Vitalik Buterin Commends Worldcoin as WLD Price Nears $10
Vitalik Buterin, the co-founder of Ethereum, has recently commended Worldcoin for its commitment to addressing privacy concerns and reducing data usage within its system. This recognition comes at a time when Worldcoin is facing regulatory scrutiny, particularly in Europe, regarding data privacy issues.
Despite these challenges, Buterin has praised Worldcoin for taking steps to improve its system design in response to privacy criticisms, emphasizing the significance of such efforts within the cryptocurrency space. With regulations causing a stir, the question arises as to whether Worldcoin will reach a new all-time high.
In a recent X post, Vitalik Buterin stated that he believes Worldcoin has taken his privacy concerns into account and made changes accordingly. He admires how Worldcoin utilizes modern technology to make its design more efficient for users.
One X user, Louis Anslow, made a jest about using German Orbs for scanning in Portugal in 2021. In response, Vitalik Buterin praised Worldcoin for continuously making changes to its system to enhance data efficiency. His support indicates that Worldcoin may effectively address privacy issues.
However, Worldcoin is currently facing regulatory issues in Portugal, Spain, South Korea, and Kenya due to its methods of collecting biometric data. Spain’s data agency has instructed the company to cease collecting citizen data and retain the existing data. Last year, Vitalik Buterin expressed concerns about Worldcoin’s biometric identity verification mechanism, citing potential privacy and security risks. He emphasizes the urgent need to improve the system’s privacy features to ensure its safety. Despite the progress made, Buterin warns against overlooking design flaws and privacy issues that could impact the coin in the future.
In response to the criticism, Worldcoin has addressed the concerns of regulators by ending centralized data custody. They now aim for users to have control over their own data.
Despite the regulatory challenges, Worldcoin’s native token, WLD, has experienced an impressive surge of 400%. In March alone, the price of WLD increased by 10%, reaching an all-time high of $11.82. Despite being in a descending price channel, WLD maintains upward momentum, supported by ongoing developments in artificial intelligence (AI).
From a technical standpoint, the formation of a bullish flag pattern in WLD suggests a potential minor pullback followed by a strong rally towards $12. Although trading volume has decreased by 40% in the past 24 hours, dampening short-term trader interest, the positive sentiment surrounding Worldcoin’s technological advancements and Buterin’s endorsement could fuel further price appreciation in the long run.
Tags: Altcoins, Price Analysis