Worldcoin, a project that aims to distribute cryptocurrency to anyone with a smartphone and an eye, has announced that it will pay its Orb Operators entirely in its native Worldcoin (WLD) token instead of USD Coin (USDC). Orb Operators are independent participants who scan people’s irises using a spherical device called the Orb. The scan verifies the uniqueness of each person and allows them to receive free WLD tokens as a reward.
Worldcoin’s Move Was Planned Ahead of Its Launch
According to an Oct. 22 blog post, Worldcoin said that the transition from USDC to WLD will take place in November and will affect most jurisdictions. The project said that this move is part of a “transitional phase” following the official launch of Worldcoin on July 24.
Worldcoin also said that it will extend the expiration date of the 100 million WLD loans that it granted to five market makers from October 24th to December 15th, with a reduced amount of 75 million WLD. The market makers will return or purchase the remaining 25 million WLD as part of the agreement.
The project claims that the switch to WLD rewards will increase the supply and demand of the token, as well as align the incentives of the Orb Operators with the long-term vision of Worldcoin.
The price of WLD has recovered slightly in recent weeks after hitting a low of $0.97 on Sept. 13. It is currently trading at $1.52, according to CoinMarketCap. Worldcoin is backed by prominent investors such as Sam Altman, former president of Y Combinator, and Andreessen Horowitz, one of the leading venture capital firms in Silicon Valley.
The project has faced criticism and skepticism for its eye-scanning technology, which some have deemed invasive and dystopian. Worldcoin has defended its approach, saying that it ensures fairness and privacy for its users.