Worldcoin has introduced an “unverify” function to help users better manage their data.
With this move, implemented based on regulatory scrutiny, WLD has stayed resilient in the green position.

Worldcoin, a San Francisco-based iris biometric crypto project recently introduced a new update known as the “unverify” option for World ID. This update, according to Worldcoin, is based on preliminary assessments from data protection authorities including the Bavarian State Office for Data Protection Supervision (BayLDA). 

Worldcoin Releases New Updates

At the core of the Worldcoin project is World ID, a private and secure digital passport that confirms a person’s humanity and aids in differentiating humans from bots online.  

It utilizes technologies such as zero-knowledge proofs (zk-Proofs) to prevent the holder’s public key from being identified across applications and to protect World ID use from being tied to any biometric data. 

This privacy protection is one of the reasons why millions of users worldwide rely on an orb-verified World ID to authenticate their human identity online. Now, with the recently introduced unverify option, users can have more control over their information. With this update, Worldcoin aims to build trust and increase transparency within its ecosystem.

Worldcoin highlighted in a blog post that the “unverify” option includes a provision for users to permanently delete their iris code, the numeric representation of their unique iris texture. Upon deletion request, the individual’s World ID will become invalid and a six-month “cool off” phase will begin to help prevent fraud by preventing persons from being able to instantly re-verify their humanity. After this cooling-off period, their iris code will be erased permanently and cannot be recovered.

In addition to the unverified option update, Worldcoin stated that its contributors are improving in-person age verification checks to ensure the project is only available to persons aged 18 and above.  

The project emphasized that verification will be implemented by third-party workers before entering an orb location and exclude the storage, recording, or transmission of any information.  In this manner, Worldcoin and project participants can guarantee that users’ identities remain anonymous, upholding the project’s dedication to privacy. 

Worldcoin Faces Resistance

The recent update on World ID coincides with the increasing global scrutiny surrounding the project. Following reports from Crypto News Flash, Portugal’s data regular, CNPD has asked the iris-scanning project to stop collecting the biometric information of Portugal residents.

The regulator said it received multiple complaints in the past months about improper data gathering from minors, insufficient information given to data subjects, and difficulties in data deletion or consent withdrawal.

Meanwhile, the Worldcoin project faced legal challenges in Spain as well, a challenge that caused a large reduction in the value of its native token WLD. A similar encounter in Kenya and South Korea has led to negative market sentiment, with investors pessimistic about the token’s future price trajectory, according to a prior report by Crypto News Flash.

Despite these challenges on the project, WLD is showing a bullish signal. As of this writing, WLD is trading at $6.60, demonstrating an increase of 2.9% in the past day. In addition, the market cap has increased by the same percentage to $1.2 billion, placing it among the most capitalized recently launched projects.

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Filed under: Bitcoin - @ April 12, 2024 4:22 pm