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90% of Spanish Users Back Worldcoin Return

Published

4 weeks ago

June 6, 2024

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In a recent survey, Worldcoin (WLD), a crypto project co-founded by OpenAI’s Sam Altman, reported that nearly 90% of its Spanish World ID holders support the return of its services.

The survey highlights the importance of digital proof of humanness and Worldcoin’s efforts to protect privacy and data.

Survey Highlights Spanish Users’ Trust in Worldcoin

Tools for Humanity (TFH), Worldcoin’s contributor, surveyed over 21,000 Worldcoin users in Spain in late May via World App. The survey explored users’ perceptions of Worldcoin, biometrics, proof of humanness, and data privacy protection.

Results indicate that 73% of respondents have confidence in Worldcoin’s capability to enhance internet safety. Furthermore, 82% recognize the importance of technologies like World ID for identifying humans from bots. In addition, 81% feel secure using Worldcoin, with 87% backing its continued operations in Spain.

Worldcoin's Users Overview in Spain. — Worldcoin’s Users Overview in Spain. Source: Worldcoin

Worldcoin emphasizes privacy and control, ensuring it does not track individuals but confirms they are human and unique. The project said World ID uses zero-knowledge (ZK) proofs and a sophisticated SMPC system to protect users’ iris codes. It also offers features like personal custody of information, optional data custody for AI training, and the ability to delete iris codes permanently for enhanced data control.

The blog post came after Worldcoin voluntarily suspended its operations in Spain on June 4. The decision resulted from the Spanish Data Protection Agency’s (AEPD) order to TFH to halt the collection and processing of personal data in Spain related to its Worldcoin project last March.

“Tools for Humanity, a Worldcoin contributor, voluntarily offered to extend the pause of Worldcoin orb operations in Spain. This allows BayLDA in Bavaria, the competent lead authority responsible for oversight of Worldcoin’s General Data Protection Regulation (GDPR) compliance, the time to complete its audit—a process that TFH has been fully participating in for over a year,” the company said in a letter.

According to AEPD, the cease order is a precautionary measure to protect an individual’s rights and freedoms under the GDPR. The National Court also supports the decision, emphasizing protecting personal data over the company’s interests.

“[TFH] has made a legally binding commitment not to resume its activity in Spain until the end of the year or until the BayLDA adopts a definitive resolution in relation to the data processing carried out by the company,” AEPD stated.

BayLDA, the data protection authority of Bavaria, Germany, is conducting an investigation that is expected to conclude soon with a final decision aligned with other European supervisory authorities. However, this commitment does not restrict the BayLDA or the AEPD from taking further supervisory measures if obligations are not met.

In addition to Spain and other European countries, Worldcoin faces legal challenges from other jurisdictions. BeInCrypto previously reported that Kenya has suspended Worldcoin’s operations in the region. Latin American countries, such as Argentina and Chile, have also conducted ongoing investigations into the project.

Despite international controversy, Worldcoin continues its expansion in Latin America by offering World ID verifications in Colombia. Currently, there are ten locations with orbs, six in Bogota and four in Medellin. Additionally, the project recently stated that “more orbs are coming,” indicating plans to increase the availability of these devices.

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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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XRP Price Maintains Support Level: What It Means For The Bulls

Published

1 hour ago

July 2, 2024

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XRP price climbed higher and tested the $0.4840 resistance zone. The price corrected gains but the bulls are able to protect the $0.4750 support.

XRP price is eyeing an upside break above the $0.4840 resistance zone.
The price is now trading above $0.4720 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $0.4760 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might gain bullish momentum if there is a close above the $0.4840 resistance.

XRP Price Corrects Gains

XRP price started a decent upward move above the $0.4740 resistance like Bitcoin and Ethereum. The bulls were able to push the price above $0.480. However, the bears were active near the $0.4840 resistance zone.

A high was formed at $0.4839 and the price recently started a downside correction. There was a move below the $0.4800 and $0.4780 levels. The price even spiked below the 50% Fib retracement level of the upward move from the $0.4695 swing low to the $0.4839 high.

It is now trading above $0.4740 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $0.4760 on the hourly chart of the XRP/USD pair.

On the upside, the price is facing resistance near the $0.480 level. The first major resistance is near the $0.4840 level. The next key resistance could be $0.4880. A clear move above the $0.4880 resistance might send the price toward the $0.5050 resistance.

The next major resistance is near the $0.5120 level. A close above the $0.5120 resistance zone could send the price higher toward $0.5250. Any more gains might send the price toward the $0.5320 resistance.

More Losses?

If XRP fails to clear the $0.4840 resistance zone, it could continue to move down. Initial support on the downside is near the $0.4765 level and the trend line.

The next major support is at $0.4740, the 61.8% Fib retracement level of the upward move from the $0.4695 swing low to the $0.4839 high, and the 100-hourly Simple Moving Average. If there is a downside break and a close below the $0.4740 level, the price might continue to decline toward the $0.4640 support in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now just below the 50 level.

