#worldcoin

Worldcoin, known for its ambition to build a global system of unique digital identities for every individual, has unveiled a significant rebranding.

South Korea’s regulator fined Tools For Humanity and the Worldcoin Foundation, the entities behind the famous iris scanning solution, $829,000 for violating personal data protection laws. Officials have also provided recommendations for improving the product in terms of regulatory compliance.

Tools for Humanity (TFH), the developer of the Worldcoin project, has recruited four former leaders from top tech companies (Google, Apple, and X) to enhance data privacy and security. Damien Kieran, who previously managed privacy at X, will now take on a similar role at Worldcoin.

Worldcoin unveils fresh privacy regulations, enabling users to remove their World ID information and instituting age checks to bar under-18s. These modifications come as a nod to data protection watchdogs' suggestions.

For undisclosed reasons, Worldcoin has suspended the use of its eye scanner, Orb, for biometric verification in Brazil, India, and France. According to company representatives, this decision was made to comply with regulatory requirements in these countries.

The lead developer of Worldcoin, Tools For Humanity, is considering selling WLD tokens to attract funding and is currently engaging in preliminary discussions with investors. Unofficially, it is understood that they are looking to sell these tokens at a 50-60% discount, aiming to raise $50 million.

Building upon the success of their pilot program, the company have decided to extend verifications through December and will be introducing Orbs in new locations in Germany.

Kenya’s interior cabinet secretary Kithure Kindiki stated that individuals attempted to exit the country but were detained. However, the U.S. government stepped in, asserting they should be permitted to depart since they hadn’t been formally convicted of any wrongdoing. The U.S. further promised to ensure their return if needed for legal proceedings. The committee probing Worldcoin has until September 28 to submit its findings. It’s interesting to note that last week, Sam Altman was seen in a private meeting with Kenya’s President William Ruto and some other individuals.

The Argentine Agency for Access to Public Information (AAIP) has opened a probe into the activities of Worldcoin within the country. The issue came to light following widespread iris scanning in various parts of Buenos Aires and its provinces.

Kenya’s Interior Minister Kithure Kindiki announced the suspension of Worldcoin’s local activities in the country. Relevant agencies are conducting inquiries and investigations to determine the authenticity and legality of the activities, ensuring the absence of risks to Kenyans. The video shows people lining up to have their irises scanned, with the promise of receiving 25 free Worldcoin tokens ($56) in Kenya. We've previously detailed Sam Altman's vision for the Worldcoin project in our article.

FTX Estate is set to auction 22.3 million Worldcoin (WLD) tokens at a significant discount, currently valued at $35 million. This sale is part of the ongoing efforts to recover funds for creditors of the bankrupt crypto exchange founded by Sam Bankman-Fried.

Worldcoin has introduced its L2 blockchain, World Chain, for a limited number of developers to test and give feedback before the mainnet launch by the end of summer 2024. Developers can also pre-deploy their applications.

Sam Altman's Worldcoin project is facing a shortage of its Orb devices, used for capturing biometric data such as iris scans. This data is integral to verifying users and preventing the creation of duplicate or fake accounts.

Trail of Bits, a cybersecurity company, has announced that the software behind Worldcoin's Orb device, which scans users' irises, is devoid of any exploitable flaws that could accelerate the project's progression unduly.

This new iteration introduces “Apps,” offering a fresh approach to establish and use integrations for verifying online accounts via World ID.

Worldcoin, co-founded by Sam Altman, is launching the WAVE0 grant program worth about $5 million in WLD tokens. Its aim is to expand the possibilities for the developer community to advance the Worldcoin Tech Tree.

The French Data Protection Agency (CNIL) has conducted inspections at Worldcoin's Paris office due to concerns about the company's biometric data collection practices. Worldcoin, co-founded by ChatGPT CEO Sam Altman, scans users' irises in exchange for a digital ID and the promise of free cryptocurrency. The Worldcoin Foundation, incorporated in the Cayman Islands, has expressed its willingness to undergo the review and affirms its commitment to complying with regulatory requirements.

Local media in Nairobi reports that the police have raided a Worldcoin warehouse, confiscating documents to probe into the company's conduct. The Data Commissioner alleges that the company failed to disclose its actual goals when registering. The data from iris-scanning technology becoming compromised is a rising fear among industry specialists. Nevertheless, Worldcoin maintains that they've safeguarded all pertinent data.