Worldcoin, a new cryptocurrency introduced by OpenAI CEO Sam Altman, has gained significant attention due to its unique method of identification. The cryptocurrency aims to reduce the risk of fraud by using eye scans to determine a person’s “personhood.” This innovative approach has garnered interest and raises important questions about privacy and data security.
Worldcoin, founded by Altman, Alex Blania, and Max Novendstern, combines AI technologies, cryptocurrencies, and blockchain in an open-source protocol that provides access to a global economy for anyone interested. Unlike traditional currencies, Worldcoin is decentralized, meaning that decisions are made by users rather than a central authority like a bank. The project took two years to develop and aims to address income inequality through the implementation of a unique World ID.
The World ID serves as proof that someone is a human rather than an AI or robot. The project consists of three main components: a unique global digital identity, a global currency in the form of Worldcoin tokens, and an app for payments, transfers, and purchases using either cryptocurrency or traditional assets.
To obtain Worldcoin tokens, individuals must participate in a process that involves scanning their eyes through a spherical device called the Orb. This step is crucial in ensuring that only humans can sign up and prevents duplicate registrations. The Orb uses the distinct iris structure of each person’s eyes to generate a unique identifying code, known as IrisHash. This code is then saved on the decentralized Worldcoin blockchain, making it difficult for others to replicate. Importantly, the scans are anonymized, meaning that they cannot be traced back to an individual once the identifier is created.
To undergo eye scanning, individuals can visit Orb centers located in various facilities across 35 countries. These scanning facilities are found in major cities around the world, including New York and California. The Orbs, which are about the size of bowling balls, conduct iris scanning in person and do not store biometric data. Instead, they retain the IrisHash, which serves as the identifier for each person. After the scanning process, individuals receive their World ID or digital passport, which grants them access to Worldcoin and other digital currencies.
However, the collection of data and privacy concerns have arisen regarding Worldcoin. Some regulators and privacy advocates worry about the centralized handling of users’ data. Worldcoin assures that its project maintains confidentiality by either erasing the biometric data or storing it in an encrypted format. Despite these measures, there are concerns that the iris scans could be available for purchase on the black market, potentially compromising Worldcoin account security.
Looking ahead, Worldcoin envisions expanding its user base and allowing other organizations to utilize its iris-scanning technology for identification verification purposes. This move seeks to combat fraud and scams within the cryptocurrency sphere, ultimately enhancing security and user confidence.
In summary, Worldcoin introduces a new concept to the world of cryptocurrency with its unique method of identification using eye scans. While the project aims to combat fraud and provide access to a global economy, concerns about data privacy and security have emerged. As the project progresses, it is important to monitor how Worldcoin addresses these concerns and whether it can achieve its goals of inclusivity and secure transactions.