlash from the community over privacy concerns that first surfaced on CryptoSlate.
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