Humanitarian tools unlock 80% of WDL tokens
Tools for Humanity (TFH), the developer behind the Worldcoin project, has announced changes to its native token launch program.
According to a July 16th blog post, TFH is extending the opening schedule for 80% of Worldcoin (WLD) tokens held by team members and investors. Originally set to launch over a three-year period, the tokens will now be accessible over a five-year period starting July 24, 2024.
With this change, the affected signs will be opened progressively over the next four years by the end of July 2028. Tools for Humanity announced the decision to the Worldcoin Foundation on July 15, citing the protocol's long-term vision.
By extending the launch period, fewer tokens will be immediately released to the market, preventing a sudden increase in supply that could lower the token's value. The WDL token is up nearly 20% on the news, trading at $2.36 at the time of writing.
Worldcoin was co-founded by OpenAI's Sam Altman. Central to the project is the concept of “World ID”, a digital identity verification system where users can verify their humanity by scanning their irises with a device called an “Orb”. As of April 2024, the WorldCoin World app claims to have 10 million registered users.
The majority of WLD tokens in circulation are currently owned by users with an Orb-verified World ID. In the year Since its July 2023 launch, more than 211 million WLD tokens have been claimed by World ID holders, representing more than 77% of the 275 million WLD currently in circulation, according to the foundation. The Worldcoin Community pool has $7.22 billion of WLD tokens in the treasury.
Worldcoin has faced criticism and regulatory scrutiny due to privacy and data security concerns regarding the use of biometric data from iris scans. In recent months, the project has been subject to regulatory measures in several countries.
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