In the rapidly evolving landscape of cryptocurrencies and blockchain technology, Worldcoin has emerged as an ambitious player with a vision of creating a global identity and financial network accessible to everyone. Currently in beta, the Worldcoin protocol introduces a new approach to digital identity and financial inclusion. In this article, we will delve into the key features of Worldcoin, and its recent developments that have sparked both interest and controversy.
What do you need to know about Worldcoin?
- Worldcoin functions as an open-source protocol/ system aimed at democratizing global economic access.
- Worldcoin is co-founded by OpenAI’s CEO Sam Altman.
- The project aims to be the world’s largest identity & financial public network.
- To use Worldcoin you need to create your “World ID” through an iris scan by introducing a new biometric device known as the “Orb“.
- The project introduced a new digital currency the Worldcoin Token (WLD).
- The services of Worldcoin are accessed through the World App - payments, purchases, and transfers using digital assets and traditional currencies.
Worldcoin Suspension in Kenya
Despite its promising potential, Worldcoin has not been without controversy. Kenya, along with Chile, Indonesia, France, and Sudan, was one of the first countries to pilot the registration service of Worldcoin back in 2021. However, the perspective has since evolved. Recently, Kenya's Ministry of Interior and National Administration suspended Worldcoin enrollment in the country, raising concerns about the authenticity, legality, security, financial services, and data protection aspects of the initiative. The suspension underscores the delicate balance between innovation and regulatory oversight in the rapidly evolving cryptocurrency landscape. The suspension in Kenya raises questions about Worldcoin's practices and the potential implications of its biometric database on privacy and security.
Worldcoin pays people to become part of its World ID ecosystem by submitting scans of their irises through a device known as the Orb. CertiK, the pioneer in blockchain security that protects and monitors blockchain protocols and the so-called "smart contracts", recently reported a security vulnerability in the vetting process of Worldcoin. This vulnerability could potentially enable an attacker to bypass the verification steps, operating an Orb without undergoing the necessary interview or possessing a valid ID. Industry professionals and regulators have also expressed their worries that the project is ethically questionable and is not in fact open source as promised by OpenAI.
Why choosing a notified eID scheme is the better option?
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