Worldcoin (WLD), a cryptocurrency created by OpenAI’s CEO, Sam Altman, reported phenomenal success with its World App. However, its World ID system continues to raise privacy concerns.
Its latest update, shared on November 1, reveals a download rate that has surpassed 4 million since launch. And a user base that has doubled, demonstrating a robust uptake by Worldcoin enthusiasts worldwide.
Moreover, the company also reported more than 22 million transactions in six months. All were carried out by an average of 1 million monthly active users. Notably, Tools for Humanity (TFH), the company behind Worldcoin’s development, also reported 500,000 weekly active users in the same period.
Worldcoin App success: UX and accessibility
The app’s growing demand illustrates the so-called World ID system’s rising stature as a solution for digital payments and digital identification. Interestingly, TFH says it is mainly due to a focus on good user experience (UX).
On that, a slew of enhancements recently rolled out, propelling the World App’s UX and facilitating the adoption of Worldcoin’s services on an international scale.
“World App keeps its UX clean and intuitive by showing users only the parts of the Worldcoin and Ethereum ecosystems that are likely to be most helpful in their everyday lives.”
— Tools for Humanity
The meaningful influx of active users and skyrocketing download numbers can also be a result of an accessible World App with 18MB, smaller than the industry average for cryptocurrency wallets.
“To maximize inclusivity, they’re localized to multiple languages and support most active smartphones (98.2% of Androids and 94.5% of iPhones worldwide), including some more than 10 years old. Further localization will be rolling out soon, including the ability to customize the user experience with additional languages and local currencies.”
— Tools for Humanity
Controversy and privacy concerns
Nevertheless, the rising giant in the cryptocurrency market is also a controversial technology. Amid a highly inflationary token supply, a centralized ecosystem coordinated by Tools for Humanity, and sensitive information collection, Worldcoin still finds massive challenges in an industry initially created by cypherpunk ideals.
Data from token.unlocks.app shows Worldcoin as the most inflationary token for linear daily unlocks. According to the website, WLD unlocks close to $6 million worth of new digital assets every day.
Considering Worldcoin’s $207.90 million market capitalization, the linear unlocks amount to close to 3% of daily inflation for WLD. Easily one of the most inflationary tokenomics among all cryptocurrencies.
Additionally, the eyeball scanning model through Worldcoin’s Orbs continues to raise criticisms and privacy concerns.
