cryptopolitan.com
Worldcoin has been met with ambitious acceptance in the crypto community and has made waves in the blockchain and crypto space. The recent report explains that Orb’s operations are to be paid in the native token WLD and not USDC (USD coin). The decision has raised concerns in the digital currency community, and this can further cause implications in the entire crypto market.
The Worldcoin Foundation has recently announced that its orb operators are to receive their payments, but not in the USDC stablecoin. The new digital currency has seen a rise in adoption that has also favored its value in the digital space.
Worldcoin makes a clear payment structure for orb operators
Orb operators of the Worldcoin Foundation are the individuals responsible for assisting in scanning eyes in order to join the Worldcoin network. These operators were being paid in USDC, but this payment mode has shifted to WLD, which is the native token to the network.
According to the foundation’s announcement, this decision should be in effect and implemented by next month. However, this will not be visible to users residing in the United States.
The Worldcoin Foundation has also given an update on the WLD token circulation. The foundation has accounted for 1% of its total token supply currently in circulation. This is an approximate of over 100 million tokens off from its 10 billion total token supply.
It is estimated to be 134 million WLD, and of this current total supply, 100 million WLD was distributed as loans to the market makers. The remaining 34 million WLD was distributed among the orb operators and users as grants.
However, the loan expiration date is set on October 24. With the date closing in, Wolrdcoin commented on this during its announcement, stating that the loan agreement will be renewed until December 15, 2023.
This will account for a reduced amount of 75 million tokens received as returns from market makers. A supplementary option would be to purchase all the remaining 25 million according to the arrangement.
Market sentiments on WLD
Sam Altman, a co-founder of ChatGTP’s OpenAI and Worldcoin, cited challenges in the Foundation’s operations and commented that the Worldcoin Token grants seem to be steadily growing based on the hyped adoption period. This has been despite the issues facing the crypto amid its growing demand.
Sam Altman commented on Worldcoin’s status during the Singapore panel meeting at Token 2049. He commented and was quoted:
The operational challenges are obviously huge [when] you think about what it takes to get these orbs manufactured. The other [challenge] is, of course, overcoming that kind of biometrics resistance — for lack of a better word — that some people feel when they first hear about the product. But again, both of those, I think, are trending well.
Sam Altman
The Wordcoin project, which was launched in late June on the 24th, aims to encourage its users to perceive their identities online. The users sign up to the network by getting their iris scanned. The foundation has also deployed “orbs” in various cities all around the world.
During its panel meeting in Singapore, Alex Blania, the network’s co-founder, talked about the regulatory frameworks as well as the policies regarding the project. He commented on the challenges faced from its launch, stating:
We had a really crazy, crazy surge in the weeks after launch. The craziest thing for us was that there were long, long lines of people waiting to set up pretty much everywhere. And that was really hard to manage.
Alex Blania
He also added that the team is ramping back up towards implementing their policies on the Worldcoin project.