-The WorldCoin project has deployed iris scanners in 35 cities in 20 countries, and once the iris scan verifies that the user is a real human being, it creates a World ID that dispenses 25 WLD tokens valued at about $50. It has already attracted 2 million user registrations.

-In Nairobi, Kenya; Bangalore, India; and Hong Kong, China, crowds of people have flocked to sign up, even as chaos breaks out in the queues. "It's at least rewarding, better than a lot of people just having their data compromised and getting nothing for it." One user said.

World coin (WLD) is a cryptocurrency project founded by Sam Altman, the CEO of artificial intelligence development organization OpenAI. Last week, the much-anticipated project released the WLD token and began promoting it with exhibits in several regions around the globe, with its rewards attracting many people lining up to sign up, with queues that included college students, artists, and motorcycle drivers.

The ecosystem of the WorldCoin project consists of two components, the World ID, which provides users with a "digital passport" to help distinguish between humans and AIs, and the WLD, a cryptocurrency issued by WorldCoin on the Ether Layer 2 blockchain, which can be used to make transactions and transfers on the WorldCoin's payment platform. platform.

Currently, WLD is distributed through "airdrops," where tokens are sent to users' wallets for free. In order to access WLD, users need to download the World App and undergo an iris scan in front of a device called Orb. In the future, Altman said he hopes WLD will become a global currency and a tool for achieving universal basic income (UBI).

However, concerns about invasion of citizens' privacy have caught the attention of regulators around the world. On Aug. 2 local time, Kenya's Interior Ministry said it had suspended local activities of Worldcoin and that government agencies would assess potential risks to public safety.

WLD prices have risen by more than 20 percent

Worldcoin aims to provide a digital identity for everyone on the planet. To achieve this, Tools for Humanity, the company behind it, has developed a device called Orb - a bowling ball-sized silver sphere. Users are required to undergo a live iris scan through the Orb, and once the Orb's iris scan verifies that the user is a real human, it creates a World ID and issues 25 WLDs into its wallet.

To entice people to complete the process, the WorldCoin project has been issuing WLDs in select regions as permitted by law.Currently, it has deployed Orb in 35 cities across 20 countries and attracted 2 million users to sign up. These countries include Kenya, India, Brazil, Mexico, Turkey, the Philippines, etc. Orb is usually run by local partners or volunteers who are responsible for promoting WorldCoin to the public and organizing Orb scanning events.

However, some users and experts are concerned that Orb could be misused or hacked, thus jeopardizing users' privacy and security. Worldcoin operators claim that Orb has secure and privacy-protecting technology that does not store users' iris images or disclose their personal information, and is designed to make the benefits of cryptocurrencies and the digital economy available to everyone, especially those who do not have a bank account or proof of identity.

"The Worldcoin Foundation complies with all laws and regulations governing the processing of personal data in the markets available for Worldcoin." Worldcoin Foundation said in a statement. The organization is the administrator of the Worldcoin community, Tools for Humanity helped launch Worldcoin, and is currently an advisor to the Worldcoin Foundation and operator of the World App.

After launching on July 24, WLD's price rose more than 20 percent. It peaked at $3.58 on CoinSafe, the world's largest cryptocurrency exchange. As of 3 p.m. BST on Aug. 2, WLD had risen to $2.37 from a starting price of $0.15, according to the CoinSec website.

Additionally, the World App, which launched in May this year, will provide financial services for the project and store the unique World ID generated by users through iris scans.Tools for Humanity said the app can authenticate users on a variety of third-party apps, thus facilitating a seamless digital identity experience. Currently, major cryptocurrency exchanges including Coin, Bybit, OKX, Gate.io and Firecoin list the WLD token.

Chaos erupts as Indian citizens queue to register

Despite the Worldcoin project demonstrating the ambitious goal of creating the world's largest public network for identity and finance, most of the users who participated in the registration were simply attracted by the free airdrop coins being given away, and were unaware of Worldcoin and the cryptocurrency itself.

According to Reuters on July 31, Worldcoin recently officially launched iris scan registration in Nairobi, Kenya, Bangalore, India, and Hong Kong, China, with many people flocking to register for a reward of 25 air-dropped coins, which are valued at about $50 USD.

A staff member at the Imaara shopping center in Nairobi said the last two days have been very busy, with more and more people being informed via Twitter and WhatsApp. In Bengaluru, two shopping centers even had to stop registrations due to chaos over the number of participants. But even after the registration was stopped, a large number of people continued to come every day to try their luck.