Worldcoin is a new cryptocurrency project that aims to create a global digital identity system based on iris scans. The project, founded by OpenAI CEO Sam Altman, claims to offer a “digital passport” that can prove that its holder is a real human, not an AI bot. To get a World ID, a user has to scan their eyes using a metallic orb device that is operated by Worldcoin agents in various locations around the world. As an incentive, users who sign up in certain countries will receive Worldcoin’s cryptocurrency token WLD, which is currently worth about $2.
How does Worldcoin work?
Worldcoin uses a technology called “orb” to capture an image of the user’s irises, which are unique to each individual. The orb then encrypts the image and sends it to the Worldcoin blockchain, where it is verified and stored as a World ID. The World ID can be used to access various online services that require identity verification, such as social media platforms, e-commerce sites, or voting systems. Worldcoin says that its system is secure and privacy-preserving, as the iris data is not linked to any personal information and cannot be accessed by anyone except the user.
What is the purpose of Worldcoin?
Worldcoin’s vision is to create a universal and inclusive identity system that can empower people and unlock new opportunities for them. According to its website, Worldcoin believes that “everyone should have access to the benefits of a connected world”. By giving out free crypto tokens to users who sign up for a World ID, Worldcoin hopes to distribute wealth and create a more equitable society. Worldcoin also says that its system can help address some of the challenges posed by the rise of artificial intelligence, such as distinguishing between real humans and AI bots online, or providing a basic income for people who may lose their jobs to automation.
What are the controversies around Worldcoin?
Worldcoin has faced criticism and skepticism from various quarters since its launch in July. Some of the main issues raised by critics are:
- The ethical implications of collecting biometric data from millions of people, especially in developing countries where data protection laws may be weak or nonexistent.
- The potential risks of hacking, data breaches, or misuse of the iris data by malicious actors or governments.
- The lack of transparency and accountability of the project, which is backed by influential figures in Silicon Valley, such as Altman himself, LinkedIn co-founder Reid Hoffman, and venture capitalist Peter Thiel.
- The questionable value and utility of the WLD token, which has no clear use case or market demand, and may be subject to volatility and manipulation.
Worldcoin has also faced legal troubles in some countries where it operates. For instance, Kenya’s government has suspended the project indefinitely and launched an investigation into its activities, citing concerns over data privacy and national security. Worldcoin has said that it is cooperating with the authorities and complying with local regulations.
What is the future of Worldcoin?
Worldcoin claims to have over 2 million users from its beta period, and plans to scale up its operations to 35 cities in 20 countries. It also intends to open up its ID system to companies and governments that want to use its cutting-edge technology. However, it remains to be seen whether Worldcoin can overcome the challenges and controversies that surround it, and whether it can deliver on its ambitious promises of creating a global digital identity system that can benefit humanity.
