Worldcoin Transitions from USDC to Native Token Payments for Orb Operators

Worldcoin shifts Orb Operator payments from USDC to WLD tokens, signaling a pivotal phase. Global scrutiny amplifies over privacy concerns.

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Worldcoin [WLD] is poised for a significant shift, discontinuing the acceptance of USDC payments from its Orb Operators, marking a transformative phase in the project’s evolution. Following its formal launch in late July, the cryptocurrency project is set to migrate from compensating Orb Operators in USD Coin [USDC] to remunerating them in WLD tokens starting in November.

Worldcoin’s Orb Operators, regarded as independent ecosystem contributors responsible for iris scans in exchange for WLD tokens, will no longer receive USDC payments, according to a statement released on October 22. This transition is expected to apply across most jurisdictions.

 

A Pivotal Moment in Worldcoin’s Development

This change heralds a new chapter in Worldcoin’s journey. The project is now in a transitional phase, initiating payments exclusively in WLD tokens for Orb Operators. The Worldcoin Foundation commenced a pilot program for select operators to receive WLD tokens on October 10, with a complete transition anticipated by November 2023.

Data from the official Dune Analytics dashboard associated with Worldcoin reveals that the quantity of WLD tokens has surged from around 100 million at its inception to approximately 134 million at the time of this announcement.

Out of the 134 million WLD tokens in circulation, 100 million were allocated as loans to market makers. At the same time, the remaining 34 million were distributed to Orb Operators and new users through “free user grants.”

Worldcoin has extended the maturity date of the 100 million WLD loans, initially set to expire on October 24, 2023, to December 15. Consequently, the loan amount has been reduced to 75 million WLD. Per the agreement terms, market makers must return the remaining 25 million WLD tokens or acquire them through purchase.

 

Privacy Concerns and International Scrutiny

Worldcoin has come under heightened scrutiny in multiple countries over privacy concerns. Nations such as the United Kingdom, France, Germany, and Kenya have initiated investigations into Worldcoin’s data practices. Notably, Kenya has suspended activities related to Worldcoin due to similar concerns.

Argentina’s government has also begun examining Worldcoin’s data handling procedures, with the inquiry ongoing. It’s important to mention that, as of the article’s publication, Worldcoin tokens remained inaccessible to individuals and businesses located in the United States and other restricted regions.

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