Token

Source

United

World

Worldcoin

Worldcoin officially announced that it has onboarded 6 million people since its debut in 2023. The project had initially set a target of 1 billion users by the end of 2023. To achieve its user count target, Worldcoin needs an additional 994 million new users.&nbsp;
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The project heavily relies on electronic eye scanners called orbs to onboard new users. According to <a href="https://www.semafor.com/article/04/24/2024/sam-altman-backed-crypto-project-worldcoin-faces-an-orb-shortage" rel="noopener noreferrer nofollow" target="_blank">Semafor</a>, Worldcoin only has 300–500 orb devices operating globally. However, Alex Blania, the CEO of Tools of Humanity, the company behind Worldcoin’s development, told Semafor that more orb devices are being developed.&nbsp;
The orbs are manufactured in Germany by a private company whose details have not been revealed to the public. According to Blania, the orbs are complex and sophisticated to prevent black market counterfeits from infiltrating and distorting the ecosystem.
<h3 id="span-style-font-weight-400-orb-supply-does-not-meet-the-current-demand-span">Orb supply does not meet the current demand&nbsp;</h3>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Just in: The Worldcoin community has grown to 6 million verified humans &amp; the Worldcoin Foundation has announced an additional year to redeem reservations.<a href="https://t.co/TrKDTXHqqU" rel="noopener noreferrer nofollow" target="_blank">https://t.co/TrKDTXHqqU</a>
 — Worldcoin (@worldcoin) <a href="https://twitter.com/worldcoin/status/1811028712063701451?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">July 10, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
The orb supply is significantly low, which has hindered the onboarding of new clients. With 500 orbs, Worldcoin needs to scan more than 2700 new users daily to hit its coveted 1 billion mark by 2026. Worldcoin claimed that it had manufactured 2000 orbs that are ready for use. Increasing the number of orbs would mean that each device should register 700 people daily to attain the 1 billion mark in two years.
Tools of Humanity <a href="https://x.com/tfh_technology/status/1778437266706174234" rel="noopener noreferrer nofollow" target="_blank">announced on </a>X that the World App had surpassed 10 million users, 2 million daily active users, and 5 million monthly users. The company also stated that the application is available in 160 countries globally and has facilitated 70 million transactions.
Worldcoin <a href="https://x.com/worldcoin/status/1771159948866503097" rel="noopener noreferrer nofollow" target="_blank">announced</a> that its developers have built the platform’s own Open Source blockchain on the Ethereum protocol to offer free transactions to verified users with authentic World IDs.
<h3 id="span-style-font-weight-400-worldcoin-suffers-regulatory-scrutiny-span">Worldcoin suffers regulatory scrutiny</h3>
Since its inception, Worldcoin has faced many challenges. In addition to running low on orbs, the project has been experiencing heavy regulatory scrutiny from financial watchdogs in different jurisdictions.&nbsp;
Currently, the project is unavailable in the United States, China, and the United Kingdom. Interested users in some of the restricted countries can still access the World App and sign up for a World ID. However, they will not receive the coins distributed through the project’s Grant program.
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Notably, regions that had previously allowed the Worldcoin project to operate and onboard new members began to impose restrictions on the project. In May, Hong Kong’s financial watchdog instructed Worldcoin to suspend its operations over privacy and personal data concerns. Countries like Germany, where orbs are reportedly being manufactured, are still onboarding new clients.
Other countries, like South Korea and <a href="https://x.com/ntvkenya/status/1803750849774030877" rel="noopener noreferrer nofollow" target="_blank">Kenya,</a>&nbsp; that had initially suspended Worldcoin operations have restarted after investigations launched on the orb were dropped. The foundation announced the extension of the project’s grant distribution program for another year, meaning that users will continue to receive and transact free WLD tokens.

Worldcoin falls short of its target by 994 million

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Cryptopolitan_News

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