Digital Identity Verification Startup Worldcoin Launches Cryptographic Token

Digital identity verification startup Worldcoin, to distinguish between humans and AI by scanning their irises with a futuristic “ball”, has launched a cryptographic token of the same name.

Introduction

The project’s website describes it as “a digital currency that you get simply for being human,” arguing that it can “significantly increase economic opportunity, expand the reach of a trusted solution to distinguish people from AI online while maintaining privacy, enable global democratic processes, and ultimately show the potential path to an AI-funded universal basic income.”

Limited Use and Listing

Despite these goals, the use of the Worldcoin token appears to be limited to rewarding people for subscribing to Worldcoin. That hasn’t stopped major crypto exchanges from listing the token: Binance, OKX, Huobi, Bybit, and Gate were among the platforms that began offering WLD trading to their customers on Monday.

Iris-Scanning “Sphere”

Worldcoin users must physically travel to a location that has an iris-scanning “sphere” in order to obtain the equivalent of a global digital passport. The creators of the project say that as technology develops, it will become necessary to distinguish people from artificial intelligence bots.

Privacy Concerns

And while some critics have criticized the Worldcoin ecosystem as a pitiful attack on privacy based on the exploitation of the poor, co-founder Alex Plania told Reuters that blockchain storage essentially preserves privacy. The company stressed that biometric scanning is safer than providing personal information such as phone numbers to verify identity.

Data Collection Concerns

However, an investigation by MIT Technology Review found that much more personal data was collected during the installation process than Worldcoin publicly claimed, promising to encrypt and store it securely until removed, without publishing an official description explaining how to do so.

Critics and Response

Critics of the project include former Twitter CEO Jack Dorsey, who tweeted, “No company or country should own any part of the global financial system at any time” in response to a tweet launched by the Worldcoin account.

In a Twitter thread describing Worldcoin as a “global identity and identity-based financial network,” OpenAI co-founder Sam Altman said that more than 2 million people have already signed up for the project during its beta phase. This is a far cry from his original goals of attracting 1 billion people by 2023.

Conclusion

Despite its controversial nature, Worldcoin has made significant strides in attracting users and gaining support from major crypto exchanges. The project’s use of iris-scanning technology and cryptographic tokens raises important questions about privacy and the future of digital identity verification.

Source: RT