Worldcoin, the digital identity and cryptocurrency project led by OpenAI CEO Sam Altman, is introducing new features to bolster personal data protection and enhance age verification processes.

On April 9, Worldcoin unveiled two updates: the option to unverify World IDs through permanent iris code deletion and the introduction of in-person age verification checks.

World ID holders now can unverify their World ID, which acts as a digital passport verifying an individual’s humanity using “orbs,” devices that scan users’ eyeballs to confirm their authenticity.

Unverification of the World ID involves the permanent deletion of the user’s iris code, a numerical representation of their unique iris texture, ensuring that individuals can only verify one World ID.

Upon deletion request, the user’s World ID becomes invalid. To prevent fraud, a six-month “cool-off” period is mandated, ensuring individuals cannot immediately re-verify their humanness.

After the cool-off period, users’ iris codes are permanently deleted and rendered unrecoverable.

The development of Worldcoin’s unverify option involved collaboration with third-party privacy and security experts, including the Bavarian State Office for Data Protection Supervision (BayLDA), serving as Worldcoin’s lead supervisory authority in the European Union.

The second update introduces in-person age verification checks to ensure the platform’s accessibility exclusively to individuals aged 18 years and above.

This update incorporates on-site age verification checks at all orb locations prior to World ID verification. Third-party personnel will conduct the verification before granting entry to the venue.

Worldcoin spokesperson stated, “Worldcoin has always required that individuals be a minimum of 18 years old to obtain a World ID,” emphasizing that users have been prompted to confirm their age in the app, aligning with the practices of widely used applications.

Altman launched Worldcoin in July 2023 intending to establish a “global financial and identity network based on proof of personhood.”

While receiving mixed reactions from the community, Worldcoin has faced scrutiny over concerns regarding centralization, privacy, and security. Governments, including the European Union and Kenya, have expressed skepticism and initiated investigations into Worldcoin’s operations due to privacy concerns.

Despite challenges, Worldcoin maintains its commitment to operating lawfully in all available locations and ensures compliance with relevant laws.

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Toncoin (TON) has overtaken Cardano’s ADA to claim the ninth position in market capitalization. With its recent surge, can Toncoin sustain its upward momentum and potentially surpass Dogecoin next?

Toncoin’s Ascendancy to 9th Place

Following a remarkable 13% daily price surge, Toncoin reached $6.65 by 1:45 p.m (UTC), securing the ninth spot among cryptocurrencies with a market capitalization of $23 billion, surpassing ADA’s $22 billion market cap, according to data from CoinMarketCap.

The rally coincided with TON Society developers allocating $5 million Toncoin to incentivize users for identity verification using palm scanning technology. This initiative aims to enable digital identity verification for Telegram users over the next five years, offering one million TON to participants in the proof-of-personhood program.

Toncoin’s increased traction has outpaced Cardano’s ADA, with TON witnessing a remarkable 135% surge over the past month, while ADA faced a 15% decline.

Zooming out, Toncoin has surged 183% year-to-date (YTD), contrasting ADA’s 1.30% YTD decrease.

Toncoin’s Initiatives for Growth

Toncoin initiated a $115 million community incentive program on March 20, allocating $38 million for token mining and user incentives, $22 million for airdrops, $15 million for The League developer ecosystem, and $40 million for liquidity pool boosts, aiming to stimulate user adoption.

In contrast, Cardano’s ADA saw subdued interest this year, with investor attention diverted towards Bitcoin exchange-traded funds (ETFs) and major blockchain upgrades such as Ethereum’s Dencun upgrade.

Sustaining Momentum: Toncoin vs. Dogecoin

Toncoin’s performance has eclipsed that of Dogecoin significantly. Toncoin surged 130% in the past month, while DOGE only recorded a 14.8% gain. Year-to-date, TON has surged by 177%, whereas DOGE’s price has increased by 108%, according to TradingView.

Toncoin’s utility within the Telegram messaging app offers a direct avenue for price appreciation with increasing user adoption, unlike Dogecoin, which relies primarily on speculative demand.

Concerns and Considerations

However, Toncoin’s token distribution could raise concerns among retail investors. Data from CoinCarp suggests that over 60% of Toncoin is held by the top 10 holders, while the 100 richest holders control 93% of the supply. This concentration of ownership may impact market dynamics and investor sentiment moving forward.

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With the Bitcoin halving approaching, traders are closely monitoring market dynamics, particularly professional traders, to gauge sentiment. Historically, the anticipation surrounding halving events has typically led to bullish sentiment in the months following rather than on the exact halving date. This is due to the delayed impact of reduced mining output on the market.

Bitcoin miners tend to accumulate rather than liquidate holdings daily, especially anticipating a bullish market, bolstered by Bitcoin’s 59% appreciation year-to-date in 2024. This expectation of market appreciation further tightens supply, potentially driving prices higher.

However, analysts caution against simplistic post-halving price surge expectations, noting Bitcoin’s price trajectory is influenced by various factors, including economic trends, investor risk appetite, monetary policies, and correlations with the stock market. Relying solely on historical halving patterns may be overly optimistic.

Neutral-to-bullish call options dominate the June 28 expiry, with professional traders turning to options strategies to leverage positions with minimal upfront deposits, avoiding direct liquidation risk found in futures markets.

