Worldcoin project enters a new phase: token unlocking period extended, market response positive
As the Worldcoin project led by OpenAI’s Sam Altman announced that it would extend the unlocking period for 80% of the tokens held by team members from 3 years to 5 years, the news caused a positive response in the market. The price of Worldcoin token (WLD) has increased by more than 30% in the past 24 hours and is currently trading at $2.67. This significant price increase not only marks the coin’s recovery from its recent downturn, but also reflects the market’s confidence in the long-term development of the Worldcoin project.
The Worldcoin project is unique in the way it distributes its tokens, through a device called an “orb” that scans an individual’s iris and then assigns a unique World ID. Although this process has now been "removed," verified World ID holders have claimed more than 211 million WLD tokens, accounting for more than 77% of the current supply of 275 million WLD tokens. This number shows the significant progress the project has made in validating and distributing its tokens.
The extension of the token unlocking period is an important step taken by the Worldcoin project to promote the long-term success of its ecosystem. Starting on July 24, 2024, approximately 2 million WLD held by Tools for Humanity (TFH) investors and team members will be unlocked daily. Due to the extension of the unlocking schedule, this number has been reduced by approximately 40% from the original amount (approximately 3.3 million WLD per day). This adjustment not only helps slow the increase in the circulating supply, but also provides projects with more time to manage and control the release of funds, thereby minimizing potential market disruptions.
The Worldcoin project shared a chart predicting the circulating supply in the announcement, and explicitly stated that the extended unlocking schedule would slow the increase in circulating supply. This move is critical to maintaining the stability and sustainability of the project, especially considering that the Worldcoin Foundation and its partner World Assets both have a large community fund totaling 7.22 billion WLD, which is explicitly used to promote the long-term development of the project.
Although the Worldcoin project has made significant progress in technology and market, it still faces regulatory challenges. The project has run into regulatory woes in different regions due to privacy concerns. In early June this year, Worldcoin suspended operations in Spain until at least the end of 2024 in response to an investigation by the Spanish Data Protection Authority (AEPD) into its data collection and processing practices. In addition, the project also received an order from the Office of the Privacy Commissioner for Personal Data (PCPD) in Hong Kong requiring it to cease operations in the region. These regulatory challenges pose an obstacle to Worldcoin’s global expansion plans and may have an impact on its long-term development.
To meet these regulatory challenges, the Worldcoin project needs to take a more transparent and responsible approach to handling user data. It must work with regulators to ensure that its data collection and processing practices comply with relevant laws and regulations and respect user privacy rights. In addition, the project also needs to strengthen its security measures to prevent data leaks and abuse, thereby enhancing user trust in the project.
In summary, the Worldcoin project has achieved positive market response in terms of token unlocking period extension, showing the potential of its ecosystem and the prospect of long-term development. However, the project still faces regulatory challenges and needs to take a more transparent and responsible attitude to handle user data and cooperate with regulators to ensure its compliance. Only in this way can Worldcoin realize its ambitious plans on a global scale and provide users with a safe, reliable and innovative digital currency experience.
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