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Despite significant legal challenges, the team behind the World Coin project has confirmed their efforts towards developing a new blockchain network to enhance decentralized human identity verification through World ID.
WorldCoin (WLD) emerges as a recent and popular cryptocurrency project. Launched in 2023, this initiative was spearheaded by Sam Altman, the CEO of OpenAI. While OpenAI and WorldCoin operate independently, there is speculation that Altman’s expertise from OpenAI will bolster support for the WorldCoin crypto venture.
On April 18, 2024, the WorldCoin crypto team revealed their involvement in crafting a novel blockchain network named “World Chain.”
This blockchain network will be safeguarded by the Ethereum network, serving as a crucial component in the crypto sphere as an Ethereum layer-2 scaling network.
The upcoming blockchain network will be accessible to all, including individuals and developers.
Through the utilization of a native blockchain network, the WorldCoin project team aims to offer a more decentralized approach to human verification protocols.
The launch of the World Chain blockchain is anticipated later this summer.
Worldcoin, a startup focused on identity coins, established by Sam Altman, the CEO of OpenAI, is advancing its “human-centric” vision within the Web3 domain with the introduction of its new blockchain network, World Chain. #KaveGuild #CryptoPH #NFT #Bitcoin #Blockchain #web3 #Crypto #Worldcoin #OpenAI #WorldChain #AI pic.twitter.com/MiQZPesYUo
— Kave News: Decrypting Web3 For You (@KaveNews) April 19, 2024
World Coin and Legal Challenges
The World Coin crypto project has encountered substantial legal obstacles across various jurisdictions. By 2024, this cryptocurrency endeavor has faced legal repercussions in over 120 countries, including Portugal and Spain.
Notably, the Argentine authorities imposed a fine of 1 billion pesos ($1.2 million) for violating the regulations and laws of the country through the operation of the Worldcoin project.
$1.2 Million Fine Against #Worldcoin (WLD) In #Argentina
— Bitcoinik (@Bitcoinikdotcom) April 17, 2024
World Coin Price Movement
Presently, the trading price of World Coin stands at $4.67, reflecting a 28% decline over the past week, influenced by the geopolitical tensions between Israel and Iran.
$WLD price decline amidst Middle East tensions pic.twitter.com/KyHUnkRtBQ
— Bitcoinik (@Bitcoinikdotcom) April 19, 2024
Read also: Numerous users on Crypto X (Twitter) have mistakenly interpreted Gary Gensler’s announcement of resignation from the SEC.
Disclaimer: This article is shared for informational purposes exclusively. It does not constitute legal, tax, investment, financial, or any other form of advice.
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