- OpenAI CEO Sam Altman recently reintroduced Worldcoin, a project that was previously overshadowed by the popularity of ChatGPT.
What is WorldCoin?
- The Worldcoin venture involves a unique model where individuals have their eyes scanned to establish their human uniqueness.
- In return for the eye scan, participants receive cryptocurrency and a World ID, forming the basis of the project.
- Worldcoin’s aim is to create the “world’s largest identity and financial public network,” accessible to people globally.
How does it works?
- Orb Operators: Worldcoin relies on volunteers known as “Orb operators” who use a “Orb” gadget to scan people’s iris patterns and collect biometric data.
- After having their irises scanned, participants are given a World ID via the World app. They can use this unique ID to claim Worldcoin cryptocurrency and execute transactions.
- Scanning irises ensures that people cannot sign up several times in order to obtain more bitcoin incentives.
- WLD can be collected at regular intervals or used for transactions in the same way that a typical digital currency can.
Compliance and WLD Cryptocurrency
- WLD Token: WLD is an Ethereum-based cryptocurrency that can be purchased, sold, or traded on major exchanges.
- Regulatory Compliance: Worldcoin adheres to Europe’s GDPR and employs zero-knowledge proofs (ZKPs) to protect user privacy. User data is encrypted and never sold, though it may be shared with third parties as necessary.
Various dangers
- Price Volatility: WLD’s price fluctuates, like it does with most cryptocurrencies. Its value can fluctuate, and users should exercise caution when investing in lesser-known digital currencies.
- Users must be cautious of any frauds or hacks related to bitcoin investments.
Criticism and Controversies
- Privacy worries: The usage of biometrics for verification raised privacy worries for Worldcoin.
- Scanning in Emerging Economies: According to reports, Worldcoin scanned the irises of disadvantaged people in emerging economies during the COVID-19 pandemic, raising ethical concerns regarding informed permission and scan rewards.
Worldcoin is available in India
Orb Operators in India: Worldcoin has placed Orb operators in several cities, including Delhi, Noida, and Bangalore, where people’s irises are scanned to join the network.
Conclusion
- The Worldcoin idea of a global digital network with biometric identity and financial incentives is both intriguing and divisive.
- While it strives to promote financial inclusion and create digital opportunities, it must address privacy and ethical problems in order to acquire wider acceptance and trust among users around the world.
Source: https://www.thehindu.com/sci-tech/technology/worldcoin-what-is-sam-altman-biometric-project-how-does-it-work-in-india/article67134353.ece