Tech
Worldcoin: The crypto project trying to take over the world with its iris-based ID technology
The cryptocurrency project with an iris-based identity verification system intends to give companies and governments access to its cutting-edge ID technology.
ANNOUNCEMENT
Worldcoin, the new cryptocurrency project co-founded by OpenAI CEO Sam Altman, is preparing to expand its global presence.
The maker of the hugely popular chatbot ChatGPT is looking to sign up more users globally to use its cutting-edge iris scanning and identity verification technology, a senior manager at the company told Reuters.
The innovative Worldcoin project, which made its official debut last month, requires users to provide an iris scan in exchange for a digital ID and, in some countries, even a free cryptocurrency bonus as an incentive to create an “identity and financial network”.
“Our mission is to build the largest financial community and identity possible,” said Ricardo Macieira, general manager for Europe of Tools For Humanity, the San Francisco and Berlin-based company developing the technology.
2.2 million users worldwide – Worldcoin
Despite recent turbulence in the cryptocurrency industry, which recently suffered from the spectacular collapse of FTX and the failures of other major platforms, Worldcoin says 2.2 million users have signed up, mostly during a trial period over the past two years.
At registration sites around the world, people are having their eyes scanned by a shiny spherical “ball,” ignoring concerns from privacy activists that biometric data could be misused.
Mexico is one of nearly three dozen countries where participants allow the sphere, equipped with cameras and nicknamed the Sphere, to scan their iris.
“I feel a little nervous because I’m not sure what they will do with my biometrics and personal information. But at the same time, I’m excited to be part of something very different that I think will be part of a change in the economy,” Worldcoin user Diego Romero told Reuters in Mexico City.
“This [privacy] it’s something that doesn’t worry me too much,” added Jose Incera, another user from the Mexican capital.
“I think that in the digital age we are living in it is inevitable to start sharing our information; from having an iPhone or any social media, you are already sharing a lot of information. Then the difference with the World ID is not that big but I think it is even more secure,” she added.
Macieira said Worldcoin will continue to have operations in Europe, Latin America, Africa and “all parts of the world that will accept us.”
AI and cryptocurrencies for universal minimum income
Altman and his co-founder, Alex Blania, say the project’s ambitions extend far beyond the realm of digital currency,
“If successful, we believe Worldcoin could dramatically increase economic opportunities, realize a reliable solution to distinguish humans from AI online while preserving privacy, enable global democratic processes, and ultimately show a potential path to UBI universal minimum) financed by artificial intelligence”. the couple said in a statement on the company’s website.
The concept of a universal basic income has gained traction among influential figures in Silicon Valley as a response to the looming threat of many jobs being replaced by artificial intelligence (AI).
Privacy concerns related to promising technology
Worldcoin’s bold aspirations have not been free from scrutiny.
Regulators and privacy activists have raised concerns about Worldcoin’s data collection, including whether users are giving informed consent and whether a company should be responsible for handling the data.
The Bavarian State Office for Data Protection Supervision in Germany, which has jurisdiction in the European Union because Tools For Humanity has an office there, said it began investigating Worldcoin in November 2022 due to concerns about the processing large-scale sensitive data.
Data watchdogs in Britain, France and Germany also said they were looking into the project.
Addressing privacy concerns, the Worldcoin Foundation, a Cayman Islands-based entity, said in a statement that it complies with all laws governing personal data and will continue to cooperate with requests from government bodies for information about its privacy and on data protection practices.
Worldcoin’s website states that the project is “completely private” and that biometric data is either deleted or users can choose to store it in encrypted form.
Video editor • Aisling Ní Chúláin
Additional sources •Reuters