Worldcoin (WLD) Bows To Pressure, Implements More Privacy Features

In response to mounting pressure from its global regulators, Worldcoin (WLD), the global digital identity and cryptocurrency initiative, has announced the implementation of additional privacy features. According to a blog post, the new Worldcoin features are designed to give users greater control over their personal information while maintaining the integrity of the network.

Worldcoin Recommits to Users’ Privacy

The new package revolves around Personal Custody and introduces a new Unverify World ID option. This feature leverages cutting-edge technology like zero-knowledge proofs (ZKPs). ZKPs allow users to verify transactions without revealing sensitive information, such as the amount transacted or the parties involved. 

This technology ensures that users can conduct transactions securely and privately, shielding their financial data from prying eyes. Going forward, World ID holders can permanently delete their iris code. Upon deletion’s request, the individual’s World ID becomes invalid, initiating a 6-month “cool off” period to help protect users against fraud.

Once the cool-off period elapses, the user’s iris code will be permanently deleted and unrecoverable. Furthermore, Worldcoin introduced on-site age verification checks to ensure the network is available to individuals 18 years and above. Implementing these privacy features marks a significant milestone for Worldcoin and reaffirms its commitment to user-centric innovation. 

In addition to enhancing privacy, these new features attract a broader audience to the Worldcoin platform, including individuals and businesses seeking secure and confidential biometric solutions.

Worldcoin Global Compliance Hurdles

Worldcoin’s attempts to make its position clear have come with regulatory difficulties, particularly in Spain. Earlier in March, the Spanish Agency for the Protection of Data temporarily suspended the company’s data collection and processing activities.

This conclusion gained weight when a local court denied Worldcoin’s request for an injunction against the data regulator’s order. These occurrences represent an important obstacle to the functioning of Worldcoin within the European Union, prompting the project to reaffirm its compliance and data protection actions publicly.

Previous instances, like the temporary ban in Kenya, highlight the global regulatory strain Worldcoin faces. However, its commitment to resuming operations through regulatory compliance and dialogue, as seen in its efforts to re-engage with the Kenyan government, showcases Worldcoin’s dedication to its mission amidst legal complexities.

The latest update has pushed the price of WLD down by 6.53% in the past 24 hours to $6.78.