Sunday, June 16, 2024

French Authorities Launch Investigation into Worldcoin (WLD) Shortly After Record-Breaking Two Million Sign-Ups

Worldcoin’s Eye-Scanning Crypto Project Under French Investigation Amidst Soaring User Sign-Ups

In a remarkable turn of events, a revolutionary crypto project that utilizes eye-scanning technology, Worldcoin (WLD), finds itself under the scrutiny of France’s privacy watchdog, the CNIL, just days after attracting an impressive two million user sign-ups.

The investigation centers around the legality of Worldcoin’s biometric data collection, which involves the use of cutting-edge iris-scanning orbs. The project, co-founded by OpenAI’s Sam Altman, has garnered significant attention, but its data practices have raised concerns in France.

According to a recent report, CNIL has expressed reservations about the legality of Worldcoin’s data collection methods, citing uncertainty surrounding the handling of biometric data. The watchdog aims to ascertain whether the project adheres to the necessary privacy standards and meets regulatory requirements.

Responding to these allegations, the Worldcoin Foundation issued a statement to Reuters via email, emphasizing that their protocol is meticulously designed to safeguard individual privacy and has implemented a robust privacy program. The Foundation maintains that they are fully compliant with existing regulations.

One of the project’s unique features is its ability to verify a new individual every eight seconds. This impressive pace of onboarding new users has led to an unprecedented surge in proof of personhood demand. On average, a unique human is now verifying their World ID every 7.6 seconds, and the project sets new records daily. The team expresses gratitude for the community’s patience as they work to meet the soaring global demand.

Worldcoin’s commitment to privacy is further reinforced by their use of zero-knowledge proofs (ZKPs), a cryptographic technique that validates specific data without revealing the data itself. This approach ensures that users can prove their unique identity without compromising their personal information or being subject to cross-application tracking.

Interestingly, this is not the first time Worldcoin has faced inquiries related to its privacy practices. Recently, a UK watchdog also raised similar concerns, prompting further scrutiny of the project’s data collection methods and privacy safeguards.

As of now, Worldcoin is trading at $2.18, experiencing a marginal decrease of 0.2% in the last 24 hours. Despite the investigation and challenges, the project remains steadfast in its mission to redefine the crypto landscape and protect the privacy of its ever-growing user base.

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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