In an official announcement, the Worldcoin Foundation revealed plans to compensate the Orb operators for their exemplary work in onboarding masses to the network in the past few months. The announcement illustrated that Worldcoin had abandoned its previous payment plan.
In the report, the Worldcoin team informed the Orb operators that the payment would be disbursed in November. However, the foundation plans to pay the operators in WLD tokens instead of USDC.
Worldcoin to Pay Orb Operators
The announcement stated the changes in payment to WLD tokens were due to the transitional phase undergone by the Worldcoin project. However, Worldcoin anticipates that the project will have completed the transition process in the coming month to allow the Orb operators to receive their WLD payments timely.
The foundation launched a pilot project in October to reward the Orb operators in WLD tokens. The foundation regretted that the pilot project failed to materialize in some jurisdictions due to restrictive regulations. The report indicated that the Worldcoin services were unavailable in the US and other countries.
Reportedly, the Worldcoin project was launched in July by Sam Altman, the co-founder of OpenAI. During the launch, the Altman aimed at providing digital identity to differentiate the human and artificial intelligence (AI) bots. Citing the ongoing AI craze, Mr. Altman explained that digital IDs will be critical in distinguishing humans from robots.
Shortly after the launch, the Worldcoin team introduced the orb devices to support the scanning of the irises. The Worldcoin iris scanning process has attracted regulatory scrutiny to examine the security of the biometric data.
Worldcoin Operations Suspended
In Kenya, the government suspended the operation of Worldcoin after hundreds turned up for the iris scanning. The long queue forced the Kenyan regulators to halt its operation to examine the risk associated with the Worldcoin project.
With the high number of sign-ups, the Kenyan regulators questioned the security of the biometric data. Notably the Kenya authority appointed a committee to assess the safety of the biometric data collected by Worldcoin.
The preventive measures taken by the Kenyan government mirrors the heightened regulatory scrutiny undertaken by the French, UK and German regulators on Worldcoin. The foundation recognized the commendable work the Orb operators did in onboarding millions of users from 18 countries.
WLD Token Market Outlook
Despite the regulatory pressure, the Worldcoin project has attracted the attention of retail and institutional investors. According to Dune Analytics, the supply of Worldcoin reached 134 million, representing a steady increase from July when the WLD token was launched.
The Dune report illustrated that 100 million WLD tokens had been issued as a loan while the 34 million was rewarded to the Orb operators and the registered users. The report revealed that Worldcoin lent 100 million WLD loans to five institutions.
In a recent update, Worldcoin extended the loan repayment from October 24 to December 15. At that time the reduction of 75 million loans accompanied the extension of the deadline. The remaining 25 million WLD token loan will be available for purchase.
In a separate writing, the man behind the Worldcoin project showcased his optimism on the project. Altam envisaged that the WLD token would gain steady growth over time.
According to CoinMarketCap, the WLD token plummeted by 6.67% to trade at around $1.50 in a day. The report demonstrated that within the last 24 hours, the daily trading volume dipped by 11.96% to stand at $71K.