Eyeball-Scanning Project Worldcoin To Pay Orb Operators In WLD Rather Than USDC

Eyeball-scanning crypto project Worldcoin, co-founded by Sam Altman, the CEO of OpenAI, announced on Oct. 22 that the Orb Operators, individuals responsible for iris scanning, would receive rewards in its native Worldcoin (WLD) token, instead of USD Coin (USDC). The transition, scheduled to take effect in November, comes amid increased scrutiny from various authorities regarding the project’s data collection methods.

Currently, data on Worldcoin’s Dune Analytics dashboard reveals a significant rise in the supply of WLD tokens. It has grown from around 100 million tokens during the launch of the project to approximately 134 million tokens at the time of this report.

A September update revealed that nearly 2.3 million individuals worldwide have registered for iris scans using Worldcoin’s “orb” devices. They receive a digital ID and free cryptocurrency in exchange for this scan. Notably, WorldCoin tokens are unavailable to US residents and certain other restricted territories due to privacy concerns.

Worldcoin explained that the move to remunerate Orb Operators exclusively in WLD tokens is part of a “transitional phase” following the project’s official launch on July 24. The World Coin Foundation launched a pilot program on October 10 to award WLD tokens to specific operators.

The company stated:

“In November 2023, the Worldcoin Foundation expects that the transition process will be completed such that all Operators will receive WLD going forward.”

Worldcoin Faces Criticism

Privacy advocates have raised concerns about Worldcoin’s data collection practices. The project has consistently stressed its dedication to cooperating with regulators and ensuring the secure handling of biometric data. To address privacy concerns, Worldcoin’s website reassures that the project is “completely private,” and users can delete or encrypt their biometric data.

Sam Altman has emphasized the importance of the project’s digital ID. He said it will allow individuals to confirm their humanity online, particularly in a world dominated by artificial intelligence. On August 2, Kenya’s Interior Minister revealed that the country suspended the WorldCoin project.

Worldcoin has revealed that five market-making entities initially obtained 100 million WLD loans, which were due to expire on Oct. 24, 2023. However, the company extended the loan expiration date to December 15, with a reduced amount of 75 million WLD.