Worldcoin Launches World ID Verification Service in Austria, WLD Price Rebounds

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As a seasoned crypto investor with over a decade of experience navigating the digital asset landscape, I have witnessed both the breathtaking highs and crushing lows that characterize this dynamic sector. With Worldcoin (WLD) now expanding its operations into Austria, it is an opportune moment to reflect on my personal perspective regarding this promising project.

In simpler terms, Worldcoin (WLD), a venture focusing on establishing a universal identity and financial system across the globe, has revealed plans to broaden its activities within Austria. As per the announcement, the Worldcoin Foundation has begun implementing World ID orb verifications in Austria as part of an effort to expand its database in the European market.

Starting today, Wednesday, July 31, individuals aged 18 and above are now eligible to access the World ID orbs available in Vienna. Simultaneously, the Worldcoin Foundation invites Austrians who are keen to be part of their ambassador program. This program is instrumental in the registration process for the World ID.

“The Worldcoin Foundation announced that Austria is teaming up with nearby Germany to showcase cutting-edge human technology in Europe. This development comes as there’s ongoing curiosity and expansion in this field across various nations globally.”

Growing Worldcoin Community

As a researcher delving into various technological innovations, I’ve come across the intriguing Worldcoin project, spearheaded by Sam Altman, CEO of OpenAI. Over the past year, this initiative has garnered a mix of praise and criticism. According to their official site, the World ID network they’ve established boasts over 6.3 million users hailing from beyond 39 different nations.

Currently, over 164 million WLD tokens have been successfully claimed by our registered users. Over the last week, approximately 260,000 new accounts joined the World ID community, with about 3,336 active Orbs facilitating these registrations.

As a researcher, I must acknowledge the challenges encountered by the Worldcoin project in various nations, where allegations of misuse have been levied against their data collection practices and privacy rights. Yet, the team behind Worldcoin has consistently asserted that each user retains ownership of their own data, with enhanced storage facilitated through advanced cryptographic technology.

Most Worldcoin users overwhelmingly believe that verifying World IDs is crucial for telling real people apart from automated systems as AI becomes increasingly prevalent.

To illustrate, a 2024 survey among the 21K World ID holders in Spain found that more than 80% of the participants expressed faith in the long-term advantages associated with the Worldcoin initiative.

Proof of humanness enables more trust & better interactions online in the age of AI.
— Worldcoin (@worldcoin) June 20, 2024

Impact on WLD Price Action

In the Worldcoin initiative, the WLD token plays a crucial role by encouraging new participants and managing the financial operations. This relatively small digital currency, valued at approximately $678 million and traded daily to the tune of around $146 million, has faced significant criticism due to its high fully diluted valuation exceeding $22 billion and allegations of insider trading.

Due to increased cryptocurrency market volatility, the value of WLD has plummeted by over 26% during the last fortnight, with its trading value hovering approximately at $2.21 on a recent Wednesday.

In contrast, the introduction of the World ID program in Austria and other countries has contributed to the stability of WLD prices.

In simple terms, for WLD‘s price to suggest a potential reversal from its current downward trend in the upcoming weeks, it needs to consistently end each day above $2.79. However, it’s important to note that since mid-March, WLD’s price has been exhibiting a pattern of lower highs and lower lows, which is typically indicative of a declining market trend. This means the price has been reaching new lows and failing to reach significant new highs.

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2024-07-31 15:08