Central Idea
- 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 called “Orb operators” who use a device called “Orb” to scan people’s iris patterns and collect their biometric data.
- World ID: Participants receive a World ID through the World app after getting their irises scanned. This unique ID allows them to claim Worldcoin cryptocurrency and conduct transactions.
- Proof of Personhood: Scanning irises ensures that people cannot sign up multiple times to receive more crypto rewards.
- Cryptocurrency and Transactions: Users can collect WLD at regular intervals or use it for transactions, similar to a standard digital currency.
WLD Cryptocurrency and Compliance
- WLD Token: WLD is a cryptocurrency based on the Ethereum blockchain and can be bought, sold, or traded on major exchanges.
- Regulatory Compliance: Worldcoin ensures compliance with Europe’s GDPR and uses zero-knowledge proofs (ZKPs) to maintain user privacy. User data is encrypted and not sold, though it may be shared with necessary third parties.
Various risks
- Price Volatility: As with most cryptocurrencies, the price of WLD is subject to fluctuations. Its value can rise or fall, and users should be cautious about investing in lesser-known digital currencies.
- Security Risks: Users must be wary of potential scams or hacks related to cryptocurrency investments.
Criticism and Controversies
- Privacy Concerns: Worldcoin faced criticism over privacy concerns about the use of biometrics for verification.
- Scanning in Emerging Economies: Reports indicated that Worldcoin scanned underprivileged people’s irises in emerging economies during the COVID-19 pandemic, raising ethical questions about informed consent and rewards for scans.
Worldcoin in India
- Orb Operators in India: Worldcoin has deployed Orb operators in various locations, particularly in Delhi, Noida, and Bangalore, where people’s irises are scanned to join the network.
Conclusion
- Worldcoin’s vision of a global digital network with biometric identity and cryptocurrency rewards is both promising and controversial.
- While it aims to foster financial inclusion and provide digital opportunities, it must address privacy and ethical concerns to gain wider acceptance and trust among users worldwide.
