Worldcoin is a cryptocurrency project known for its unique eye-scanning way of distributing cryptocurrency. Reports say that the company is reducing the number of countries where it collects personal data through retina scanning.
These countries include India, France, and Brazil. TechCrunch reported that this change represents a major shift in the company’s business approach.
The project, which was overseen by Worldcoin’s parent company Tools for Humanity, started with these scanning operations in the real world as a limited-time effort in certain markets. However, Money Control cited unnamed sources who said that Worldcoin had to stop collecting biometrics using orbs in India a few months ago because scan sites were too crowded. A mall management executive said that there were times when cops had to step in to control the huge crowds that these orb stations brought in. In the worst cases, the orbs were allegedly taken by police to keep things under control.
The high demand and resulting crowds at these scanning spots showed that Worldcoin would have trouble running its business. The company knew about these problems and chose to cut back on its activities to make the process of collecting retinal data safer and more under control.
Even though these problems have happened, Worldcoin still wants to grow. Sam Altman helped start the project, which started running in July after a world tour that began in Tokyo. It has gotten a lot of financial backing, with $250 million raised from different sources. According to TechCrunch, Worldcoin had already started its orb verification service in India before the world tour. The company plans to keep growing in India until October 2023.
A Worldcoin representative stressed that the company was dedicated to following all global regulations, guaranteeing a safe, secure, and clear service for authorized users. They said that the company’s main goal is to keep these standards by working with companies around the world.
At this point, Worldcoin has not publicly answered Money Control’s questions about these events. Another news source, Protos, has also asked Tools for Humanity for more information and is waiting for an answer.
This case shows how hard and complicated new crypto projects can be, especially those that use new ways to collect data, like biometric scanning. Finding the right mix between new technology, user safety, and following the rules is still very important for these kinds of projects.
ALSO READ
- Worldcoin Faces Shutdown in Kenya After Parliamentary Committee Investigation
- Worldcoin Faces Investigation in Argentina for Biometric Data Collection
- UK Data Regulators to Investigate Worldcoin