Worldcoin has new decentralization plans: What does WLD stand to gain?
- The number of Worldcoi new addresses may increase because of the development.
- WLD circulation fell but sentiment turned positive.
After being affected by the Sam Altman- OpenAI controversy, Worldcoin [WLD], led by the Tools for Humanity team, has an update of its own. According to the Worldcoin Foundation, it has outlined plans to decentralize its eye-scanning ecosystem.
The foundation also noted that it plans to provide a $5 million grant to developers interested in helping it decentralize the network.
Worldcoin’s launch in July did not come without concerns. At different times, several governments, as well as privacy activists questioned the project’s commitment to protecting the privacy of its users.
Decentralization means WLD can…
While Worldcoin provided some answers, it wasn’t convincing for some parties. This led some of the government agencies to place a ban on Worldcoin’s operations in their jurisdiction.
However, the recent roadmap has elements showing that it could be working towards solving this issue.
For WLD, its price has not been able to reclaim the All-Time High (ATH) it reached a few weeks ago. However, the cryptocurrency recently has stayed above $2. In terms of the effect on the price action, it was uncertain if the development would have an impact.
However, the new roadmap could influence Worldcoin’s network growth. According to AMBCrypto’s analysis of Santiment data, Worldcoin’s network growth was down to 786.
Network growth measures the number of new addresses interacting with a project. So, the decrease in the metric implies that traction on Worldcoin was low.
However, if Worldcoin convinces users that it was not misusing data, then new addresses may flock to the network.
Players, watch out for the potential changes
Development activity is another metric that could be affected. From the chart above, development activity on Worldcoin was at its lowest since September. This drawdown suggests that the project has not integrated new features of late.
But with the grant coming to developers, we could see a positive change in this metric. AMBCrypto also considered WLD’s circulation. As of this writing, the one-day WLD circulation was 695,000.
This number was a substantial decrease from the hike on the 1st of December. Circulation is a function of token usage. So, the drop in circulation means that fewer WLD tokens have been engaged in transactions.
Per the Weighted Sentiment, on-chain data showed that the perception around Worldcoin has changed.
On the 5th of December, the Weighted Sentiment was -0.224. However, press time data showed that the metric was now positive at 1.139.
How much are 1,10,100 WLDs worth today?
The Weighted Sentiment reading implies that market players are bullish on WLD.
Also, participants might be on the lookout for major developments from the project. If Worldcoin begins full implementation of the roadmap soon, then WLD’s price direction may turn around.