Major Support Levels – $0.4765 and $0.4740.

Major Resistance Levels – $0.4800 and $0.4840.

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Market

The Rise of Liquid Staking on Solana: Key Insights

Published

2 hours ago

July 2, 2024

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Solana, the fifth-largest crypto asset by market size and the third-largest proof-of-stake (POS) network, saw its liquid staking ratio rise by 1.76% quarter-over-quarter.

According to DefiLlama, over $54 billion worth of crypto assets are staked across liquid staking platforms. Liquid staking, unlike traditional staking, lets users earn extra yield and retain liquidity with a derivative token for DeFi.

The Rise of Liquid Staking on Solana

Data from Dune Analytics shows over 23 million SOL, valued at over $3.6 billion, staked on liquid staking platforms. Solana has a higher staking ratio than Ethereum, around 60%, but only 6% of staked SOL is in liquid staking. This indicates untapped potential in Solana’s liquid staking sector, as well as potential growth opportunities.

Read more: What Is Liquid Staking in Crypto?

Solana Liquid Staking Ratio. Source: Dune Analytics

Solana’s two-day unbonding period, shorter than many other blockchains, might also impact the popularity of liquid staking. Konstantin Boyko-Romanovsky, founder and CEO of Allnodes, explains how this can be an advantage over other blockchains like Polkadot or Ethereum.

“Since Solana’s unbonding period is only two days, liquid staking might not be as popular as blockchains with unbonding periods of 2-3 weeks. In the context of staking, the unbonding period is when staked assets are unlocked and available for use after a user decides to unstake them,” Boyko-Romanovsky, told BeInCrypto.

Platforms like Sanctum and Jito Labs are also driving the liquid staking boom on Solana. According to researcher and analyst Tom Wan, Sanctum lowered the barrier of entry and is helping projects build their own liquid staking tokens (LSTs) and scale.

Jito currently has about 91,000 Solana investors staking on the platform, with an APR of over 8% and over 10.6 million SOL staked.

“Sanctum is able to take the torch. The launch of INF, Sanctum Router, and Sanctum Reserve, has lowered the barrier to entry, buklding foundation of a Cambrain explosion of the liquid staking sector on Solana,” Wan shared in a post.

Solana Dominance of Liquid Staking Token. Source: Dune Analytics

Boyko-Romanosvky also highlights the influence emerging trends like re-staking can have on liquid staking’s growth in Solana.

“Emerging technologies like re-staking can potentially influence the development and adoption of liquid staking on Solana and similar blockchains. By providing continuous liquidity, increasing yield opportunities, and offering greater flexibility, re-staking can enhance the attractiveness of liquid staking even on platforms with short unbonding periods like Solana. However, ensuring the security and reliability of these technologies, alongside effective market and liquidity management, will be crucial for their success and widespread adoption,” Boyko-Romanosvky shared.

As liquid staking continues to grow in popularity, Solana could benefit from increased user participation and enhanced network security. So far, two major filings for a Solana ETF have been made in the US. If liquid staking popularity continues to grow, it can give Solana a competitive advantage and attract investment firms.

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Bitcoin Price Challenge: Can It Break Through and Resume Climbing?

Published

3 hours ago

July 2, 2024

admin

Bitcoin price recovered and tested the $63,650 resistance zone. BTC is now consolidating gains and might make another attempt to surpass $63,650.

Bitcoin started a decent increase above the $62,500 and $63,000 levels.
The price is trading above $62,250 and the 100 hourly Simple moving average.
There is a connecting bullish trend line forming with support at $62,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might gain bullish momentum if it clears the $63,650 resistance zone.

Bitcoin Price Holds Ground

Bitcoin price started a decent upward move above the $61,200 zone. BTC was able to clear the $62,000 and $63,000 resistance levels to move into a short-term positive zone.

However, the bears took a stand near the $63,650 zone. A high was formed at $63,798 and the price recently corrected some gains. There was a move below the $63,200 level. The price tested the 23.6% Fib retracement level of the upward move from the $59,950 swing low to the $63,798 high.

Bitcoin price is now trading above $62,250 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $62,800 on the hourly chart of the BTC/USD pair.

If there is another increase, the price could face resistance near the $63,250 level. The first key resistance is near the $63,650 level. The next key resistance could be $64,000. A clear move above the $64,000 resistance might start a steady increase and send the price higher.

In the stated case, the price could rise and test the $65,000 resistance. Any more gains might send BTC toward the $66,500 resistance in the near term.

Are Dips Supported In BTC?

If Bitcoin fails to climb above the $63,650 resistance zone, it could slowly move down. Immediate support on the downside is near the $62,800 level and the trend line.

The first major support is $62,200. The next support is now forming near $61,800 and the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the upward move from the $59,950 swing low to the $63,798 high. Any more losses might send the price toward the $60,500 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $62,800, followed by $61,800.

Major Resistance Levels – $63,650, and $64,000.

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