Have you heard of that eye-scanning project that is both intriguing and concerning — Worldcoin? This digital currency project co-founded by OpenAI's Sam Altman once stirred up a storm in the crypto world. But this year, it has certainly faced numerous challenges: regulatory crackdowns, frequent investigations, and even conflicts at eye-scanning sites!
Nevertheless, Altman's cryptocurrency-driven online identity verification project continues to expand at an astonishing rate — 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 concise '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 inevitably raises the question: Is Worldcoin's eye-scanning plan really reliable?
In Europe, Worldcoin has faced repeated investigations for the large-scale collection of user biometric data without permission. Regulatory authorities have taken action from Singapore and Hong Kong to the UK, Spain, and Portugal. Portugal's data protection authority, CNPD, even penalized 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 violated consumer data privacy rights. If Worldcoin cannot operate in compliance, it may be banned from conducting business across all 27 EU countries!
If it loses these 448 million potential users in the EU, can Worldcoin's dream of 1 billion users still be realized?
However, Worldcoin's ambitions have not been extinguished. It continues to expand rapidly worldwide, despite facing 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 arisen. In September of last year, reports surfaced that criminal gangs were paying cash at Worldcoin sites in Berlin to homeless people, refugees, and addicts in exchange for eye scans for cryptocurrency rewards. Such 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 investigating 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.
So, facing such a controversial and challenging eye-scanning project, how do you view its future? Do you see its innovative potential, or are you concerned about its compliance risks? Follow Mlion (for experience, please visit: 🤖👉 mlion.ai) for continuous updates on Worldcoin's future direction. As an AI research assistant in the Web3 field, Mlion combines real-time news with deep AI analysis to provide you with accurate market insights and investment advice. Whether it's price predictions, project research reports, or quickly capturing market hotspots, Mlion can help you seize opportunities in advance.
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The above content is for information sharing only and does not constitute any investment advice! Investing is risky, and caution is required when entering the market!
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