The price of Worldcoin (WLD) climbed 7% intraday after the project announced the launch of its facial recognition, dubbed “Face Auth.” This breakthrough technology, created to improve security and prevent fraud, will be added to Worldcoin’s popular World App.
The facial recognition feature aligns with Worldcoin’s vision of creating a globally-inclusive identity and financial network.
The Latest Worldcoin Technologies
Wordcoin highlighted in a blog post that Face Auth offers a 1:1 facial comparison, ensuring access only to users who validated their World ID at an Orb location. Designed and developed by Tools for Humanity (TFH), the Orbs are custom biometric devices where individuals can verify their identity.
Chris Brendel, TFH Head of AI, says Face Auth is similar to Apple’s Face ID from a technological point of view. However, he highlighted a major difference. According to him, images matched against are produced from the Orb, not the user’s phone, guaranteeing higher security.
Face Auth is specifically designed to protect users as Artificial Intelligence (AI) now presents both potential and risks to privacy. The technology is expected to play an important role in financial transactions, online purchases, and sign-in applications.
Worldcoin disclosed that facial recognition on the World App will initially be limited to certain locations. In addition to the Face Auth launch, Brendel also talks about how Personal Custody on Worldcoin gives individuals control over the flow and management of their personal information.
Other fundamental guiding principles discussed regarding the Worldcoin project include preserving anonymity, Trust in online interaction, and zero-knowledge proofs.
WLD Price and Outlook
The news of the recent technologies on Worldcoin has fueled positive momentum on the native token, WLD.
Following the announcement, the price of the WLD token surged 7% in 24 hours. As of this writing, WLD was trading at $1.63, up 7.04% in the past day. The 24-hour trading volume also increased by 60% to $160.4 million, indicating high market engagement towards the token.
WLD has steadily risen in the last week with a 2.81% price appreciation. The token’s market cap is $731 million, marking a corresponding increase. The volume-to-market cap ratio also stands at 21.97%, demonstrating good liquidity and trading activity.
The demand for this token, currently on the rise, could push it higher on a bullish trajectory.
Surmounting Regulatory Challenges
Worldcoin’s efforts to strengthen security with facial recognition fit into its strategy of improving the project’s image among government regulators globally. In Singapore, authorities opened an investigation into seven individuals involved in unauthorized Worldcoin wallet and token transactions.
Worldcoin also suffered a setback when it was temporarily banned in Spain earlier this year. Spanish regulators raised concerns over users’ privacy, prompting the crackdown. In response, Worldcoin takes personal privacy seriously and only uses biometric data to verify a person’s humanness when creating their World ID.
Despite these challenges, Worldcoin continues to push boundaries in the digital space. The project recently launched its World ID verification system in Warsaw, Poland. This development follows an earlier launch of the WorldID on the Solana blockchain.
