As a seasoned cryptocurrency analyst with over a decade of experience in the industry, I’ve witnessed my fair share of projects and their unique distribution mechanisms. The Worldcoin project, spearheaded by Sam Altman of OpenAI, is one that piqued my interest due to its innovative human verification process and the recent extension in the unlock period for team members’ tokens.
Starting on July 24, the Worldcoin initiative, led by Sam Altman from OpenAI, will begin releasing Worldcoin tokens to its early supporters. This significant milestone marks an important stage in the project’s development.
Team members’ holdings of 80% of the project tokens now have a prolonged unlocking duration. This means the lock-up period has been increased from 3 to 5 years.
In the lead-up to a significant shift for Worldcoin, investors have responded favorably, causing a notable increase in value for the WLD token. Over just the previous day, there was a spike of more than 30% in price, with the token now being traded at $2.67.
Notable recovery in price performance: The token’s price bounced back this week after falling significantly below the $2 mark in its previous slump.
Details Of The Distribution
Worldcoin distinguishes itself through its token distribution approach, which includes a confirmation step. During this process, people receive unique World IDs upon having their irises scanned using a device called an orb.
Approximately 77% of the existing 275 million WLD tokens have already been redeemed by authenticated World ID holders, amounting to over 211 million tokens. (Reportedly, the process for claiming these tokens has been discontinued as per Bitcoinist‘s latest update.)
Tools for Humanity, headed by CEO Alex Blania, is driving this innovative project. It aims to be a trailblazer in merging sophisticated technology with incentives based on cryptocurrencies.
Based on the recent update, investors and team members of Tools for Humanity will be the initial recipients of newly minted WILD tokens during the upcoming distribution event as announced.
Beginning on July 24, 2024, around 2 million WLD tokens held by TFH investors and team members will become accessible daily. The extended unlock timeline has decreased this daily release from approximately 3.3 million WLD tokens as originally planned.
In the announcement, Worldcoin presented a chart illustrating the anticipated circulating supply. The extended unlock schedule, as depicted in the figure, results in a more gradual expansion of the circulating supply.
Significantly, this action is well-timed to ensure long-term prosperity for the entire Worldcoin project. The Worldcoin Foundation and its partner, World Assets, possess a substantial community fund totaling 7.22 billion WLD, which has been specifically set aside for these purposes.
Through managing the dispensation of these resources, the entity intends to lessen possible market interruptions and simultaneously invest in the project’s infrastructure or community programs.
Worldcoin Continous Regulatory Struggle
Despite the recent developments in the Worldcoin project, including this latest update, the initiative has persisted in encountering regulatory challenges in various areas owing to privacy concerns.
In early June, the company put a hold on its activities in Spain, with plans to resume no sooner than the end of 2024. This decision was made following reports of an ongoing investigation by the Spanish Data Protection Agency (AEPD) regarding the organization’s methods of collecting and managing data.
Previously, we had been instructed by Hong Kong’s Privacy Commissioner for Personal Data (PCPD) to halt our operations within their jurisdiction.
The halt command was issued with Hong Kong’s PCPD revealing earlier this year that they would probe into Worldcoin’s operations due to potential threats to individual data privacy.
Featured image created with DALL-E, Chart from TradingView
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2024-07-17 11:12