Worldcoin, a cryptocurrency platform founded by Sam Altman, has been generating interest and controversy since its launch a year ago. The company operates in Argentina, where it offers users quick profits for scanning their iris with the The Orb device. However, cybersecurity experts have raised concerns about the project’s biometric data collection practices and some territories have blocked it altogether.
Worldcoin aims to create a unique digital identity worldwide by using iris scanning technology. Users who participate in the process receive WLD tokens credited to their virtual passport app called World App. This project seeks to address economic and identity verification issues on the internet, offering a solution to the growing problem of bots and deepfakes on social networks.
To participate in the project, users need only be human and at least 18 years old. They can download the World App and schedule an appointment at a scanning center to undergo the iris scan with The Orb device. Verification is quick, and users are rewarded with WLD tokens that can be exchanged for real currency.
While Worldcoin offers financial benefits to users, there are risks associated with providing biometric data such as iris scans. The company assures that privacy is a top priority and that user data is protected. However, experts warn about the potential consequences of a data breach and the implications of giving up biometric information.
Regulators in several countries are closely monitoring Worldcoin’s activities, with some ordering the suspension of biometric data collection pending investigations. Concerns about privacy violations and compliance with data protection laws have been raised, leading to scrutiny of the project’s practices and impact on individual rights.
As Worldcoin continues to expand and attract users, the debate around its implications for privacy, security, and ethics intensifies