Cryptographic analysts have recently issued a warning of “disaster with high potential”, about Worldcoin, a new cryptocurrency that promises free money to people all across the globe, in return for participating in a scheme where you enter an orb-shaped creation that reads your irises.
What Is Worldcoin?
Worldcoin is perhaps one of the most audacious efforts to bribe the world to embrace their currency. The startup, founded by OpenAI CEO, Sam Altman and Alex Blania, wants to put a crypto wallet (and some of their currency) onto every human’s smartphone, but to do so, they have to build a way to determine whether someone is a ‘unique’ human.
Worldcoin is aiming to make their proof-of-personhood network in the ‘least dystopian way possible’. That being said, it still requires scanning a billion people’s eyeballs with a five-pound chromatic sphere called “The Orb”.
Worldcoin: Predicted State
Silicon Valley tech millionaire, Sam Altman, leads the Worldcoin initiative and currently claims that the biometrics of more than 1 billion people will have been registered by 2023. To date, more than 100,000 eyeballs have been scanned across the globe.
Worldcoin: No Confidential State
Despite the mind-blowing technology, crypto experts are no way near impressed by its innovation, given the risk of fraud and the lack of safety around the data collected.
Since Worldcoin imposes on an individual’s privacy and over the concept of decentralization, it will affront Bitcoin, as per cryptoanalysts. It means that people’s personal data is collected in exchange for money, without any warning of what their personal data will be used for.
The authenticity and terms about the collection of the data are being questioned following queries about what will happen to the data after it has been obtained.
Worldcoin: Denial About Storing Personal Data
Many investors including cryptocurrency billionaire Sam Bankmam-Fried, Co-founder of Linkedin Reid Hoffman, Andreessen Horowitz and Coinbase Ventures, have all invested huge sums of money into Worldcoin, raising a total funding of $2 million.
World Coin has built an orb-shaped device that identifies and registers after reading the irises of people from all over the world. This identification is then converted to short code numbers, which makes it easier to check and recognize the person.
According to the founder of Worldcoin, Sam, Worldcoin is a better option for securing privacy and it preserves the confidentiality of a person’s identification in a better way than the most centralized services used for the same purpose. He commented further by denying the rumours of the company storing peoples’ personal data.
Worldcoin: A Dystopian Disaster
The objective of Worldcoin’s collection of personal data is basically to have unique datasets, bring together relationships, connect with others, and basically to have a complete profile of the registered person.
Worldcoin claims to be a central authority that is solely in charge of users’ data and so the decentralization and privacy of its users are rendered useless.
However, in most cryptocurrencies, decentralization is a primary basis and it completely eliminates the concept of central authority and so data is secured and kept confidential.
As a central authority, Worldcoin raises quite a lot of alarms on keeping the data secure and private.