What is Worldcoin?
Worldcoin is an ambitious cryptocurrency and digital ID project that aims to create a new identity and financial network owned by everyone. The project was founded by Sam Altman, the CEO of OpenAI, and Alex Blania. The core of Worldcoin is a privacy-preserving digital identity, known as World ID, and a digital currency (WLD) that is received simply for being human.
The Worldcoin project is built around an eye-scanning device known as the "orb," which verifies users' identity by scanning their irises. This unique digital identity helps to verify that users are real humans and not bots. The Worldcoin cryptocurrency can be used once a user has verified their identity.
Who's Behind the Project?
Sam Altman, the co-founder of Worldcoin, is also the CEO of OpenAI, the company behind the popular AI tool, ChatGPT. Altman is a well-known figure in the tech industry, having previously run the prestigious Silicon Valley incubator, Y Combinator. Alex Blania, who co-founded Worldcoin with Altman, has emphasized the need to prove a person is real in the age of AI.
How Are They Going to Distribute the Coins?
Worldcoin has been offering people around the world free Worldcoin tokens, called "WLD," in exchange for scanning their irises with the Orb. The iris scans ensure that each person can have only one Worldcoin ID. This unique ID could be used to distinguish real people from bots, and it could help reduce or eliminate fraud if and when governments decide to distribute "universal basic income" to their citizens.
After collecting more than 2 million users during a beta period, Worldcoin has announced its plans to ramp up its eyeball-scanning operations to 35 cities across 20 countries. The Worldcoin cryptocurrency token has also been issued to eligible people taking part in the beta and is now tradable2.
Controversies and Concerns
Despite its ambitious goals, the Worldcoin project has faced its fair share of critics. Key concerns revolve around the use of biometric data—eye scans—to verify users' identity, particularly the privacy risks involved with collecting, storing, and using such data. Critics have warned it's dangerous to give your biometric data to a private company, and some say they don't trust Worldcoin to act responsibly.
Moreover, the Worldcoin cryptocurrency is not currently available in the U.S., due to regulatory concerns. The company's website says the project is "completely private" and that either biometric data is deleted or users can opt to have it stored in encrypted form.
Is It Something to Worry About?
While the concerns about privacy are valid, it's important to note that Worldcoin has implemented a privacy-centric design and has built a robust privacy program. The project has conducted a rigorous Data Protection Impact Assessment and responds timely to individual requests to delete their personal data.
However, the decision to participate in Worldcoin ultimately lies with the individual. Users should weigh the potential benefits against the privacy risks and make an informed decision based on their comfort level with sharing their biometric data.
Conclusion
We are excited about what Worldcoin aims to bring to the world since accessibility must be one of the priorities in the world of crypto and distribution of wealth is a very interesting topic, though we recognize some of the controversies behind them. It will be interesting to watch how the project succeeds and we are open to partnering with Worldcoin or similar projects if they think there's a match with Percs.
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