The Republic of Kenya has decided to impose a ban on the Worldcoin project. It is important to note that this project is an AI-based layer 2 protocol running on the Ethereum blockchain.
Since its introduction in recent times, the project has been shrouded in controversy on account of its biometric-based data collection methods. A few days ago, regulators in France initiated an investigation concerning the matter.
Worldcoin (WLD) uses a device called Orb to scan the iris to ascertain a unique ID on its native application and protocol. The users can earn 12 tokens by confirming their unique ID from the World App.
The Ministry of Interior and National Administration has announced the ban on the project on its official Facebook page. The government department has cited that it is probing into the authenticity and legal status on account of national security concerns.
Worldcoin Receives Backlash due to its Data Collection Policy
The government of Kenya has mandated that until further notice, the citizen of the nation are to refrain from engaging in any activities related to Worldcoin or other similar projects. Worldcoin has received criticism and backlash regarding its data collection and privacy issues in other areas of the world as well.
Meanwhile, the project has been banned within America on account of regulatory banishment. On the other hand, investigators in Britain are still investigating the project.
Worldcoin reached a major milestone in 2022 by gaining 2 million World IDs around the globe at its launch in July 2023. The project intends to increase the total number of Orbs to 1500 in the near term. Critics such as Ethereum co-founder Vitalik Buterin have cited the limited reach of Worldcoin among other setbacks the project is facing.
Meanwhile, Worldcoin intends to expand across 35 cities and 20 countries. During the last 24 hours, the project has gained 3.73% as per CoinMarketCap currently fairing at a market price of $2.8 per unit.
Bitcoin Ordinals became a trending topic at the start of the current year. However, the latest data from Forkast Labs has indicated that Ordinals inions have crossed 20 million.
Nevertheless, the increase in trading volume did not reflect in the profitability of the project reported a slowing down trend in its overall profitability. As per the report, the monthly revenues from Ordinal NFTs declined by $1.22 million during July.
For context, it is worth noting that in June the project boasted a total earning of $3.13 million. Forkast analysts have pointed out that Ordinals reported record sales on 30th July with 422,164 in daily new inions. Data analytics from Dune has confirmed the metric and indicated that the project has now crossed 21 million total inions this week.
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