Have you heard of that eye-scanning project that evokes both curiosity and concern—Worldcoin? This digital currency project co-founded by OpenAI's Sam Altman once caused a stir in the crypto community. However, this year, it has indeed gone through quite a few upheavals: regulatory crackdowns, investigations, and even conflicts at eye-scanning sites!
Nevertheless, Altman's cryptocurrency-driven online identity verification project is still expanding at an astonishing pace—just not in Europe.
In the face of the EU's strict data privacy regulations, Worldcoin's eye-scanning sites have only added 16 in Europe over the past three months. In contrast, the number of sites in Latin America has surged by over 70%, reaching more than 430! Mexico alone has over 149 Worldcoin sites, nearly six times that of the entire EU!
This shift from Europe to developing countries undoubtedly highlights Worldcoin's recent strategic adjustments. Just a few weeks ago, the project shortened its name from 'Worldcoin' to the simpler 'World' and nearly doubled the number of eye-scanning sites, with registered users reaching as high as 8 million.
But did you know? Despite Worldcoin's rapid expansion in Latin America, its cryptocurrency WLD has not had a smooth ride. Since the end of the third quarter, WLD has risen by 38%, but compared to its historical peak in March, it is still down by over 75%!
This raises the question: Is Worldcoin's eye-scanning plan really reliable?
In Europe, Worldcoin has faced investigations for collecting users' biometric data on a large scale without permission. Regulatory authorities from Singapore, Hong Kong to the UK, Spain, and Portugal have taken action. Portugal's data regulator CNPD even punished Worldcoin for collecting data from minors.
The Bavarian Data Protection Authority (BayLDA) in Germany has conducted a two-year investigation into Worldcoin to determine whether it has violated consumers' data privacy rights. If Worldcoin fails to operate in compliance, it could be banned from doing business across all 27 EU countries!
If it loses these 448 million potential users in the EU, can Worldcoin's dream of reaching 1 billion users still be realized?
However, Worldcoin's ambitions have not been extinguished. It continues to expand rapidly worldwide, although it has encountered regulatory obstacles in some countries and regions. Some even believe that this 'expand first, comply later' strategy is similar to the early development paths of tech giants like Airbnb and Uber.
However, risks have also emerged. In September last year, reports surfaced that criminal gangs were paying cash to homeless individuals, refugees, and addicts at Worldcoin sites in Berlin in exchange for eye scans to receive cryptocurrency rewards. This fraudulent behavior has undoubtedly caused significant damage to Worldcoin's reputation.
Nevertheless, Worldcoin continues to move forward. It has stated that it will strengthen fraud prevention measures and continue to investigate potential fraudulent activities. At the same time, it is actively seeking cooperation with regulatory authorities in various countries to achieve compliance as soon as possible.
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The above content is for informational sharing only and does not constitute any investment advice! Investment carries risks, and caution is advised when entering the market!
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