Worldcoin team to unveil update to scale from 7 to 700 million users

What’s new? The Worldcoin team will reveal information about a number of significant updates to the project at its own event called A new world, which will be held in San Francisco on October 17. In particular, the developer company Tools for Humanity and the Worldcoin Foundation will present an update aimed at scaling the project. Thanks to it, the number of verified users can be increased from the current 7 million to 700 million and beyond.

Material by Crowdfund Insider

What else is known? The conference will be attended by Tools for Humanity CEO Alex Blania and project co-founder Sam Altman, who is also the CEO of OpenAI, which created the ChatGPT AI chatbot.

To join the Worldcoin project, users must undergo an iris scan using an Orb device at one of the physical offices around the world. After that, the user is assigned a kind of digital passport using the World ID protocol, as well as given a few WLD native tokens as a gift.

The developers note that work on the project began back in 2019, and one of its main goals is to provide a tool to confirm the reality of users online in the era of artificial intelligence development. They noted that Worldcoin has grown and evolved significantly in five years, allowing it to move to the next stage of development.

In addition to a way to scale, the conference will also present tools to capitalize on the era of AI development. The team is currently working on the successful implementation of a secure and anonymous Proof of Human mechanism (confirming that the user is a real person and not a bot).

The project was officially launched in July 2023. Then it faced criticism from crypto industry representatives, including Ethereum blockchain co-founder Vitalik Buterin. And Edward Snowden warned about the danger of creating a biometric database even before its launch in 2021.

For the same reason, the project has caused concern among regulators around the world. Authorities in Kenya, Spain, Portugal, and Hong Kong ordered Worldcoin to stop collecting citizens’ confidential data. Colombia launched an investigation into the project’s activities, and Korea issued a fine of $830 000 but allowed it to continue its work on condition that the violations were eliminated.

Worldcoin itself said last year that it was ready to transfer user identification technology to governments. In doing so, the company opened up data on the hardware of Orb devices and allowed users to store biometric data on their devices.

At the time of writing, the WLD token ranks 71st in the overall cryptocurrency market capitalization ranking with a market cap of $1,2 billion and is trading at $2,29, having added 14,2% over the day. The weekly increase was 14,6%, but the asset’s value has fallen by 36,8% since the beginning of the year.