The Worldcoin project, driven by OpenAI's Sam Altman, is approaching a crucial milestone with the unlocking of Worldcoin tokens for early contributors scheduled to commence on July 24. This event marks a significant moment for the project and the broader cryptocurrency community, as it aims to balance token distribution with market stability.
A Game-Changing Announcement: Token Unlock Extension
In a strategic move to foster long-term project sustainability, Worldcoin announced today that it is extending the unlock period for 80% of the tokens held by team members from three years to five years. This extension is designed to align the interests of the team with the project's long-term vision, ensuring sustained growth and stability.
The market has responded positively to this news. Over the past 24 hours, the Worldcoin token WLD has surged by over 30%, currently trading at $2.67. This recovery is particularly noteworthy, given the token's recent dip below $2 just last week.
Unique Distribution Method
Worldcoin's distribution strategy is distinctive, involving a human verification process where individuals receive World IDs after their irises are scanned by a device known as the Orb. Despite concerns and regulatory scrutiny, this process has seen substantial engagement, with over 211 million WLD tokens already claimed by verified holders, representing more than 77% of the current supply of 275 million WLD tokens.
Led by Tools for Humanity under CEO Alex Blania, the project is pioneering the integration of advanced technology with cryptocurrency incentives. As part of the upcoming token unlock, approximately 2 million WLD held by investors and team members will be released into the supply daily, starting July 24. This extended unlock schedule has reduced the original daily release by about 40%, from 3.3 million WLD per day.
Managing Circulating Supply for Long-Term Success
Worldcoin has shared a chart projecting the circulating supply, emphasizing that the extended unlock schedule will slow the increase in circulating supply. This approach aims to promote long-term success across the project’s ecosystem. The Worldcoin Foundation, along with its collaborator, World Assets, holds a substantial community fund of 7.22 billion WLD, dedicated to supporting the project's infrastructure and community initiatives.
By controlling the release of these funds, Worldcoin intends to minimize potential market disruptions and ensure a stable growth trajectory.
Regulatory Challenges Persist
Despite these positive developments, Worldcoin continues to face regulatory challenges in various regions due to privacy concerns. In June, the project paused its operations in Spain until at least the end of 2024 following an investigation by the Spanish Agency for Data Protection AEPD into the company's data collection practices.
Similarly, Worldcoin received an order from Hong Kong’s Office of the Privacy Commissioner for Personal Data PCPD to cease operations in the region. This action followed an announcement by Hong Kong’s PCPD earlier in the year, indicating that Worldcoin’s activities could pose a risk to personal data privacy.
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