Sam Altman, CEO of OpenAI, has launched a new cryptocurrency project called WorldCoin. The project aims to provide users with a private digital identity using blockchain technology.
Worldcoin, launched by OpenAI's CEO, Sam Altman, alongside co-founders Alex Blania and Max Novendstern, represents a significant crypto endeavour. With an extensive three-year development period, the project employs advanced biometric verification techniques, encompassing facial recognition and iris authentication. These technologies facilitate the assignment of an exclusive 'World ID' to every individual, distinguishing them unmistakably from AI entities.
To create a unique identifier for every person on Earth, Worldcoin uses a device called Orb to scan an individual's iris and generate a World ID. Worldcoin will hold about 20% of all its tokens, and will not launch in the United States yet. Only 10 million tokens will be released for public use in the first 15 years. Over 2 million people signed up for the World ID during its beta phase, which is less than half the time it took to reach the first million users. The signups have come from all over the world covering 35+ cities and 20+ countries.
Potential Impact on Traditional Banking and Finance
Worldcoin is a project that aims to provide everyone in the world with a legal, digitally verifiable identity. This would be done by using a new technology called Orb, which scans people's eyeballs to create a unique identifier. Worldcoin believes that this would help to solve a number of problems that people face without a legal, digitally verifiable identity, such as limited access to the global economy and critical services. However, it is important to note that there are also some potential risks associated with Worldcoin, such as the privacy implications of using Orb to scan people's eyeballs.
Worldcoin also has the potential to unlock a new generation of products and services, such as bot protection, elections and online polls, and collateralized card fraud. This is because Worldcoin's technology can be used to verify AI bots and protect against Sybil attacks. Sybil attacks are a type of cyberattack where an attacker creates multiple fake identities in order to manipulate or disrupt a system. By verifying AI bots and protecting against Sybil attacks, Worldcoin can help to make these products and services more secure and reliable. However, it is important to note that Worldcoin's technology is still in development, and it is not yet clear how effective it will be in preventing these types of attacks.
Worldcoin could also help to increase economic opportunity, enable global democratic processes, and eventually show a potential path for AI-funded universal basic income (UBI). This is because Worldcoin's global decentralized financial network could provide people with a way to participate in the global economy, regardless of their location or identity. It could also be used to facilitate voting and other democratic processes and to distribute UBI payments in a way that is fair and transparent. However, it is important to note that these are just potential benefits, and it is not yet clear whether Worldcoin will be able to achieve them.
Is Worldcoin's Orb Technology a Privacy Concern?
According to Worldcoin's official website, the images collected by the Orb are deleted immediately after the person signs up unless they specifically request otherwise. The only data that remains is a numerical representation of the most important features of the image, which is used to create a unique individual code.
However, privacy experts have concerns that Worldcoin may use the information collected by Orb in other ways, such as creating targeted marketing strategies.
Some countries have also raised privacy concerns about Worldcoin. France, Germany, and Kenya have all initiated investigations into the project. Kenya has even suspended Worldcoin from operating in the country, citing concerns about the authenticity and legality of the data being collected.
It is important to note that Worldcoin has addressed these concerns, stating that it will only use the data collected by Orb to create a unique identifier and that it will not share the data with any third parties. However, critics argue that this is not enough to protect people's privacy, given the potential for the data to be hacked or misused.
Ultimately, the decision of whether or not to participate in Worldcoin is a personal one. However, it is important to be aware of the potential privacy risks involved before making a decision.
