Identity Protocol Worldcoin Sees Over 100% Surge in Weekly Activity, Here’s Why
Since launching nearly a week ago, Worldcoin has been subject to increased scrutiny and criticism.
Since launching out of beta mode, Worldcoin has recorded a massive surge in its weekly global World ID verifications. According to a recent blog post, the protocol saw an increase of over 100% in such verifications that took place within a week of the launch, signalling a growing demand.
Global Demand for World ID Undeniable
Per Worldcoin, there has been a certain degree of consistency with the surge in global demand for World ID. Especially since the beginning of 2023. The protocol cites how World ID verifications went up from one million to surpassing two million within just six months. Part of the official statement reads:
“Between January and July, World ID sign-ups went from one million to two million in less than half the time it took to reach the first million.”
For what it’s worth, last week’s surge in weekly World ID sign-ups is further proof that the global demand for World ID is seeing a sustained increase. However, that does not imply that the World ID is Worldcoin’s only product that currently enjoys such increased global attention.
To put the above statement into perspective, within the same week that World ID verifications surged massively, weekly active World App users rose 3X, while new account creations also saw a more-than-10X increase within the same week.
Huge Backlash Trail Worldcoin’s Launch
It’s with mentioning that, since launching nearly a week ago, Worldcoin has been subject to increased scrutiny and criticism. Some top voices in the industry have been particularly unimpressed with the management of the project’s token. That is considering how nearly 95% of its circulating supply goes to the market makers. Jeff Dorman, CIO of crypto asset manager Arca called the token launch a “short-sighted and unethical” strategy. Ari Paul of BlockTower Capital also shared a similar view.
The manufacture and operation of Worldcoin’s iris-scanning orbs have also raised security concerns. So much so, that it has drawn the attention of regulators around the globe. Kenya’s Ministry of the Interior, for instance, has already suspended Worldcoin activities. In the announcement, the ministry said it needed time to assess all the risks that may be associated with the project.
Similarly, regulators across Germany, France, and the UK are also currently looking into the protocol’s handling of sensitive biometric data.
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Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this.
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