Open interest for options expiring on June 28 at Deribit has reached $4.5 billion, showcasing a significant call-to-put options imbalance, with bullish positions outweighing bearish ones threefold. However, this perspective warrants deeper analysis, considering the cryptocurrency community’s tendency towards optimism.

While there are call options targeting as high as $140,000 and $200,000 for the June 28 expiry, some appear overly ambitious. Realistic call options open interest is around $2.72 billion, excluding bets on prices exceeding $90,000. Conversely, put options placed before Bitcoin’s surge over $50,000 have diminished the likelihood of profitability, with open interest in puts at $57,000 or higher at a scant $250 million.

Bitcoin’s unexpected performance surge, attributed to factors like the approval of a spot exchange-traded fund in the U.S., reduced inflation to 3%, and absence of a predicted global economic recession by June 28, caught bears off guard. Consequently, bearish scenarios tied to the Bitcoin halving seem increasingly unlikely.

Speculations about a “death spiral” due to reduced block rewards and decreased miner participation have been consistently debunked. Bitcoin’s network adjusts its difficulty every 2016 block, ensuring stability amid fluctuating hash rate levels.

In a hypothetical scenario where Bitcoin’s price drops to $47,000 by June 28, a 32% decrease from current levels, put options open interest would be $422 million, while calling options up to $46,000 account for a $670 million exposure, highlighting a market inclination towards neutral-to-bullish strategies for the Bitcoin halving, at least by the June 28 expiry.

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Mezo, an innovative Bitcoin “economic layer” developed by Thesis, has successfully raised $21 million in funding, the company announced.

Accepting deposits in BTC, TBTC, and WBTC, Mezo emerges from stealth mode with substantial financial backing, primarily led by Pantera Capital. Other investors participating in the funding round include Multicoin Capital, Hack VC, ParaFi Capital, Nascent, Draper Associates, Primitive Ventures, and Asymmetric Ventures.

Matt Luongo, CEO of Thesis and founder of Mezo, revealed that the fundraising for Mezo commenced in December and concluded recently. The $21 million funding was secured through two tranches, although specific details regarding valuation and the structure of the round remain undisclosed. Nevertheless, Mezo will introduce its native token.

What is Mezo?

Described as a Bitcoin “economic layer,” Mezo aims to build an ecosystem of applications tailored to users’ economic needs, spanning from groceries to tuition. Luongo articulated the ambition of Mezo to extend the Bitcoin network, aiming to incorporate approximately 25% of the world’s economy onto the blockchain, a scale comparable to the current size of the US economy.

Utilizing “proof of HODL” as its consensus mechanism, Mezo enables users to secure the network by staking BTC and MEZO tokens. This approach aligns Mezo economically with BTC holders, who can stake and earn rewards for their participation in running the network.

With over $26 million in total value locked through bitcoin deposits, Mezo has initiated its operations, emphasizing the importance of locking bitcoin deposits for accruing a higher HODL score, which functions as a points program.

Moreover, upon joining Mezo, users receive five one-time invitations to extend to their friends, with the platform subsequently distributing reciprocal earnings based on the duration and amount of their friends’ Bitcoin deposits made through these invitations.

In addition to BTC, Mezo supports deposits of TBTC and WBTC, both wrapped bitcoin variants developed by Thesis.

The funding round for Mezo elevates the total funding for all Thesis projects to over $90 million, according to Luongo. Currently, 48 individuals are engaged in Thesis projects, with plans underway to nearly double the headcount for this year.

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Cryptocurrency ETFs are grappling with a 5.99% decrease in value as both Bitcoin and Ethereum suffer losses, exacerbated by the SEC’s postponement of spot ETF approvals, which further impacts ETFs like EFUT and AETH.

The cryptocurrency market experienced a challenging week, particularly affecting crypto Exchange-Traded Funds. Reflecting setbacks in major cryptocurrencies, the overall theme of cryptocurrency investments witnessed a decline of 5.99%. Bitcoin dipped by 2.25%, falling below the $70k mark, while Ethereum faced a steeper drop of 6.5%.

SEC and Spot ETF Challenges

The recent action by the U.S. Securities and Exchange Commission (SEC) triggered profit-taking. The SEC initiated a three-week comment period regarding proposals for spot Ether ETFs, effectively delaying any potential approval until at least May. This delay tempered investor optimism, especially among those expecting swift approvals for spot ETFs, which directly represent cryptocurrency investments rather than derivatives.

Impact on Crypto ETF Performance

Specific crypto ETFs felt the repercussions of these developments. The Ether Tracker Euro ETC (ETHEREUM XBTE) and the 21Shares Ethereum Staking ETP (AETH) experienced declines of 7.96% and 7.63%, respectively. These declines underscore the heightened sensitivity of crypto ETFs to regulatory decisions and market sentiment as investors navigate the uncertain landscape of cryptocurrency regulations and their implications for spot ETFs.

The SEC’s decision to postpone spot ETF approvals has cast doubt on the future of Ether ETFs, momentarily halting the momentum that had been building in anticipation of broader institutional acceptance. While these ETFs provide a regulated avenue for investors to access cryptocurrencies, the road ahead appears murky with regulatory uncertainties, affecting both investor confidence and ETF performance.

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