Iris Today, World Tomorrow: Sam Altman's Worldcoin Makes Waves in Cryptocurrency Universe

July 24, 2023

Worldcoin, an ambitious cryptocurrency project co-founded by OpenAI Chief Sam Altman, formally launched on Monday with a token that surged on its first day of trading. The project seeks to authenticate users' identities via an iris-scanning "orb," thereby attempting to solve the growing challenge of distinguishing between human and algorithmic interactions in the era of AI.

The unique aspect of Worldcoin lies in its eye-scanning orb that creates a unique digital identity for each user to verify that they are real and not a bot. With more than 2 million users during its beta phase, Worldcoin aims to scale up its operations across 35 cities in 20 countries. While the Worldcoin token is now tradable and listed on several exchanges like Binance, it is currently not available in the U.S. due to regulatory restrictions.

Despite the successful launch, the project has drawn criticism and concerns, particularly around the use of biometric data. Critics argue that such an approach presents potential privacy risks, especially in the storage and use of such personal data. Ethereum co-founder Vitalik Buterin voiced concerns over Worldcoin's "Proof-of-Personhood" (PoP) system, highlighting potential issues with privacy, accessibility, centralization, and security.

Buterin suggests that scanning one's iris could unintentionally release more information than desired and the orb device might be difficult for users to acquire. Moreover, he warned that Worldcoin's system could be compromised through potential hardware backdoors or even user coercion. Despite acknowledging Worldcoin's efforts to improve user privacy, Buterin cautioned about the possible centralization concerns.

Altman remains hopeful about the project and targets to sign up 2 billion users. Despite acknowledging the potential risks and criticisms, he believes that the project, like any ambitious initiative, represents an attempt at making progress, especially in the complex intersection of AI and human identity.

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Evan Kirsch is the Co-Founder of Avanti3 (Web3 Consultancy) & President of Frozen Puck Labs (Web3 Gaming Studio), both which serve as innovative Web3 companies specializing in forward-thinking blockchain and decentralized finance strategies for influencers, celebrities and hyper-growth focused organizations. For 15 years, Evan has navigated clients from coast-to-coast in their pursuit to innovate where they differentiate to ensure they are constantly producing at the forefront of their industries.

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