At a group interview that took place during the Korea Blockchain Week 2024 in Seoul on Sept. 4, Tools for Humanity’s CEO Alex Blania said that Worldcoin’s current focus is on the widespread distribution of iris-scanning “Orbs” to expand the project and enhance its utility. “I think fundamentally, similar to other networks that we have seen emerge over the last couple of decades like Paypal or even social networks like Facebook, they only become useful once they are at scale,” said Blania. “So everything we care about at this point is distribution around the world and the amount of users that are verified and using the service.”
Worldcoin Expands Reach With Orb Tech Innovations
Worldcoin is developed by Tools for Humanity, the company that Blania co-founded with the head of OpenAI, Sam Altman. The project provides “World IDs” to users who scan their irises on an Orb device as a proof of being human in an attempt to shield humans from possible adverse effects of AI. Participants receive WLD cryptocurrencies, while Worldcoin has more than 6.5 million verified World IDs across more than 160 countries, as stated on their website.
Next generation Orbs
At the KBW2024 conference, Blania mentioned that the project will have “even more exciting updates about the next-generation Orb device” which is to be expected in the coming weeks.
“The only new thing I can share for updates here is that it’s going to be around operational models,” Blania stated. “So the way these devices will be used — there will be changes, there will be tweaks that I think might turn out to be relatively impactful.”
In response, the Worldcoin CEO noted that the project has also been engaging South Korean players in the gaming industry for partnership.
The organisation is also preparing to launch World Chain as its Layer-2 network and has announced partnerships with blockchain development companies Hyperlane, Moralis and others to make this new mainnet more accessible. “It’s an Optimism super-chain, with similar roots to Coinbase’s Base,” Blania pointed out. “And the reason [for launch] is that we already are too big for Optimism mainnet, so we moved from Polygon to Optimism mainnet and now we are launching our Layer 2.”
Addressing Regulatory Issues
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At the same time, Worldcoin has faced scrutiny from regulators across various jurisdictions, including Colombia, Spain, and South Korea, where concerns have been raised regarding the collection of human iris data and its implications for privacy. In May, authorities in Hong Kong mandated that Worldcoin halt its local operations.
“The technology we employ is highly advanced in terms of privacy-enhancing measures, and this necessitates significant education,” stated Damien Kieran, Chief Privacy Officer (CPO) at Tools for Humanity. “Existing legal frameworks often evaluate these matters in a conventional manner, so we’re collaborating with regulators to ensure they fully comprehend our activities and to make any necessary adjustments.”
Earlier in March of this year, Worldcoin implemented updates allowing users to manage their scanned iris data.
What is the Potential Price Range for WLD in 2024?
If the trend continues downward, WLD could go as low as $1.39 in short and medium term perspective. Continual movement in this direction could bring it down even to $1.00. Although a market broad rally can bring WLD back and retest the highs of the peak resistance. Nonetheless, $3.0 remains a historically challenging level to breach.
In a favourable scenario, WLD would need to go beyond this level in order to sustain growth and absorb a lot of selling associated with a bullish environment. This would in turn open up the path to be able to shoot straight for $8.0, something that has become a significant barrier between the token and the double-digit valuation.
The long term forecasts of the past suggest a bullish trend. By the year 2029, it is expected that WLD will reach $100 and above and the average trading price will be around $110 which is a significant step forward towards the valuation of WLD. This is expected to go higher, projecting WLD to be in a position to trade at $1,700 by 2033. This figure is likely to rise further, projecting WLD to trade at $1,700 by 2033.
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
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