Newly Launched WorldCoin to Be Scrutinized by UK Watchdog
OpenAI CEO's Worldcoin gets under U.K.'s ICO scanner; launches its token, aiming for a big crypto impact.
The Information Commissions Office (ICO) in the U.K. will be looking into Worldcoin, a project by OpenAI's CEO, Sam Altman. The ICO is like a watchdog for data. They said they will make sure Worldcoin follows the rules when using personal data. They want to confirm that people can freely give and also withdraw consent granted to Worldcoin.
Worldcoin, which started on Monday, says it's a digital passport to prove a person's identity. The project has 2 million users already from its trial period (testnet).
A company spokesperson said the Worldcoin Foundation follows strict privacy rules and ensuring that they obey all local laws as well. They also said that Worldcoin obeys all laws about collecting and transferring biometric data, including Europe’s General Data Protection Regulation (GDPR).
Worldcoin, a cryptocurrency project led by OpenAI CEO Sam Altman, Launched its WLD token and main network. Major crypto exchangeBinance also listed the digital currency yesterday 24th July, causing a massive pump in the token price. Worldcoin secured $115 million in a funding round in May, with key investors such as Blockchain Capital and a16z. The team's focus is on providing solid proof of identity in the era of artificial intelligence, emphasizing privacy, decentralization, and inclusivity.
Worldcoin hopes to make a big impact in the crypto world with its unique approach to decentralized solutions.
