Worldcoin, a digital ID verification startup, has launched a crypto token called Worldcoin in an effort to incentivize people to provide their biometrics. The company claims that by scanning individuals’ irises with their advanced ‘Orb’ technology and storing the data on the blockchain, they can distinguish real humans from AI. The ultimate goal of the project is to increase economic opportunities, create a reliable solution for differentiating humans from AI online while maintaining privacy, enable global democratic processes, and potentially pave the way for AI-funded Universal Basic Income (UBI).
At present, the Worldcoin token’s usage appears to be limited to rewarding individuals for signing up to Worldcoin. Nevertheless, major crypto exchanges including Binance, OKX, Huobi, Bybit, and Gate have already listed the token, allowing customers to trade in WLD.
To obtain the equivalent of a global digital passport, Worldcoin users must physically visit a location equipped with the iris-scanning ‘Orb’. According to the project’s creators, this will become necessary as technology continues to advance in order to differentiate between humans and AI bots.
Despite the project’s ambitious goals, it has faced criticism from skeptics who view the Worldcoin ecosystem as a dystopian intrusion on privacy that exploits the poor. However, Worldcoin co-founder Alex Blania argues that blockchain storage actually preserves privacy, and Sam Altman, another co-founder, believes that it can help address income inequality. The company highlights the security of biometric scans compared to sharing personal information like phone numbers for identity verification.
However, an investigation by MIT Technology Review revealed that the onboarding process collects more personal data than Worldcoin publicly admits. The company promises to encrypt and safely store this data until it can be deleted, although they have not provided a white paper explaining the details of this process.
Former Twitter CEO Jack Dorsey joined the list of project detractors, tweeting his opposition to any corporation or state owning any part of the global financial system in response to the launch of the Worldcoin token.
Altman took to Twitter, describing Worldcoin as a global financial and identity network based on proof of personhood. He also claimed that over 2 million people had already signed up for the project during its beta phase, although this falls short of the initial goal of onboarding 1 billion people by 2023.
Altman has previously acknowledged the potential risks associated with AI technology, stating that it could go “quite wrong” during his testimony before the US Congress earlier this year. He expressed concerns about causing significant harm to the world through technology.
In conclusion, Worldcoin’s launch of the crypto token aims to incentivize individuals to provide their biometrics for digital ID verification. The project has ambitious goals of increasing economic opportunities, distinguishing humans from AI, enabling global democratic processes, and exploring the potential for AI-funded UBI. However, the project has faced criticism for its potential to infringe on privacy and exploit vulnerable populations. Despite the controversy, major crypto exchanges have already listed the Worldcoin token, allowing for its trading. It remains to be seen how the project will progress in the future and how it will address the concerns raised by its detractors.
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