Open AI CEO Sam Altman along with two co-founders launched the Worldcoin crypto project to grant users a verified digital identity and access to a financial project.
What is Worldcoin?
Worldcoin is a crypto-currency project that is launched by the Open AI CEO Sam Altman along with Alex Blania and Max Novendstern with the main aim to provide its users with a private digital identity—“a World’s Identity”—after they register in person, where an “Orb” imaging device scans their eye’s unique iris pattern to verify they are “a real and unique person.”
Orb: Orb is a silver sphere that can capture a high-resolution image of the iris, which is unique for every individual. The orb then encrypts the image and sends it back to a blockchain network, where it is matched with a Worldcoin address. The person who scans their eyes receives some Worldcoins as a reward for joining the network.
Purpose of Worldcoin crypto project
The purpose of Worldcoin crypto project is to create a universal and decentralised digital identity that can protect people’s privacy and enable them to access various services and benefits online. The project also has a vision of using Worldcoin as a means to distribute universal basic income (UBI) to everyone in the world, regardless of their location, income or status.
Points of Concern
There are some of the criticism or we can say points of concern about the Worldcoin crypto project:
- Many people are concerned about the privacy and security implications of giving their biometric data to a third-party entity.
- It is uneasy about the ethical and moral implications of incentivizing people to give up their biometric data for money.
- People are doubtful about the regularity and legality of Worldcoin in different jurisdictions.
- People are sceptical about the scalability and sustainability of Worldcoin’s model.
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