Privacy concerns have been a hot topic in the crypto industry with the frequent incorporation of AI technology. As the answer to how far our privacy is protected is in the hands of the tech developers, it is necessary to take into account the concerns raised by privacy activists.
Recently, Sam Altman’s OpenAI, the AI company behind ChatGPT, launched its crypto project World Network (formerly Worldcoin) in the US on May 1, 2025. The crypto initiative made its debut launch in six US cities: Atlanta, San Francisco, Los Angeles, Miami, Nashville, and Austin, to verify humans using eye-scanning techniques.
However, the AI crypto venture by OpenAI has started facing challenges from privacy-advocating activists and nations. Before coming to the topic in depth, let’s see what is World Network is and what its features are.
What is World Network’s cryptocurrency?
World Network was previously known as World Coin, and the ticker symbol of the crypto project is WLD. The ticker name remains the same, although the project name was changed to World Network.
The project was first launched on Ethereum’s Optimism Layer 2 network and was later transitioned to its own Layer 2 blockchain, World Chain. At the time of reporting, WLD trades at $1.29 and is ranked 54th in terms of market capitalization.
What does World Network offer its users?
As of now, users in the six US cities can verify their World ID, access the app, and claim the WLD airdrop. Also, WLD holders can participate in governance by making decisions such as token distribution and ecosystem development.
World ID is a proof-of-human digital identity system that helps users to verify their identity using a spherical device called Orb. The Orb scans users’ irises and creates a unique cryptographic hash. In short, the data from this device is used to create the World ID on the World Network platform.
This proof-of-human verification system can be used on other platforms such as Telegram, Reddit, Shopify, and Discord.
Privacy concerns raised against the World Network
Earlier, OpenAI sidestepped launching World Network due to concerns over regulatory issues related to cryptocurrencies. However, as the Trump administration is seen as crypto-progressive, the firm could proudly launch its venture.
Nick Almond, CEO of FactoryDAO, wrote on X, “Worldcoin is not “pro-privacy” and “it’s a trap”. He also added that it is one of the “most dangerous technologies to have ever existed.”
The company has also faced a probe after several jurisdictions, including Portugal, Spain, Germany, France, South Korea, Hong Kong, Kenya, India, Argentina, Brazil, Colombia, and Singapore, pressed the need to regulate the firm. Regulators from these countries have closely scrutinized or suspended the World’s data collection practices amid growing privacy concerns.
What’s more, in September 2024, South Korea’s data protection authority, Personal Information Protection Commission (PIPC), charged the company with a fine of KRW 1.1 billion ($787.8K).
Expanding its territory, the World Network established collaborations with blockchain lending platform Morpho and prediction market platform Kalshi. The firm is reportedly in advanced discussions to partner with Visa to integrate on-chain card features into its self-custody cryptocurrency wallet.
