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Cryptocurrency News Articles
Worldcoin (WLD) Price Climbs 7% After Announcing Facial Recognition Launch
Sep 21, 2024 at 01:15 am
The price of Worldcoin (WLD) climbed 7% intraday after the project announced the launch of its facial recognition, dubbed “Face Auth.”
Worldcoin (WLD) price soared 7% intraday on Thursday after the project announced the launch of its facial recognition technology, dubbed “Face Auth.” This latest addition to Worldcoin's popular World App is designed to enhance security and prevent fraud.
The facial recognition feature aligns with Worldcoin's broader vision of creating a globally inclusive identity and financial network.
Latest Worldcoin Technologies Unveiled
In a blog post on Thursday, Worldcoin highlighted that Face Auth performs a 1:1 facial comparison, ensuring access only to users who have validated their World ID at an Orb location. Designed and developed by Tools for Humanity (TFH), the Orbs are custom biometric devices where individuals can verify their identity.
According to Chris Brendel, TFH Head of AI, from a technological perspective, Face Auth is similar to Apple's Face ID. However, there is a key difference. He explained that the images matched against are generated from the Orb, not the user's phone, ensuring greater security.
The launch of Face Auth comes at a time when Artificial Intelligence (AI) presents both potential and risks to privacy, especially in applications like financial transactions, online purchases, and sign-in.
Worldcoin also disclosed that facial recognition on the World App will initially be limited to certain locations. In addition to the Face Auth launch, Brendel also discussed how Personal Custody on Worldcoin enables individuals to control the flow and management of their personal information.
Other fundamental guiding principles discussed regarding the Worldcoin project include preserving anonymity, trust in online interaction, and zero-knowledge proofs.
WLD Price and Outlook
The recent unveiling of new technologies on Worldcoin has spurred positive momentum on the native token, WLD.
Following the announcement, the price of the WLD token surged by 7% in 24 hours. At the time of writing, WLD was trading at $1.63, up 7.04% in the past day. The 24-hour trading volume also increased by 60% to $160.4 million, indicating high market engagement towards the token.
Over the past week, WLD has risen by 2.81% in price. The token's market cap also increased to $731 million. Notably, the volume-to-market cap ratio for WLD is currently at 21.97%, which signifies good liquidity and trading activity.
With demand for the token on the rise, we could see WLD continue to move higher on a bullish trajectory.
Navigating Regulatory Challenges
Worldcoin's latest move to bolster security with facial recognition aligns with its strategy to improve its standing among government regulators around the world.
In Singapore, authorities have launched an investigation into seven individuals for their involvement in unauthorized Worldcoin wallet and token transactions, which were valued at around $2.2 million.
Earlier this year, Worldcoin also faced a setback when it was temporarily banned in Spain. Spanish regulators raised concerns over users' privacy, prompting the crackdown. In response, Worldcoin maintains that they take personal privacy seriously and only use biometric data to verify a person's humanness when creating their World ID.
Despite these challenges, Worldcoin continues to expand its footprint in the digital space. Recently, the project launched its World ID verification system in Warsaw, Poland. This development follows an earlier launch of the WorldID on the Solana blockchain.
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